Category: Trading

Top 3 Coins to Watch Today: FIL, ONE, CUDOS – February 15 Trading Analysis

Post author By Malik Junaid
Post date February 15, 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. 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 44^th cryptocurrency globally and the current price is US$20.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has retraced nearly 93% since its April 2021 high, with little higher-timeframe support below the current price.

After rejecting resistance at $26.21, the price is crossing below the February open. This area near the February open, between $20.46 and $20.97, might form a new resistance.

A break through this level could reach near $21.88. A retest of possible higher-timeframe support near $19.23 could provide a bounce. However, if the price moves under $18.03 and retests it from below, higher timeframes show no remaining support below this region.

2. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 50^th cryptocurrency globally and the current price is US$0.1855. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a strong rally during the second half of 2021, ONE has ranged between $0.16326 and $0.38000.

The price is currently testing possible support, near $0.18317, for the third time. This area has confluence with the 61.8% retracement level of 2021’s bull run and the February monthly open. While it could provide support again, multiple retests of a level often lead to it breaking.

If this level breaks, $0.14879 might offer the next substantial support. This level supported the price during December 4’s crash and is approximately halfway between the 61.8% and 78.6% retracement levels of 2021’s bull run.

A more significant breakdown could reach between $0.11481 to $0.08465 – particularly near $0.09797 – and possibly mark a longer-term bottom. These levels are just below the 78.6% retracement level where the price accumulated for 2021’s bull run.

Just above the current price, the 18 EMA and an inefficiently traded area near $0.1970 may offer resistance. A break through this level could reach $0.2407, above the last significant swing high and the 2021 open.

If market conditions turn much more bullish, higher timeframes suggest that bulls might take significant profits near $0.2910, which marks an old area of rejection.

3. Cudos (CUDOS)

CUDOS powers a decentralised computing network that will interoperate with multiple blockchain ecosystems to provide the following benefits: Trusted layer 1 validator network built on the Tendermint protocol – Wasm compatibility, for smart contracts to be deployed on CUDOS using next-generation languages so long as they compile to WebAssembly, ie, Golang, Rust, Java, etc; cross-chain or horizontal interoperability; the network’s Inter Blockchain Communication (IBC) integration, allowing Cudos Network smart contracts to interface with multiple networks; and 10x lower transaction and gas costs compared to those on PoW networks.

CUDOS Price Analysis

At the time of writing, CUDOS is ranked the 418^th cryptocurrency globally and the current price is US$0.03007. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since May, CUDOS ranged between approximately $0.04444 and $0.02320, with a 158% surge from the range lows between mid-October and mid-November.

The price retraced the Q4 breakout into possible support just under the 78.6% retracement, near $0.02407. The higher-timeframe chart suggests that this area and down to $0.01815 could offer support again.

At the 78.6% retracement and just above the February monthly open, $0.02785 offers closer possible support.

Just above the current price, overlaps on multiple timeframes suggest that $0.03201 may create strong resistance. However, the price could move as high as $0.038220 if this closer resistance gives way.

The price is currently entering an area of congested historical price action between $0.03335 and $0.02829. This zone is between the 61.8% and 78.6% retracement levels, which often mark an accumulation area. These factors, and the confluence with the 9, 18 and 40 EMAs, support the idea that price may consolidate in this region.

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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.

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Top 3 Coins to Watch Today: MATIC, SOL, ADA – February 14 Trading Analysis

Post author By Malik Junaid
Post date February 14, 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. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 16^th cryptocurrency globally and the current price is US$1.68. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its January low, MATIC has been in a steady bullish trend – printing a 60% gain by early February. The price found support near $1.62, at the 78.6% retracement level, during mid-January’s decline.

Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $2.12 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.57, and still find support.

Currently, the price is contesting a region between $1.80 and $1.61. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.77, while $1.84 is also likely to be sensitive with the nearest support and resistance this close together.

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 8^th cryptocurrency globally and the current price is US$93.63. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL retraced nearly 45% from its high before finding a low during last week. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.

Aggressive bulls might bid near $90.34, although a sweep of the stops near $86.61 could reach below the next swing low into possible support near $80.12. A continued downtrend may run into the weekly gap near $76.24.

Some bears may add more shorts near $98.87, although a push to $110.66 is reasonable. A daily candle close over the swing high near $128.04 could suggest that a longer-term trend reversal is in play, with bulls possibly entering on a retracement near $143.62 for monthly high prices.

3. 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$1.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 55% drop from its mid-January highs found a low near $1.05 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 $1.25. A sustained bullish move may target the swing high at $1.35. If this stop run occurs, a run beyond the high into probable resistance near $1.44 and $1.53 is possible.

Bulls could buy a retracement to possible support near $1.00, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9625.

However, relatively equal lows near $0.9218 and $0.9022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8647 and $0.8492.

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Top 3 Coins to Watch Today: XRP, BNB, XTZ – February 11 Trading Analysis

Post author By Malik Junaid
Post date February 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. 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$0.8682. 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 70.6% retracement, near $0.8372. If this level breaks, a move into possible support – just below the lows near $0.7552 – seems likely.

If the price does rally through the swing high at $0.9260 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.9950.

Overlapping swing highs and lows near $1.084 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 $1.17, where higher timeframes show an inefficiently traded zone.

2. 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$430.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 30% decline during January, BNB has ranged between $370 and $445.

The recent price recovery was approaching probable resistance near $439, but could be aiming for stops above the relatively equal highs near $455. Continuation of the trend could target the daily gap near $476.

Aggressive bulls might add to positions near $422 and $417. Price action near $410 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $400 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 $385.

3. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 44^th cryptocurrency globally and the current price is US$4.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 59% drop since late December saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near $4.45 is providing some resistance. However, continuation through the monthly high at $4.60 is not out of the question. Aggressive bulls might bid in the current region near $4.88.

If the price runs the recent swing low, bulls might bid in the gap near $4.23. A deeper retracement could reach near the mid-December level and a gap near $4.05. The region near $3.89 and $3.70 may also provide some support during a deeper retracement.

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Crypto News IOTA Market Analysis Polkadot Stellar Trading

Top 3 Coins to Watch Today: DOT, XLM, IOTA – February 10 Trading Analysis

Post author By Malik Junaid
Post date February 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. 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 11^th cryptocurrency globally and the current price is US$21.99. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 55% since its high in early January, showing little sign of interest from buyers.

February’s consolidation at possible support from $20.68 to $21.57 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 $28.70, and the high of December’s consolidation range, near $32.88, might see profit-taking from bulls.

The first test of possible support near $17.40 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 $15.37, 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 $10.47 at the high of 2020’s consolidation range.

2. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 30^th cryptocurrency globally and the current price is US$0.2412. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.4157 in November before retracing nearly 75% to find a low near $0.2080. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.2678 is slowing the bullish advance down. However, another leg might target the last swing high at $0.3022 and relatively equal highs at $0.3336. Resistance near $0.3659 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3926.

A retracement before a move higher might find support in the daily gap near $0.2143, just above the monthly open. Relatively equal lows near $0.1975 could also provide support. Run-on stops at $0.1816 and $0.1731 might find support in the gap beginning near $0.1670 or a high-timeframe level near $0.1520.

3. IOTA (MIOTA)

IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind the platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.

IOTA Price Analysis

At the time of writing, IOTA is ranked the 47^th cryptocurrency globally and the current price is US$1.03. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 70% decline during January, IOTA has ranged between $0.9533 and $0.8203.

The recent rally is approaching probable resistance near $1.25 – but could be aiming for stops above the relatively equal highs near $1.20. Continuation of the bullish move could target the daily gap near $1.35.

Aggressive bulls might add to positions near $1.00 and $0.9844. Price action near $0.9340 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $0.8935 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 $0.8255.

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Crypto News Elrond Market Analysis Serum Smooth Love Potion Trading

Top 3 Coins to Watch Today: SLP, EGLD, SRM – February 9 Trading Analysis

Post author By Malik Junaid
Post date February 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. 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 460^th cryptocurrency globally and the current price is US$0.01962. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 85% rally during last week ran into 25% retracement near $0.01915. Since then, the price has been consolidating in a 40% range between $0.02024 and $0.02445.

Just below the late-December low, $0.01897 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 $0.01504 and $0.01435.

The higher-timeframe analysis points to the area near $0.02651 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03047 and $0.03240 may be the next targets.

2. 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 44^th cryptocurrency globally and the current price is US$170.99. Let’s take a look at the chart below for price analysis:

Source: TradingView

EGLD‘s 55% retracement from its December highs set a low near $135.23 during its consolidation that began in early February.

Relatively equal highs near $187.44 could be the current target if the price breaks through resistance beginning near $205.45. Bullish continuation might reach through the next significant swing high near $220.71 into the daily gap near $231.16.

If bullish strength continues, the zones just below the previous monthly open near $240.69 and $247.87 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $160.19 into possible support near $155.43. If this down move occurs, the swing low near $149.22 and possible support near $142.70 may be the primary objective.

3. Serum (SRM)

Serum SRM is a decentralised exchange DEX and ecosystem that brings unprecedented speed and low transaction costs to decentralised finance. Serum is the only high-performant DEX designed around a fully on-chain central limit order book and matching engine. Ecosystem partners can compose with Serum’s on-chain orderbook to share liquidity and power their trading features for institutional and retail users.

SRM Price Analysis

At the time of writing, SRM is ranked the 166^th cryptocurrency globally and the current price is US$2.47. Let’s take a look at the chart below for price analysis:

Source: TradingView

SRM‘s December spike retraced near $2.11 into the consolidation that began the impulse before bouncing to $2.50.

This consolidation could provide support again, although bears would first have to push the price through possible support near $2.42. The market’s structure may be shifting bearish, with $2.37 likely to provide some support if this is the case. A sustained bearish move could reach the swing low near $2.30 before finding support near $2.24.

However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $2.67 potentially providing an attractive target to lure the price over the September monthly high. If so, the price could reach for the midpoint of the massive wick near $2.90.

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APENFT Crypto News Market Analysis NEAR Protocol Trading Vulcan Forged PYR

Top 3 Coins to Watch Today: NFT, NEAR, PYR – February 8 Trading Analysis

Post author By Malik Junaid
Post date February 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. APENFT (NFT)

Apnet NFT core businesses include investing in top NFT platforms and artworks; incubating leading NFT artists to build a bridge between world-class artists and the NFT world; sponsoring galleries, organising art exhibitions or publications, and setting up awards to support art creation and criticism; establishing art collections, etcetera. By applying blockchain technology to the NFT world, APENFT Fund expands the use cases of blockchain and purchases well-known traditional and NFT artworks as underlying assets.

NFT Price Analysis

At the time of writing, NFT is ranked the 105^th cryptocurrency globally and the current price is US$0.000002481. Let’s take a look at the chart below for price analysis:

Source: TradingView

After falling 73% from its Q4 highs, NFT found a low at its last support near $0.00000169.

The price is currently encountering resistance near $0.00000246, which has confluence with a previous consolidation range’s lows and the 40 EMA.

If Monday’s low stays above $0.00000219, this price to Monday’s final low could act as support. At the current prices, this suggests $0.00000240 to $0.00000231 could act as support.

Otherwise, bulls will likely be looking near $0.00000224 for possible support. Just below, $0.00000210 – near the February open – may offer a higher probability of buyer interest.

If the current resistance breaks, the 78.6% retracement of the last leg down – near $0.00000262 – may offer resistance. This level is close to the 2022 yearly open and the candle-body lows of the recent consolidation range.

A more sustained rally will likely aim for the relatively equal highs and consolidation from $0.00000322 to $0.00000346.

2. Near Protocol (NEAR)

NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism called “Doomslug.”

NEAR Price Analysis

At the time of writing, NEAR is ranked the 24th cryptocurrency globally and the current price is US$13.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its December bullrun, NEAR has dropped 54% from its highs to support at the 78.6% retracement around $10.15.

The price shifted market structure to run to the consolidation lows near $13.51, just under the 2021 yearly open. Continued bullishness in the market might create support just below, between $13.22 and $12.90.

Bulls might show more interest if the price retraces near the February open, around $11.70. Continued bearishness might see the price reach into old support around $10.15.

If the price reaches this old support, it is unlikely to be the exact long-term bottom – but could prompt a short rally. Bulls might show more interest from $7.43 to $5.99.

On the other hand, if the current resistance breaks, the price might find resistance near $16.88, whereas early-January buyers may still be trapped in longs.

3. Vulcan Forged (PYR)

Vulcan Forged PYR, the makers of VulcanVerse, is a blockchain game studio and NFT marketplace. PYR is the native utility token used for: fees for marketplace settlement; staking in VulcanVerse land and other assets; upgrading and sustaining game asset levels, and play-to-earn rewards. There are 50 million PYR tokens created; 20 million of them are max circulation. Another 10 million will be used for play-to-earn pools and staking.

PYR Price Analysis

At the time of writing, PYR is ranked the 154^th cryptocurrency globally and the current price is US$16.13. Let’s take a look at the chart below for price analysis:

Source: TradingView

PYR has dropped nearly 87% from its December peak, finding support near $7.00. This level offers a reasonable probability of being – or being near – the bottom after this significant a retracement.

The consolidation lows near $16.65 are offering some resistance after a bullish market structure shift.

Bulls might be watching from $14.06 to the February monthly open for signs of support on any retracements from sellers. This possible support has confluence with the 9, 18 and 40 EMAs, and is close to the 2021 yearly open and the February monthly open.

If this level fails to provide support, a retest of the last support near $9.26 is likely. A dip this low could retest quarterly support near $7.70.

However, if the market sustains its rally and breaks through the current resistance, relatively equal highs and an old consolidation range’s highs from $22.40 to $25.63 might offer the next significant resistance.

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Crypto News Curve DAO Token Market Analysis Terra The Sandbox Trading

Top 3 Coins to Watch Today: SAND, LUNA, CRV – February 7 Trading Analysis

Post author By Malik Junaid
Post date February 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. 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 36^th cryptocurrency globally and the current price is US$4.62. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive rally during Q4 halted at $8.50 before retracing 70% 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 $4.80 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $5.23. 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 $4.39 and $4.05 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 $3.88 to $3.66 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 $3.42.

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$54.47. 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 $60.23 held the price down for the weekly opening, although bulls have shown some strength near the 9 and 18 EMAs.

A quick drop to $50.37, or into the zone beginning near $47.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $65.47 provides a reasonable target.

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $72.28 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 $45.59.

3. Curve DAO Token (CRV)

Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.

CRV Price Analysis

At the time of writing, CRV is ranked the 69^th cryptocurrency globally and the current price is US$3.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

Last week, traders enjoyed 20% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $3.50.

The 4-Hour chart shows that support may be forming between $3.10 and $2.94, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $2.88 and $2.81 after a sweep of the current consolidation’s swing lows.

The last swing high near $3.65 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $3.90 and the 2.0 extension near $4.25 and $4.38 may provide the next major targets.

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Cardano Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: ADA, ATOM, AVAX – February 4 Trading Analysis

Post author By Malik Junaid
Post date February 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. 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 6^th cryptocurrency globally and the current price is US$1.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 45% drop from its mid-January highs found a low near $1.02 last week before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.27. A sustained bullish move may target the swing high at $1.36. If this stop run occurs, a run beyond the high into probable resistance near $1.49 and $1.60 is possible.

Bulls could buy a retracement to possible support near $1.02, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9725.

However, relatively equal lows near $0.9318 and $0.9122 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8847 and $0.8692.

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$28.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

December and January provided respectable 85% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $42.12.

If bears take back control this month, the top of the former gap beginning at $26.44 may provide support for at least a short-term bounce. The top of the consolidation range starting near $25.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $23.74 and $22.06, 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 $35.21 and the 2.0 extension near $42.90 may provide the next primary new high targets.

3. 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 12^th cryptocurrency globally and the current price is US$67.26. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 80% rally in December ended with an almost 45% 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 $73.35.

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 $67.12 to $64.35 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 $60.54, and potentially lower to a higher-timeframe support zone between $58.82 and $53.77.

If the higher-timeframe bullish trend resumes and the current resistance near $89.35 breaks, the wicks near $103.84 and the new monthly highs might see profit-taking.

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Crypto News Litecoin Market Analysis NEO Trading

Top 3 Coins to Watch Today: LTC, HOT, NEO – February 3 Trading Analysis

Post author By Malik Junaid
Post date February 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. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 20^th cryptocurrency globally and the current price is US$110.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, LTC kicked off a recovery trend that gained nearly 15% to break the weekly highs.

The following 60% plummet found support near $102.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $122.43.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $128.12, where aggressive bulls might begin bidding. The level near $138.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $150.13.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $102.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $93.44 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Holo (HOT)

Holo HOT is a peer-to-peer distributed platform for hosting decentralised applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants.

HOT Price Analysis

At the time of writing, HOT is ranked the 94^th cryptocurrency globally and the current price is US$0.004386. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of January, HOT has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.

A retracement might uncover support near $0.004196, which is the daily high of the last swing low. The high of the wick beginning near $0.004051 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.003829 likely to be the next bearish target.

Just above, the daily gap beginning near $0.004633 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.005356 – perhaps running to probable resistance near $0.006045. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

3. Neo (NEO)

NEO bills itself as a “rapidly growing and developing” ecosystem that has 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 60^th cryptocurrency globally and the current price is US$20.71. 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 13% into resistance that starts near $36.12.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $34.33 might look for bids near $23.86. More significant resistance rests above, near $25.15. A group of significant swing highs at $27.36, $28.55 and $29.23 give possible targets if this resistance breaks.

A stop run on the recent low at $20.14 into possible support beginning near $19.43 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 $18.48 into possible support beginning near $16.54.

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ChainLink Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: LINK, GALA, AXS – February 2 Trading Analysis

Post author By Malik Junaid
Post date February 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. 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 20^th cryptocurrency globally and the current price is US$17.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s late-December spike retraced near $15.46 into the consolidation that began the impulse before bouncing to $17.47.

This consolidation could provide support again, although bears would first have to push the price through possible support near $15.18. The market’s structure may be shifting bearish, with $18.52 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $14.63 before finding support near $13.71.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $23.09 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 $26.58.

2. 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 64^th cryptocurrency globally and the current price is US$0.204. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late October, GALA kicked off a bullish trend that rallied by 450% by mid-November to break the new all-time highs.

The following 75% plummet found support near $0.1866, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $0.2230.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2512, where aggressive bulls might begin bidding. The level near $0.2740, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3085.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1731 could provide at least a short-term bounce. If this level fails, the old highs near $0.1650 might also give support and see the start of a new bullish cycle after retesting these support levels.

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 39^th cryptocurrency globally and the current price is US$53.74. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 35% 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 $46.22. However, equal lows near $43.12 make a tempting target for a stop run into this support. This move could reach support near $41.67.

A decisive move to the downside could run stops below the second set of relatively equal lows near $39.23, possibly reaching support at an old swing high and a daily gap near $37.58.

A recent level near $57.84 provided resistance and caused a recent swing high to form near $64.88, offering first targets. A move through this high may arrive at new monthly high levels near $69.31 and $74.30.

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