Category: Trading

Top 3 Coins to Watch Today: GALA, ATOM, VRA – March 11 Trading Analysis

Post author By Malik Junaid
Post date March 11, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Gala (GALA)

GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets, and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.

GALA Price Analysis

At the time of writing, GALA is ranked the 60^th cryptocurrency globally and the current price is US$0.2157. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, GALA kicked off a recovery trend to break the new monthly highs.

The following 55% plummet found support near $0.2076, sweeping under the 40 EMA into the 59.8% retracement level before bouncing to resistance beginning at $0.2530.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2712, where aggressive bulls might begin bidding. The level near $0.2940, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3385.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1991 could provide at least a short-term bounce. If this level fails, the old highs near $0.1750 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 20^th cryptocurrency globally and the current price is US$27.99. Let’s take a look at the chart below for price analysis:

Source: TradingView

February provided respectable 45% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $36.52.

If bears take back control this month, the top of the former gap beginning at $24.36 may provide support for at least a short-term bounce. The top of the consolidation range starting near $23.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $22.64 and $20.36, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $32.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up.

If this high breaks, the 1.0 extension near $37.21 and the 2.0 extension near $43.90 may provide the next primary new high targets.

3. Verasity (VRA)

Verasity is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase advertising revenues for video publishers on any video platform through its rewarded player and ad stack utilising its patented protocol layer on the blockchain – Proof of View. PoV is the only Protocol Layer patented technology for the blockchain USA Patent.

VRA Price Analysis

At the time of writing, VRA is ranked the 370^th cryptocurrency globally and the current price is US$0.02101. Let’s take a look at the chart below for price analysis:

Source: TradingView

VRA‘s strong downtrend that began in mid-January has retraced most of its Q1 move, recently sweeping lows near $0.01948 but struggling to find strong support.

A sweep of the relatively equal lows near $0.01838 into possible support around $0.01722, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $0.01643.

The swing high near $0.02346 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $0.02568, potentially reaching up to the last monthly high near $0.02931.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Crypto News Filecoin ICON Market Analysis Trading TRON

Top 3 Coins to Watch Today: TRX, ICX, FIL – March 10 Trading Analysis

Post author By Malik Junaid
Post date March 10, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 25^th cryptocurrency globally and the current price is US$0.06141. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the January drop, falling nearly 45% from its mid-December high until it found a low early in February.

Price action formed a weekly support level near $0.06054, which has so far held up the price. The most recent swing low inside this range, near $0.05829, might be the target for any future stop runs. After this low, the swing low near $0.05689 and the gap beginning near $0.05355 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.06892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07435 – but could reach as high as $0.08037.

2. ICON (ICX)

ICON is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer such as ICON. The ICON blockchain is powered by loopchain, a blockchain engine designed by ICONLOOP.

ICX Price Analysis

At the time of writing, ICX is ranked the 104^th cryptocurrency globally and the current price is US$0.7918. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICX‘s 250% growth during Q4 2021 has continued its grinding downward trend at a steady pace.

At the current price, near the local range’s high, $0.9105 could support a move toward new monthly highs. If the price dips, an area near the range low and 9, 18 and 40 EMAs could provide a better risk-to-reward entry for bulls.

A more significant bearish shift in the market could send the price down to a larger range’s lows near $0.7134 and possibly as far as $0.6807. This area saw a strong reaction during last week’s retracement.

Bulls will likely take some profits near the highs at $0.9273, but the price could continue well beyond the highs. The final target is impossible to predict, but extensions from early 2021’s significant move and the current range suggest that bulls might take more profits near $1.05 and $1.16.

3. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 39^th cryptocurrency globally and the current price is US$18.94. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has retraced nearly 70% since its December highs, with little higher-timeframe support below the current price.

After rejecting resistance at $23.41, the price is crossing below the March open. This area near the monthly open, between $21.46 and $20.97, might form a new resistance.

A break through this level could reach near $22.88. A retest of possible higher-timeframe support near $17.43 could provide a bounce. However, if the price moves under $16.75 and retests it from below, higher timeframes show no remaining support below this region.

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Cardano Crypto News Market Analysis Oasis Network Theta Trading

Top 3 Coins to Watch Today: ADA, THETA, ROSE – March 9 Trading Analysis

Post author By Malik Junaid
Post date March 9, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 8^th cryptocurrency globally and the current price is US$0.8021. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 40% drop from its mid-February highs found a low near $0.7935 last week before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.8725. A sustained bullish move may target the swing high at $0.9135. If this stop run occurs, a run beyond the high into probable resistance near $1.05 and $1.14 is possible.

Bulls could buy a retracement to possible support near $0.7840, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.7525.

However, relatively equal lows near $0.7357 and $0.7122 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.6047 and $0.6952.

2. Theta Network (THETA)

Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.

THETA Price Analysis

At the time of writing, THETA is ranked the 44^th cryptocurrency globally and the current price is US$2.88. Let’s take a look at the chart below for price analysis:

Source: TradingView

THETA has been gradually moving downwards from December into March 2022.

The 9 and 18 EMAs, near $2.67 and an old consolidation area, might provide resistance to propel the price down to possible support.

Multiple swing lows under an area of old consolidation, near $2.53, could be the next downside target. If this level breaks, higher-timeframe consolidation near $2.47 might provide the following support.

However, if the current resistance breaks, an area near $2.97 and the 40 EMA might be the next level to watch. This level supported multiple past retests, which means it may flip to resistance.

A more substantial rally could push through the monthly open, revisiting the lows of an old consolidation from $3.18 to $3.53. If this move occurs, it could set the stage for a more extensive consolidation or the start of a new bullish trend.

3. Oasis Network (ROSE)

The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.

ROSE Price Analysis

At the time of writing, ROSE is ranked the 87^th cryptocurrency globally and the current price is US$0.2225. Let’s take a look at the chart below for price analysis:

Source: TradingView

ROSE has dropped nearly 60% since mid-January and found a low in early March, with price action now trending upward through a higher-timeframe range.

The area beginning near $0.3246 has provided strong resistance and may do so again. However, relatively equal highs near $0.3812 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near $0.4314.

Aggressive bulls might add to their positions near $0.2278. If the price breaks through this level, it may be reaching for the cluster of swing lows near $0.2054 and $0.1915. A more substantial move down may run stops below the relatively equal monthly lows, around $0.1766, into the daily gap at this level.

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Market Analysis The Crypto Den Trading

TradeRoom: Our Weekly Crypto Trades Analysis – Mar 8, 2022

Post author By David Haslop
Post date March 8, 2022

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

The TOTAL cryptocurrency marketcap has been ranging between US$1.9 trillion and US$1.6 trillion for over a month now and still producing lower market structure. As I’ve been saying for a while, I still expect to see further downside in the crypto markets. Once the US$1.58 trillion support level is broken, I see the market losing over US$400 billion.

BTC.D (bitcoin market dominance in %) is sitting at 43.3% and looks to be turning. If this happens with ALT coins still dropping, it tells me money flow is going into USD/USDT etc as profit-taking is occurring. That, coupled with the DXY (US Dollar Currency Index) pumping, gives me confidence in this scenario.

As for BTC itself, nothing has changed for me. Despite seeing a little pump in price action from US$38,000 to US$45,000 last week, there really wasn’t huge volume behind it to give me buyer confidence. My point still stands, in that breaking the daily 200 EMA is when I can start getting comfortable into a bullish bias. I know some say I go against the grain a little with a bearish outlook, but I’m trying to prepare people for that scenario. The last thing I want to see is another 2018 situation where people lose 90% of their capital due to “hopium” and bullish influencers. I still like the US$29,000 target.

Last Week’s Performance

WAVES/USDT

I think it’s important to share both winning and losing trades. Last week I shared a potential trade on WAVES and this one was definitely a losing trade! I entered my short at key resistance and was stopped out for a 2% loss. This is why we use stop losses! Not every trade we enter will be a winner, and it’s important to mitigate that risk with correct risk management strategies.

ETH/USDT

One of the most consistently profitable traders I know, and a leader within The Crypto Den community TradeRoom, Cassie, who shared this beautiful 20% (200% on 10x) ETH short trade. Cass is also highly active in our TCD Facebook group for those who would like to follow her trades.

This Week’s Trades

SOL/USDT

I’m going to have to go with SOL again as my pick of the week (should it play out) for a potential short here. If BTC does see further downside with profits moving into USD instead of ALTs, I see SOL as one of the biggest losers – a potential 70% drop from its current price. It may see some sideways support at US$53.00, though my target is US$21.00.

ADA/USDT

Yes, I know you’re probably sick of seeing me write this but again, for the same reasons as above with SOL, I still see ADA dropping a good 70%. Hardcore ADA fans give me hell over this but I see absolutely nothing bullish in the charts for ADA!

Introducing TCD’s New Social Platform

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Invite to Join our TradeRoom

If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market.
Join our “Apprentice” plan now for your 7-day trial.

The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them.

Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.

In the TradeRoom you will be included in a supportive environment which encourages personal growth, education and community support.

It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!

Crypto News Kava Market Analysis Terra Trading Verge

Top 3 Coins to Watch Today: KAVA, LUNA, XVG – March 8 Trading Analysis

Post author By Malik Junaid
Post date March 8, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Kava.io (KAVA)

KAVA is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield. The Kava DeFi hub operates as a decentralised bank for digital assets, allowing users to access a range of decentralised financial services, including its native USD-pegged stablecoin, USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto assets.

KAVA Price Analysis

At the time of writing, KAVA is ranked the 118^th cryptocurrency globally and the current price is US$3.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

The last year saw KAVA travel through a massive range from approximately $8 to $2.66. Currently, it is trending downward into the range lows.

Resistance might be found just above the current price, beginning near $3.148. This area has confluence with the 9 and 18 EMAs.

A stronger retracement against the bearish trend could reach the 40 EMA and the March monthly open, near $3.407.

Although unlikely in the current bearish market conditions, a more significant rally might reach over the 2022 yearly open to test an inefficiently traded area from $4.198 to $4.486.

In late February, the price bounced from the support between $2.819 to $2.734 while wicking just under a narrow support zone at $2.594. These two levels could provide support again.

However, the price has been consolidating on higher timeframes since late January. Given the current bearish market conditions, it seems likely that a retest of these two support levels may fail.

Bears might take profits near $1.827 at Q4 2021’s consolidation, which could offer support. However, if the price reaches this far, it’s reasonable to expect continuation through the swing low at $1.123 into an inefficiently traded area on higher timeframes.

2. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

LUNA Price Analysis

At the time of writing, LUNA is ranked the 7^th cryptocurrency globally and the current price is US$81.77. Let’s take a look at the chart below for price analysis:

Source: TradingView

LUNA showed significant strength in the face of a mostly-bearish altcoin market, rallying over 100% in late February after raising funds to help stabilise its peg.

The price is currently retracing from resistance near $98.90, just below the all-time high. Bulls might begin eyeing entries near $79.00, which will soon be near the 18 EMA and between the 61.8% and 78.6% retracement levels of the last leg upward.

A deeper retracement might reach an inefficient zone and the 40 EMA under the last daily swing low, between $70.44 and $66.07. A move below this low suggests a more bearish shift in market structure. If this shift occurs, it could create a short setup to target possible support at the upmove’s accumulation zone, near $59.41.

While the price is retracing, $83.44 offers the closest probable resistance at the 2022 yearly open. Just above, near the March monthly open, the consolidation lows near $89.69 are also a reasonable candidate for resistance.

If the price breaks through these resistances, the significant resistance at $89.69 might also break and allow LUNA to set new all-time highs. However, bulls should keep in mind that the overall market is bearish, decreasing the chances of a massive bullish breakout. If the price does break the all-time high and enter discovery, overlapping extensions near $130 offer a possible significant target.

3. Verge (XVG)

Verge XVG is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralised payments network that improves on the original Bitcoin blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called Verge Pay, and providing the option of sending transactions to stealth addresses. The project describes itself as community-driven, relying on volunteers and priding itself on being open-source.

XVG Price Analysis

At the time of writing, XVG is ranked the 278^th cryptocurrency globally and the current price is US$0.009039. Let’s take a look at the chart below for price analysis:

Source: TradingView

XVG has retraced nearly 80% from its November 2021 highs and appears poised to continue its downtrend.

If Monday’s trading fails to reach $0.009471, resistance might begin just above the current price at $0.009235.

Just above this level rests higher-timeframe resistance from $0.009599 to $0.011032. Inside this broad zone, $0.009709 (an inefficiently traded area) and $0.010175 (the March monthly open) might offer the most sensitivity.

A more significant rally would likely find resistance between $0.013500 and $0.015655, where the monthly chart shows inefficient trading. However, the current bear market decreases the probability of a rally reaching this far.

The quarterly chart shows a broad zone of possible support near $0.006907. Inside this zone, $0.005756 – near the 100% extension of the last retracement upward – offers a higher probability for a bounce or bottom. This level is near the midpoint of November 2020’s massive rally.

However, the swing low at $0.003552 and an inefficiently traded area below inside late 2019’s consolidation offers an attractive target for bears. Bulls should be cautious with entries until the trend flips bullish.

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Binance Coin Chiliz Crypto News Market Analysis Ripple Trading

Top 3 Coins to Watch Today: BNB, XRP, CHZ – March 7 Trading Analysis

Post author By Malik Junaid
Post date March 7, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 4^th cryptocurrency globally and the current price is US$383.55. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 25% decline during February, BNB has ranged between $360 and $410. The recent price recovery was approaching probable resistance near $408 but could be aiming for stops above the relatively equal highs near $420. Continuation of the trend could target the daily gap near $435.

Aggressive bulls might add to positions near $395 and $387. Price action near $375 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $369 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $360.

2. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6^th cryptocurrency globally and the current price is US$0.7402. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during last week before moving sideways for the rest of the month.

The price was in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally. However, bulls are showing some interest at the 71.6% retracement, near $0.7472. If this level breaks, a move into possible support – just below the lows near $0.6952 – seems likely.

If the price does rally through the swing high at $0.8055 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8450.

Overlapping swing highs and lows near $0.8946 might provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $0.9517, where higher timeframes show an inefficiently traded zone.

3. Chiliz (CHZ)

Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company’s vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.

CHZ Price Analysis

At the time of writing, CHZ is ranked the 68^th cryptocurrency globally and the current price is US$0.1766. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHZ‘s stunning rally to $0.3150 plummeted over 70% during January to sweep consolidation lows at $0.1655. This could set the stage for a new bullish cycle to begin.

The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1732 could set the stage for a move into the daily gap beginning near $0.1685, potentially reaching resistance near $0.1934.

A sweep of the highs near $0.2132, followed by a sharp sell-off, could hint that bulls are preparing to run the swing high near $0.2247. This run could find the next resistance around $0.2436 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.2618.

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Algorand Avalanche Axie Infinity Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: AVAX, ALGO, AXS – March 4 Trading Analysis

Post author By Malik Junaid
Post date March 4, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 10^th cryptocurrency globally and the current price is US$77.80. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 70% rally in January ended with an almost 35% retracement as the rest of the altcoin market dropped. Bulls stepped in near the 61.8% retracement of Q4’s move, creating a consolidation that ended with last week’s bullish impulse to resistance near $86.35.

With the 9, 18, and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.

Near the 40 EMA, a broad zone from $68.12 to $65.35 could see interest from bulls before further expansion. If this level fails, bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 80% retracement, at $61.54, and potentially lower to a higher-timeframe support zone between $57.82 and $54.77.

If the higher-timeframe bullish trend resumes and the current resistance near $93.35 breaks, the wicks near $105.84 and the new monthly highs might see profit-taking.

2. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 29^th cryptocurrency globally and the current price is US$0.7967. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during February, ALGO gained nearly 22% into resistance that starts near $0.9122.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.10 might look for bids near $1.05. More significant resistance rests above, near $1.15. A group of significant swing highs at $1.21 and $1.25 give possible targets if this resistance breaks.

A stop run on the recent low at $0.7460 into possible support beginning near $0.6830 might see stronger bidding. This area also has a confluence with the recent monthly lows.

3. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 40^th cryptocurrency globally and the current price is US$52.62. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 25% range could suggest that a larger move is setting up in February.

Aggressive bulls could look for entries at the most recent area of support formed near $49.22. However, equal lows near $45.12 make a tempting target for a stop run into this support. This move could reach support near $42.67.

A decisive move to the downside could run stops below the second set of relatively equal lows near $40.23, possibly reaching support at an old swing high and a daily gap near $38.58.

A recent level near $58.84 provided resistance and caused a recent swing high to form near $63.88, offering first targets. A move through this high may arrive at new monthly high levels near $68.31 and $75.30.

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Crypto News Decentraland Market Analysis OMG Network Trading Waves

Top 3 Coins to Watch Today: OMG, MANA, WAVES – March 3 Trading Analysis

Post author By Malik Junaid
Post date March 3, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Omg Network (OMG)

Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.

OMG Price Analysis

At the time of writing, OMG is ranked the 104^th cryptocurrency globally and the current price is US$4.51. Let’s take a look at the chart below for price analysis:

Source: TradingView

OMG‘s 45% drop has filled the February monthly gap twice as the price consolidated between $3.88 and $4.70.

The price’s current region, between $4.41 and $4.27 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to $5.12 is a likely target.

An animated move through these highs could reach up to the daily gap beginning at $5.31. The area between $5.73 and $6.19 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $4.10 and find support near $3.94. If this level is lost, the swing low at $3.82 is a likely target, with $3.69 possibly giving support.

2. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 31^st cryptocurrency globally and the current price is US$2.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a monthly high during February before retracing 35% to the low at $2.50 last week.

The price broke through resistance near $2.53, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.48. However, a drop this far increases the chances of a stop run to $2.42 and possibly into support near $2.37. For now, continuing bullish market conditions could help $2.67 become support.

The swing high around $2.90 gives bulls a reasonable first target, with $3.12 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.22 or $3.25 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.35.

3. Waves (WAVES)

WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.

WAVES Price Analysis

At the time of writing, WAVES is ranked the 54^th cryptocurrency globally and the current price is US$17.52. Let’s take a look at the chart below for price analysis:

Source: TradingView

During December’s high, WAVES‘ 40% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $15.88 and $14.35 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.

Long-term consolidation suggests that the areas near $19.45 and $20.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $22.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $25.42, the start of the bearish move.

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Alien Worlds Crypto News Elrond Market Analysis Trading Zcash

Top 3 Coins to Watch Today: ZEC, TLM, EGLD – March 2 Trading Analysis

Post author By Malik Junaid
Post date March 2, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 60^th cryptocurrency globally and the current price is US$116.48. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEC‘s recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $96.47 and $112.96 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.

Last year’s long-term consolidation suggests that the areas near $88.23 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $125.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $140.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $158.41 might provide a ceiling for this impulse.

2. Alien Worlds (TLM)

Alien Worlds TLM is a decentralised, non-fungible token (NFT) metaverse where players compete for scarce resources of Trilium (TLM) in a simulated economy based around planetary worlds. Due to this, Alien Worlds also has a decentralised finance (DeFi) element to the game, as players advance by staking TLM and using TLM to vote in planetary Decentralised Autonomous Organisations (DAOs).

TLM Price Analysis

At the time of writing, TLM is ranked the 370^th cryptocurrency globally and the current price is US$0.1127. Let’s take a look at the chart below for price analysis:

Source: TradingView

TLM formed relatively equal lows near $0.09541 after dropping over 45% last month. These lows could provide the target for another leg down, possibly finding support in the monthly gap of around $0.09354.

If this sweep of the $0.09053 swing lows occurs, more aggressive bulls might begin bidding the weekly level near the swing low around $0.08944. Should the market take a more bullish turn, the level just below, near $0.08863, could provide some short-term support.

The steep drop left large areas of inefficient price action, making the daily gap up to $0.1436 likely to be touched or filled. A sustained move through this resistance could visit a significant area on the monthly and weekly chart near $0.1705.

3. Elrond (EGLD)

Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 40^th cryptocurrency globally and the current price is US$150.97. Let’s take a look at the chart below for price analysis:

Source: TradingView

EGLD‘s 45% retracement from its February highs set a low near $132.23 during its consolidation that began last week.

Relatively equal highs near $179.44 could be the current target if the price breaks through resistance beginning near $200.45. Bullish continuation might reach through the next significant swing high near $215.71 into the daily gap near $229.16.

If bullish strength continues, the zones just below the previous monthly open near $238.69 and $245.87 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $145.19 into possible support near $140.43. If this down move occurs, the swing low near $137.22 and possible support near $135.70 may be the primary objective.

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Crypto News EOS Market Analysis Solana Syscoin Trading

Top 3 Coins to Watch Today: EOS, SOL, SYS – March 1 Trading Analysis

Post author By Malik Junaid
Post date March 1, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 47^th cryptocurrency globally and the current price is US$2.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS has been in an overall decline for the last 10 months and has reached 87% below its mid-May 2021 high.

Just above the current price, near $2.1364, might be the bears’ first line of resistance in the upcoming weeks. This level is near the 9 EMA and consolidation highs that formed after the low sweep at $1.9940.

A slightly larger rally toward the February open is possible. Resistance could be found between $2.2760 and $2.4306, with the lower half of this range possibly proving stronger. This range has confluence with the 40 EMA and accumulation area for the early February run on bears’ stops.

While less likely, a more extended rally might reach probable resistance near $3.2716. This area is in the upper half of a significant consolidation area on higher-timeframe charts.

Bulls might find support beginning near $1.7000 – perhaps if traders “sell the news” of the Mandel 3.0 release. However, $1.4200 to $1.2142 could offer a higher probability of a short-term bottom before a more substantial bounce. Higher timeframes show inefficient trading in this zone, as well as in another possible support beginning near $0.9000.

2. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 9^th cryptocurrency globally and the current price is US$95.27. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 71% from its November all-time high and reached possible support last week near $75.3450. Resistance might begin near $89.2450, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $105.9075 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $122.0000 and $147.9425. This zone is where the last movement down accumulated positions before breaking down.

Possible support rests near $75.3450, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $66.1000 and $54.7225. If the price reaches this zone, the May 2021 swing high near $58.4425 might mark a more sensitive level.

An eventual break of this support might target $42.8725, where the price consolidated during the summer before beginning its last bull run.

3. Syscoin (SYS)

Syscoin SYS is a full Layer-1 and Layer-2 blockchain solution built to combine industry-proven technology to support cutting-edge applications all in one network. The project’s goal is to build a protocol that transforms the blockchain experience and combines the best of Bitcoin and Ethereum. Through Bitcoin merge-mining, Syscoin transforms Bitcoin’s Proof-of-Work security and decentralisation into a functional and scalable solution. Syscoin’s token platform currently features custom notary API, Fungible Tokens, NFTs, and Fractionalised NFTs.

SYS Price Analysis

At the time of writing, SYS is ranked the 138^th cryptocurrency globally and the current price is US$0.6116. Let’s take a look at the chart below for price analysis:

Source: TradingView

Early January 2022 created the all-time high in SYS before its retracement, which reached 70% by last week.

A sharp weekly rally might have formed possible resistance near $0.688700, where higher timeframes show a small inefficient area.

Slightly lower, an area from $0.596187 to $0.629302 might also provide resistance. This area shows significant rejection of bulls by bears and has confluence with the 18 EMA.

While less probable in the current market conditions, a more significant rally could reach the February monthly open near $0.596187. This area saw consolidation before the recent drop and shows signs of inefficient trading.

From $0.528137 to $0.471303, price structures near the recent swing low could offer some support and perhaps form the lower end of an upcoming consolidation range.

A break through this support might be targeting the midpoint of Q2 2022’s accumulation near $0.309023, where higher timeframes suggest bulls’ stops might provide an attractive target for bears.

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