Category: Trading

Top 3 Coins to Watch Today: DASH, ENJ, ANKR – February 28 Trading Analysis

Post author By Malik Junaid
Post date February 28, 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. Dash (DASH)

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralised in nature. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.

DASH Price Analysis

At the time of writing, DASH is ranked the 80^th cryptocurrency globally and the current price is US$93.13. Let’s take a look at the chart below for price analysis:

Source: TradingView

During January, DASH retraced over 45% before finding support near $90.13 Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins.

In the shorter term, the price might establish support near $92.50 before running the swing high at $106.88. If this bullish move occurs, the price could reach resistance near the weekly open around $115.43, and may even sweep the swing high near $123.22

Some support might exist at the daily gap near $87.12. A move this low would also fill the monthly gap and set the stage for a possible bullish reversal.

2. Enjin Coin (ENJ)

Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).

ENJ Price Analysis

At the time of writing, ENJ is ranked the 67^th cryptocurrency globally and the current price is US$1.45. Let’s take a look at the chart below for price analysis:

Source: TradingView

ENJ spent February ranging across the monthly open, reaching 30% over and 23% below. The price is currently consolidating between adjacent resistance and support at $1.45 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $1.95.

This move would likely target the swing high at $2.12 and relatively equal highs near $2.29. A sustained bullish trend could reach up to the monthly high near $2.35.

Bulls might see a sweep of the relatively equal lows near $1.42 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $1.38 and $1.30.

3. Ankr (ANKR)

ANKR originates as a solution that utilises shared resources in order to provide easy and affordable blockchain node hosting solutions, it has since built a marketplace for container-based cloud services through the usage of shared resources. It is a platform that enables the sharing economy, where any customer can access resources at a more affordable rate, while also providing enterprises with the ability to monetise their spare computing power that is not being utilised. It is unique in the way that it is the first to use trusted hardware, and this ensures a high level of security.

ANKR Price Analysis

At the time of writing, ANKR is ranked the 107^th cryptocurrency globally and the current price is US$0.06559. Let’s take a look at the chart below for price analysis:

Source: TradingView

ANKR continues to set monthly lows in its downward trend.

Support might be found in the daily gap above the monthly open near $0.06295. A deeper retracement is likely to target the relatively equal lows into support near $0.06125.

The daily gap near $0.05966 could also provide support. However, another gap inside the down candles, around $0.05732, provides the highest chances of solid support while offering a high risk-reward entry.

There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around $0.06895 and $0.07244 as reasonable take-profit zones.

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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.

Classic vs SBot – Which GRID Bot Suits Your Trading Style?

Post author By Crypto News Australia
Post date February 25, 2022

The Grid trading strategy is a technique to make profits on market movement by positioning buy and sell orders at different levels, above and below a set price. You can create your grid to profit from trends or ranges and even automate it. Bitsgap SBot and Classical bot are the two best-known trading bots with their own set of advantages.

What Makes Grid Bots Popular?

The Grid system has become quite popular among traders as it is possible to visualise the results. The best thing about this approach is that it can offer investment opportunities even in volatile market conditions. There’s no need to worry about the market direction. Once the trader knows that the market is going to make its next move, the strategy will take care of the rest. This is especially applicable to cryptocurrency trading, where volatility is common.

Once the user sets up a grid, he/she can automate it to place buy and sell orders without having to open and close positions manually. It may take some trial and error before the trader can develop a profitable approach. Some providers leverage Artificial Intelligence to improve their strategy and bring more profits with the bot.

Users must have an understanding of market fractals, fundamentals, dynamics, and broker’s commission to increase trading profitability. The grid trading bot needs to be set up accordingly to cut losses and increase profit potential.

Configuring a Grid Trading Bot

The Bitsgap trading bot is a great ally in a fluctuating market. But before you let the system run on auto-pilot, below are some necessary settings to consider.

Grid number: Signifies the maximum number of buy and sell orders that you can assign to a grid. For example, if you input 20, you will have 10 buy and 10 sell orders!
Take-profit: The maximum value at which your grid will sell all positions and book the profit.
Stop-loss: The lowest price point where you automatically exit the trade. Once the stop-loss triggers, your positions will be sold at a loss.
Lower-limit: The bottom price limit of the grid, which is often a bit higher than the stop-loss. The bot won’t place any buy orders below this limit.
Upper-limit: The top price limit of the grid that is directly proportional to your profit potential. The bot won’t place any sell orders above this limit.

When dealing with volatile digital assets, make sure to choose a cryptocurrency with sufficient trading volume to make the process easier.

Using the Classic Bot Strategy

When you expect the market to be bullish in a given period, it is the best time to use the Classic bot strategy. It has statistically proven to be more profitable when prices are going higher. The bot dynamically adjusts the grid based on market movements.

Classic bot buys and sells the equal amount of base currency despite the price.

The investment distribution logic involves buying and selling a fixed amount of base currency per order. It maximises the return from each trade due to an increase in the volume with the rising value. When the market conditions are favourable, you ought to win big. The opposite happens when the market tanks!

Using the SBot Strategy

When prices are trading sideways and the market direction is unclear, it is best to use the SBot strategy to make money. This bot can trail up and down based on market fluctuations. The in-built feature simulates a trading algorithm, using the past data of an asset to assess its volatility and profitability before risking any capital.

SBot buys and sells a certain amount of base currency with the same amount of quote currency.

The investment distribution logic of SBot is a step ahead of the classic. It always buys and sells a fixed volume of the quote currency per order. For example, if your investment sum is $50, the bot will buy $50 worth of the asset when the price drops. Similarly, when the price rises, the bot sells $50 worth of the asset. This means you buy more at lower prices and sell less at higher prices, regardless of the market conditions. Here, the dollar-cost-averaging method comes into play!

Conclusion

The features of automated Sbot and Classic bots may seem attractive, but it is vital to manage your risks. The market can make explosive moves in either direction, and you must be prepared for any situation. Switching between these grid trading bots is the best strategy to make the most of your capital!

ChainLink Crypto News dYdX ICP Market Analysis Trading

Top 3 Coins to Watch Today: LINK, DYDX, ICP – February 25 Trading Analysis

Post author By Malik Junaid
Post date February 25, 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. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 24^th cryptocurrency globally and the current price is US$12.50. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early January spike retraced near $12.46 into the consolidation that began the impulse before bouncing to $14.30.

This consolidation could provide support again, although bears would first have to push the price through possible support near $12.00. The market’s structure may be shifting bearish, with $13.52 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $11.63 before finding support near $10.71.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $16.78 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the December wick near $20.58.

2. Dydx (DYDX)

DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol. By enabling shared control of the protocol, DYDX allows traders, liquidity providers and partners of dYdX to work collectively towards an enhanced protocol. DYDX enables a robust ecosystem around governance, rewards and staking, each designed to drive future growth and decentralisation of dYdX, resulting in a better experience for users.

DYDX Price Analysis

At the time of writing, DYDX is ranked the 140^th cryptocurrency globally and the current price is US$4.83. Let’s take a look at the chart below for price analysis:

Source: TradingView

DYDX consolidates between $4.60 and $5.90 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.

Range traders will likely take profits or sell near $5.32. A stop run and swift rejection above $5.74 could provide a more favourable risk-to-reward entry for bears. An old 4h gap around $6.35 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $4.70. Little exists below the current range to identify precise support levels. However, the area between $4.58 and $4.50 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $6.15 provides a reasonable target. The highs and daily resistance levels between $6.47 and $6.80 may provide a second target.

3. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 36^th cryptocurrency globally and the current price is US$15.64. Let’s take a look at the chart below for price analysis:

Source: TradingView

During January, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $26.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $31.35.

Even if the bearish trend continues, a stop run at the recent swing low near $15.00 into possible support beginning near $14.67 is reasonable. If the price reaches further down, the swing low and possible support near $13.97 might provide another downside target.

The area near $13.25 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $12.80 into possible support beginning around $12.00.

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Crypto News Fantom Market Analysis Smooth Love Potion Terra Trading

Top 3 Coins to Watch Today: FTM, LUNA, SLP – February 24 Trading Analysis

Post author By Malik Junaid
Post date February 24, 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. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 34^th cryptocurrency globally and the current price is US$1.69. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce since mid-December ran into resistance near the old all-time highs. This rejection created a set of relatively equal highs near $3.29, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $2.10.

Currently, the price is testing possible support near the weekly open, around $1.60. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs.

If this level fails to provide support, a zone from $1.49 to $1.40 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of December’s swing.

A more bearish tone in the market could propel the price lower. The December lows, near $1.37, might mark an area of possible support as well as a bearish target.

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 9^th cryptocurrency globally and the current price is US$60.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its monthly lows last week, LUNA began a range that has been whiplashing both bulls and bears.

Resistance beginning near $62.23 held the price down for the weekly opening, although bulls have shown some strength near the 9 and 18 EMAs.

A quick drop to $53.37, or into the zone beginning near $49.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $69.47 provides a reasonable target.

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $74.28 and $80.57.

More patient bulls might be waiting far below the 40 EMA with bids close to the higher-timeframe range’s 61.8% retracement, near $46.59.

3. Smooth Love Potion (SLP)

Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

SLP Price Analysis

At the time of writing, SLP is ranked the 346^th cryptocurrency globally and the current price is US$0.02164. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 135% rally during February ran into 30% retracement near $0.01815. Since then, the price has been consolidating in a 40% range between $0.02024 and $0.02445.

Just below the late-December low, $0.01797 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.01678 might cap a run on the lows near $0.01524 and $0.01435.

The higher-timeframe analysis points to the area near $0.02751 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03147 and $0.03340 may be the next targets.

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Cardano Crypto News Market Analysis Polkadot The Sandbox Trading

Top 3 Coins to Watch Today: ADA, DOT, SAND – February 23 Trading Analysis

Post author By Malik Junaid
Post date February 23, 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 7^th cryptocurrency globally and the current price is US$0.8693. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 60% drop from its mid-January highs found a low near $0.8435 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 $0.9125. A sustained bullish move may target the swing high at $0.9535. If this stop run occurs, a run beyond the high into probable resistance near $1.12 and $1.21 is possible.

Bulls could buy a retracement to possible support near $0.8640, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.8325.

However, relatively equal lows near $0.8057 and $0.7822 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7647 and $0.7592.

2. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 13^th cryptocurrency globally and the current price is US$16.26. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 75% since its high in early January, showing little sign of interest from buyers.

February’s consolidation at possible support from $19.68 to $20.57 broke down with the rest of the market last week, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of December’s consolidation range and the 2021 open, near $26.70, and the high of December’s consolidation range, near $29.88, might see profit-taking from bulls.

The first test of possible support near $15.40 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $14.56, running stops under July’s swing low.

If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.16 to $11.47 at the high of 2020’s consolidation range.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 37^th cryptocurrency globally and the current price is US$3.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive rally during Q4 halted at $8.45 before retracing 80% of the move. This price action created several areas of possible higher-timeframe resistance in the process.

The price found resistance on its last swing upward near $3.67 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.90. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.

The fast move up left little higher-timeframe support. However, a vast zone between $3.12 and $3.00 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of Q4’s parabolic move.

Inside this zone, the consolidation high near $2.89 to $2.80 might see more sensitivity and mark the bearish target.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $2.60.

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BitTorrent Crypto News IOST Market Analysis Swipe Trading

Top 3 Coins to Watch Today: BTT, IOST, SXP – February 22 Trading Analysis

Post author By Malik Junaid
Post date February 22, 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. BitTorrent (BTT)

BitTorrent BTT is a popular peer-to-peer (P2P) file-sharing and torrent platform which has become increasingly decentralised in recent years. Since its acquisition, BitTorrent has added various new tools, with a dedicated native cryptocurrency token, BTT, released in February 2019. BTT was launched on TRON’s own blockchain, using its TRC-10 standard. According to its official literature, BitTorrent is currently the world’s “largest decentralised P2P communications protocol”.

BTT Price Analysis

At the time of writing, BTT is ranked the 50^th cryptocurrency globally and the current price is US$0.00000201. Let’s take a look at the chart below for price analysis:

Source: TradingView

BTT has been in a higher-timeframe downtrend since its 4,790% pump during Q1 2021. From late June 2021, the price has ranged between approximately $0.000004598 and $0.000002677.

Old swing lows near the current price recently broke. This approximate area, near the higher-timeframe range low, could offer support again on higher-timeframes.

However, the current macro market conditions suggest further downside. Multiple retests of a level – in this case, the fourth retest – and traders “selling the news” of February 22’s Mainnet launch increase the probability of this region turning to resistance.

The daily chart suggests that a zone around the February open, from $0.0000020300 to $0.0000021078, may offer resistance – although the price might reach as high as $0.0000021799.

A break of this resistance could run short stops into higher-timeframe resistance around $0.000002557 – near the 2022 yearly open. If the price does reach this far, volatile price action in this area hints at resistance between $0.000002557 and $0.000003382.

Short-term rallies may occur, but the price is more likely to find a long-term bottom in an inefficient area above 2020’s accumulation range. This area reaches from $0.000001042 to $0.0000005337, with $0.0000009500 starting higher-probability support.

2. Iost (IOST)

IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope that it will serve as the backbone for online services in the future. One of the biggest challenges that IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.

IOST Price Analysis

At the time of writing, IOST is ranked the 134^th cryptocurrency globally and the current price is US$0.02334. Let’s take a look at the chart below for price analysis:

Source: TradingView

IOST rallied 436% during Q3 2021 and almost set new all-time highs before selling off 78% into its January 2022 low.

A retest of the 2022 yearly open, near $0.03125, started a new wave of selling in early February. The subsequent break of the February monthly open created a new area of resistance between $0.02459 and $0.02643 – an area that is also inefficiently traded and has confluence with the 9 and 18 EMAs.

If this resistance breaks, a move toward the 2021 yearly open might find resistance between $0.02874 and $0.03200. Any potential move through this resistance will likely find a ceiling near an inefficient higher-timeframe level at $0.03499.

Old support near $0.01889 created a sharp bullish reaction in late January. This region, down to $0.01774, could provide support again.

However, a longer-term bottom is more likely to be found between $0.01427 and $0.00696, perhaps after Q1’s releases finalise, where higher-timeframe charts show an inefficiently traded area.

3. Swipe (SXP)

Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.

SXP Price Analysis

At the time of writing, SXP is ranked the 178^th cryptocurrency globally and the current price is US$1.28. Let’s take a look at the chart below for price analysis:

Source: TradingView

SXP retraced 81% from its May 2021 all-time high and is entering an area of possible higher-timeframe support.

Multiple resistance areas on the daily chart converge between $1.303 and $1.418, with the February monthly open and the 9 and 18 EMAs marking the middle of this zone.

However, an inefficient area on higher timeframes that could offer support starts nearby at $1.244, although $1.203 and below may be a more sensitive area. This proximity of resistance and support might trigger consolidation in the short term.

This higher-timeframe possible support covers a wide area and could fill down to $0.742, where January 2021’s bullrun began. Bears may be taking profits in this area. Meanwhile, bulls might wait for signs of genuine demand (not just mild rallies from short-covering) to begin more significant accumulation.

A break of the current resistance might reach overlapping old consolidation ranges between $1.532 and $1.641. If this potential resistance breaks, the 2022 yearly open near $2.025 might mark the next possible resistance level. A move to this level could signify the start of a more extensive accumulation range or trend reversal.

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1inch Network Cosmos Crypto News Gala Market Analysis Trading

Top 3 Coins to Watch Today: GALA, ATOM, 1INCH – February 21 Trading Analysis

Post author By Malik Junaid
Post date February 21, 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 55^th cryptocurrency globally and the current price is US$0.253. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last month, GALA kicked off a bullish trend that rallied by 95% by early February to break the new monthly highs.

The following 45% plummet found support near $0.2476, sweeping under the 40 EMA into the 51.8% retracement level before bouncing to resistance beginning at $0.2630.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2812, where aggressive bulls might begin bidding. The level near $0.3040, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3485.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.2291 could provide at least a short-term bounce. If this level fails, the old highs near $0.2050 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$26.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

January provided respectable 55% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $41.52.

If bears take back control this month, the top of the former gap beginning at $24.66 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 $22.74 and $20.16, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $33.70 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 $36.21 and the 2.0 extension near $42.90 may provide the next primary new high targets.

3. 1inch (1INCH)

1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1inch has launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralised autonomous organisation (DAO).

1INCH Price Analysis

At the time of writing, 1INCH is ranked the 99^th cryptocurrency globally and the current price is US$1.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its Q4 highs, 1INCH began a range that has been whiplashing both bulls and bears.

Resistance beginning near $2.00 has held the price down for the second half of February, although bulls have shown some strength near the 9 and 18 EMAs.

A quick push to $1.88, or into the zone beginning near $2.10, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $2.17 provides a reasonable target.

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $2.28 and $2.40.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 35% retracement, near $1.30.

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Crypto News Market Analysis NEO Trading VeChain Zilliqa

Top 3 Coins to Watch Today: NEO, VET, ZIL – February 18 Trading Analysis

Post author By Malik Junaid
Post date February 18, 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. Neo (NEO)

NEO bills itself as a “rapidly growing and developing” ecosystem with the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as creating a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.

NEO Price Analysis

At the time of writing, NEO is ranked the 59^th cryptocurrency globally and the current price is US$24.52. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during late January, NEO has gained nearly 15% into resistance that starts near $30.12.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $32.33 might look for bids near $21.86. More significant resistance rests above, near $26.15. A group of significant swing highs at $28.36 and $30.23 give possible targets if this resistance breaks.

A stop run on the recent low at $20.11 into possible support beginning near $19.23 might see stronger bidding. This area also has a confluence with the previous monthly low.

A bearish market shift could reach the swing low at $18.30 into possible support beginning near $16.84.

2. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 39^th cryptocurrency globally and the current price is US$0.05724. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET‘s 70% move during late October ran into resistance near $0.1730, at the 27% extension of the Q3 swing.

An old high and the 18 EMA have provided support near $0.05933 and might give support again on a retest. This area also has confluence with the 50% and 61.8% retracements of November’s swing.

Just below, near $0.05393, the 61.8% retracement of the current Q4 swing might also mark an area of support.

If the market remains bearish, $0.04962 is unlikely to be revisited but could see interest from bulls during any deeper retracement.

An area near $0.07018, at the 50% extension of the summer’s swing, could see some profit-taking if bulls break the current resistance near $0.06278. Above, old consolidations near $0.06425 and $0.06682 might also provide some resistance before another round of price discovery.

3. Zilliqa (ZIL)

Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and as of October 2020 it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

ZIL Price Analysis

At the time of writing, ZIL is ranked the 110^th cryptocurrency globally and the current price is US$0.0486. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s nearly 75% drop from its December highs found a low near $0.04538 in January before closing over a short-term high around $0.05372.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.05233. A sustained bullish move may target the swing high at $0.05647. If this stop run occurs, a run beyond the high into probable resistance near $0.06188 and $0.06450 is possible.

Bulls could buy a retracement to possible support near $0.04589, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $0.04436.

However, relatively equal lows near $0.04294 and $0.04124 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.04015 and $0.03966.

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Crypto News Market Analysis Shiba Inu SushiSwap Trading TRON

Top 3 Coins to Watch Today: SHIB, TRX, SUSHI – February 17 Trading Analysis

Post author By Malik Junaid
Post date February 17, 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. Shiba Inu (SHIB)

Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities including Elon Musk and Vitalik Buterin.

SHIB Price Analysis

At the time of writing, SHIB is ranked the 14^th cryptocurrency globally and the current price is US$0.00003041. Let’s take a look at the chart below for price analysis:

Source: TradingView

SHIB performed well during February, reaching over 55% from the first week of the month into the resistance near $0.00003432.

For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.00002842 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00002729.

Bulls entering at these levels could set their first target near the previous resistance near $0.00003380. Beyond this level, probable targets include the new monthly highs near $0.00003524 and the resistance above near $0.00003692.

A break of this resistance later this month could continue to the new highs near $0.00003722 and $0.00003854.

2. 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$0.06582. 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 43% from its mid-December high until it found a low early in February.

Price action formed a weekly support level near $0.05954, which has so far held up the price. The most recent swing low inside this range, near $0.05739, might be the target for any future stop runs. After this low, the swing low near $0.05629 and the gap beginning near $0.05155 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.06922, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07335 – but could reach as high as $0.07837.

3. SushiSwap (SUSHI)

SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.

SUSHI Price Analysis

At the time of writing, SUSHI is ranked the 123^rd cryptocurrency globally and the current price is US$4.26. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 55% from its December high, SUSHI set a low near $4.10 as it formed its current range.

Last week, the price swept highs near $4.30, which now also marks the previous monthly high. Relatively equal daily highs near $4.39 provide a reasonable target, although resistance beginning near $4.47 could cap the move. A break of this resistance is likely to target the swing high near $4.66 into higher-timeframe resistance beginning near $4.93.

The current area near $4.17 could provide support, although bulls may be more likely to buy near the price fractal near $4.06 if a retracement reaches this level. A break of this area could continue down to sweep the low near $3.89 into possible support beginning near $3.82.

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Crypto News Decentraland dYdX Loopring Market Analysis Trading

Top 3 Coins to Watch Today: MANA, LRC, DYDX – February 16 Trading Analysis

Post author By Malik Junaid
Post date February 16, 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. 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$3.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a new all-time high during November 2021 before retracing 45% to the low at $2.50 last week.

Price broke through resistance near $2.88, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.79. However, a drop this far increases the chances of a stop run to $2.70 and possibly into support near $2.65. For now, continuing bullish market conditions could help $2.90 become support.

The swing high around $3.25 gives bulls a reasonable first target, with $3.34 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.42 or $3.45 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.50.

2. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked the 70th cryptocurrency globally and the current price is US$0.983. Let’s take a look at the chart below for price analysis:

Source: TradingView

LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $1.16.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $0.9324 and $0.9150. A deeper retracement that fills the gap down to the monthly level at $0.8740 provides a better entry, with any quick drops near the monthly open at $0.8558 providing the most favourable entries.

Continuation through the current resistance around $1.18 is likely to explode through the remaining daily highs stacked up to $1.26. There’s no telling how far the price could go beyond these new monthly high prices.

3. Dydx (DYDX)

DYDX Price Analysis

At the time of writing, DYDX is ranked the 134^th cryptocurrency globally and the current price is US$7.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

DYDX consolidates between $5.96 and $7.85 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.

Range traders will likely take profits or sell near $8.12. A stop run and swift rejection above $8.34 could provide a more favourable risk-to-reward entry for bears. An old 4h gap around $8.70 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $7.20. Little exists below the current range to identify precise support levels. However, the area between $7.00 and $6.80 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $7.90 provides a reasonable target. The highs and daily resistance levels between $8.57 and $9.10 may provide a second target.

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