Category: Trading

Top 3 Coins to Watch Today: MATIC, STRAX, XRP – January 18 Trading Analysis

Post author By Malik Junaid
Post date January 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. 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 13^th cryptocurrency globally and the current price is US$2.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its July low, MATIC has been in a steady bullish trend – printing a 370% gain by late December. The price found support near $1.991, at the 78.6% retracement level, during early January’s decline.

Last week’s sharp impulse up may have marked the start of a new bullish swing. If this is so, higher timeframes suggest that $2.1940 (near the 61.8% retracement and the 9, 18 and 40 EMAs) might see interest from bulls. The price could reach lower, near $2.0674, and still find support.

Currently, the price is contesting a region between $2.2957 and $2.4028. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $2.421, while $2.5251 is also likely to be sensitive with the nearest support and resistance this close together.

Breaking this resistance level might see profit-taking near $2.6214, an inefficiently traded region. However, a move this high could suggest new all-time highs are on the cards. If so, the 0.618% extension, near $3.50, and the 100% extension, near $4.00, are possible targets.

2. Stratis (STRAX)

Stratis STRAX is a blockchain-as-a-service platform that offers several products and services for enterprises, including launching private sidechains, running full nodes, developing and deploying smart contracts, an initial coin offering platform, and a proof-of-identity application. The company also provides cryptocurrency wallets and blockchain consulting services. Stratis operates its own blockchain powered by a native token, STRAX.

STRAX Price Analysis

At the time of writing, STRAX is ranked the 300^th cryptocurrency globally and the current price is US$1.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its 1,020% move in H1 2021, STRAX has been in a massive range between approximately $2.70 and $1.25. Long upper wicks during the second half of 2021 show distribution, while the daily chart shows a bearish trend since September.

The price is currently around the 78.6% retracement, near $2.4028. This level has seen interest from bulls since July and might provide support again for a short-term bounce.

The closest resistance may be at $1.428, near the 9, 18 and 40 EMAs. If the price breaks this level, bulls might target the old swing low near $1.660, another old swing low and inefficiently traded area near $1.823, and the consolidation around $1.960.

However, repeated tests of a level, plus the higher-timeframe downtrend, may cause an eventual breakdown of the current support near $1.379. If this occurs, old swing lows near $1.080 – particularly an inefficient region starting near $0.982 – may be the bearish target and the subsequent support.

3. 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 is 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 8^th cryptocurrency globally and the current price is US$0.7548. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP also printed massive gains in H1 2021 before moving sideways for the rest of the year.

The price is 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 78.6% retracement, near $0.6952. If this level breaks, a move into possible support – just below the June and July lows near $0.4952 – seems likely.

If the price does rally through the swing high at $0.8160 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8350.

Overlapping swing highs and lows near $0.9436 might provide the next target, where bears forced the price down in late December immediately.

More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $1.0735, where higher timeframes show an inefficiently traded zone.

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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.

Cardano Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: MANA, CRV, ADA – January 17 Trading Analysis

Post author By Malik Junaid
Post date January 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. 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 33^rd cryptocurrency globally and the current price is US$3.08. 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 late November before retracing 45% to the low at $2.95 last week.

Price broke through resistance near $3.22, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.93. However, a drop this far increases the chances of a stop run to $2.85 and possibly into support near $2.80. For now, continuing bullish market conditions could help $2.71 become support.

The swing high around $3.26 gives bulls a reasonable first target, with $3.35 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.41 or $3.46 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs near $3.60.

2. 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 58^th cryptocurrency globally and the current price is US$5.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

Last week, bulls enjoyed 25% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $5.44.

The 4-Hour chart shows that support may be forming between $5.00 and $4.85, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $4.69 and $4.56 after a sweep of the current consolidation’s swing lows.

The last swing high near $5.36 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $5.49 and the 2.0 extension near $5.70 and $5.94 may provide the next major targets.

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 5^th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 75% drop from its November highs found a low near $1.12 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 $1.50. A sustained bullish move may target the swing high at $1.59. If this stop run occurs, a run beyond the high into probable resistance near $1.66 and $1.82 is possible.

Bulls could buy a retracement to possible support near $1.32, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.25.

However, relatively equal lows near $1.18 and $1.12 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.07 and $1.02.

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Crypto News Market Analysis NEO Trading

Top 3 Coins to Watch Today: 1INCH, NEO, ALGO – January 14 Trading Analysis

Post author By Malik Junaid
Post date January 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. 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 88^th cryptocurrency globally and the current price is US$2.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its Q3 highs, 1INCH began a range that has been whiplashing both bulls and bears.

Resistance beginning near $2.80 has held the price down for the second half of December, although bulls have shown some strength near the 9 and 18 EMAs.

A quick push to $2.58, or into the zone beginning near $2.60, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $2.77 provides a reasonable target.

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $2.89 and $3.10.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 45% retracement, near $2.13.

2. 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 70^th cryptocurrency globally and the current price is US$24.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during late December, NEO has gained nearly 30% 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 $39.86. More significant resistance rests above, near $42.15. A group of significant swing highs at $44.36, $46.55 and $47.23 give possible targets if this resistance breaks.

A stop run on the recent low at $22.00 into possible support beginning near $20.13 might see stronger bidding. This area also has a confluence with the August monthly open.

A bearish market shift could reach the swing low at $19.68 into possible support beginning near $17.84.

3. Algorand (ALGO)

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

ALGO Price Analysis

At the time of writing, ALGO is ranked the 23^rd cryptocurrency globally and the current price is US$1.47. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low in December, ALGO gained nearly 36% into resistance that starts near $1.75.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.44 might look for bids near $1.36. More significant resistance rests above, near $1.58. A group of significant swing highs at $1.64 and $1.73 give possible targets if this resistance breaks.

A stop run on the recent low at $1.34 into possible support beginning near $1.30 might see stronger bidding. This area also has a confluence with the recent monthly lows.

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Crypto News ICP Market Analysis Trading

Top 3 Coins to Watch Today: ICP, LINA, ONE – January 13 Trading Analysis

Post author By Malik Junaid
Post date January 13, 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. 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 29^th cryptocurrency globally and the current price is US$34.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q4 2021, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $46.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $58.35.

Even if the bearish trend continues, a stop run at the recent swing low near $32.30 into possible support beginning near $30.87 is reasonable. If the price reaches further down, the swing low and possible support near $29.27 might provide another downside target.

The area near $27.85 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $25.18 into possible support beginning around $24.73.

2. Linear (LINA)

Linear LINA is a decentralised delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices, and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids”, Linear’s synthetic asset tokens. LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr), and for community governance of the protocol.

LINA Price Analysis

At the time of writing, LINA is ranked the 400^th cryptocurrency globally and the current price is US$0.03626. Let’s take a look at the chart below for price analysis:

Source: TradingView

During December, LINA retraced almost 38%, breaking key swing lows early to mid-month. This could provide a solid support for swing traders.

The swing high near $0.04936 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.05857.

Even if the bearish trend continues, a stop run at the recent swing low near $0.03312 into possible support beginning near $0.03145 is reasonable. If the price reaches further down, the swing low and possible support near $0.03010 might provide another downside target.

3. 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 44^th cryptocurrency globally and the current price is US$0.3259. Let’s take a look at the chart below for price analysis:

Source: TradingView

ONE‘s rally in mid-December stretched over 105% as the price explored new monthly highs.

Resistance has formed near $0.3415 and $0.3195. With an uncertain market and traders potentially selling, these areas could continue to provide resistance and perhaps prompt a steeper move downward.

The recent highs, overlapping with the last major leg’s 61.8% and 78.6% retracements from $0.2867 to $0.2620, could mark an area of support. Inside this zone, $0.2580 to $0.2416 could provide a more sensitive reaction.

A more extended downtrend might reach possible support between $0.2289 and $0.2134, near the origin of the last significant bullish move.

On the other hand, if altcoins resume their bullish trends, the 25% extension near $0.3920 could be the next area of significant profit-taking by bulls.

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Binance Coin Crypto News Market Analysis Ripple Trading

Top 3 Coins to Watch Today: BNB, XRP, SXP – January 12 Trading Analysis

Post author By Malik Junaid
Post date January 12, 2022

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

1. Binance Coin (BNB)

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

BNB Price Analysis

At the time of writing, BNB is ranked the 4^th cryptocurrency globally and the current price is US$452.33. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 45% decline from December, BNB has ranged between $438 and $523.

The recent rally was approaching probable resistance near $470, but could be aiming for stops above the relatively equal highs near $485. Continuation of the bullish move could target the daily gap near $505.

Aggressive bulls might add to positions near $439 and $430. Price action near $421 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $411 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 $390.

2. Ripple (XRP)

XRP Price Analysis

At the time of writing, XRP is ranked the 8^th cryptocurrency globally and the current price is US$0.7379. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 35% climb retracement from December reached to the monthly open, sweeping lows several times down to $0.7122. Last week, the price bounced from the monthly open near $0.7443 again, creating possible support near $0.7055. A quick sweep of this recent swing low could reach into a support area near $0.6812, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.6525.

If the price breaks through the closest significant resistance near $0.7956, the swing high at $0.8434 is a likely target. This move could reach a daily gap of near $0.8932.

Strong bullish momentum could propel the price to resistance near $0.9425. If this move occurs, the significant swing high near $1.12 provides a reasonable goal.

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 170^th cryptocurrency globally and the current price is US$1.47. Let’s take a look at the chart below for price analysis:

Source: TradingView

SXP has retraced over 60% from last month as the price consolidates near the weekly gap beginning near $1.50.

The equal lows at this weekly gap are likely to see a stop run before any further move up. The area near $1.42 at the top of a daily gap could provide support.

More probable support begins at the bottom of the gap, ranging from approximately $1.36 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near $1.30.

Impulses upward during retracement are likely, but the most substantial resistance is likely just below the swing high near $1.56. This swing high provides a clear first target, with extensions near $1.63, $1.70 and $1.78.

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Crypto News Market Analysis Polkadot Trading

Top 3 Coins to Watch Today: FTM, SAND, DOT – January 11 Trading Analysis

Post author By Malik Junaid
Post date January 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. 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 30^th cryptocurrency globally and the current price is US$2.20. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s 174% bounce from the December low ran into resistance near the old all-time highs. This rejection created a set of relatively equal highs near $3.15, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $2.86.

Currently, the price is testing possible support near the January open, around $2.28. 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 $1.90 to $1.71 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 78.6% retracement of December’s swing.

A more bearish tone in the market could propel the price lower. The December lows, near $1.19, might mark an area of possible support as well as a bearish target.

2. 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 38^th cryptocurrency globally and the current price is US$4.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive 1192% rally during Q4 halted at $8.48 before retracing 51% 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 $6.72 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $7.51. 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 $4.12 and $2.45 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 $3.58 to $3.19 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 $1.44.

3. 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 10^th cryptocurrency globally and the current price is US$23.77. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has remained between approximately $24.76 and $31.25 since its retracement from November 2021.

Continual retests of the $22.34 level might signify that the price is ready to run to the larger range’s lows – particularly if traders dump their holdings following the recent Bitcoin price crash.

If this move down occurs, a broad zone from $21.56 to $19.84 may provide support. The upper portion of this zone may see more sensitivity.

Continued bearish market conditions could prompt continuation down through the level. If so, the next higher timeframe area of interest for bulls is likely near $17.96.

The 9, 18 and 40 EMAs, near $27.52, might provide resistance before running the range lows. This area has confluence with multiple swing highs and lows.

However, the current proximity to the local range low could prompt a move toward the range highs. If so, $29.44 might be the near-term target for bulls. Before entering, traders might wait for confirmation that one direction is more likely to unfold.

If the overall market becomes more bullish, the price could continue through the local range highs. If so, a zone from $31.76 to $35.81 – particularly the lower half – could see profit-taking from bulls.

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Crypto News Dash Market Analysis Stellar Trading

Top 3 Coins to Watch Today: CRV, XLM, DASH – January 10 Trading Analysis

Post author By Malik Junaid
Post date January 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. Curve DAO Token (CRV)

CRV Price Analysis

At the time of writing, CRV is ranked the 59^th cryptocurrency globally and the current price is US$4.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

Last week, bulls enjoyed 65% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $6.58.

The 4-Hour chart shows that support may be forming between $3.86 and $3.75, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $4.29 and $4.05 after a sweep of the current consolidation’s swing lows.

The last swing high near $4.80 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $5.26 and the 2.0 extension near $5.72 and $5.94 may provide the next major targets.

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 29^th cryptocurrency globally and the current price is US$0.2573. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.4257 in November before retracing nearly 75% to find a low near $0.2380. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.3578 is slowing the bullish advance down. However, another leg might target the last swing high at $0.4022 and relatively equal highs at $0.4336. Resistance near $0.4659 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.5149.

A retracement before a move higher might find support in the daily gap near $0.2323, just above the monthly open. Relatively equal lows near $0.2275 could also provide support. A run-on stops at $0.2016 and $0.1931 might find support in the gap beginning near $0.1900 or a high-timeframe level near $0.1723.

3. 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 70^th cryptocurrency globally and the current price is US$143.97. Let’s take a look at the chart below for price analysis:

Source: TradingView

During December, DASH retraced over 63% before finding support near $120. 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 $138 before running the swing high at $155. If this bullish move occurs, the price could reach resistance near the November monthly open around $175, and may even sweep the swing high near $182.

Some support might exist at the daily gap near $128. A move this low would also fill the monthly gap and set the stage for a possible bullish reversal.

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Top 3 Coins to Watch Today: ATOM, AAVE, AVAX – January 7 Trading Analysis

Post author By Malik Junaid
Post date January 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. 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 25^th cryptocurrency globally and the current price is US$38.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

December provided respectable 115% 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 $35.44 may provide support for at least a short-term bounce. The top of the consolidation range starting near $33.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $31.74 and $29.06, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $40.70 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 $45.21 and the 2.0 extension near $52.90 may provide the next primary new high targets.

2. Aave (AAVE)

AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token – giving owners a say in the future development of the protocol.

AAVE Price Analysis

At the time of writing, AAVE is ranked the 49^th cryptocurrency globally and the current price is US$223.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

AAVE‘s strong downtrend that began in November has retraced most of its Q4 move, recently sweeping lows near $190 but struggling to find strong support.

A sweep of the relatively equal lows near $215 into possible support around $210, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $197.

The swing high near $238 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $246, potentially reaching up to the new monthly high near $255 and $260.

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 11^th cryptocurrency globally and the current price is US$94.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 75% rally in December ended with an almost 49% 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 $114.35.

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 $96.12 to $84.35 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 $76.50, and potentially lower to a higher-timeframe support zone between $70.82 and $65.77.

If the higher-timeframe bullish trend resumes and the current resistance near $110.35 breaks, the wicks near $126.84 and the all-time high might see profit-taking.

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Top 3 Coins to Watch Today: FIL, GALA, SLP – January 6 Trading Analysis

Post author By Malik Junaid
Post date January 6, 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 36^th cryptocurrency globally and the current price is US$36.96. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 75% from its October high, FIL set a low near $33.57 as it formed its current range.

Last week, the price swept highs near $40.34. Relatively equal daily highs near $45.23 provide a reasonable target, although resistance beginning near $47.68 could cap the move. A break of this resistance is likely to target the swing high near $50.12 into higher-timeframe resistance beginning near $58.07.

The current area near $33.40 could provide support, although bulls may be more likely to buy near the price fractal near $30.15 if a retracement reaches this level. A break of this area could continue down to sweep the monthly low near $28.93 into possible support beginning near $25.36.

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 55^th cryptocurrency globally and the current price is US$0.4285. 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 nearly 500% by November to break the new all-time highs.

The following 60% plummet found support near $0.4066, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $0.4630.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.5212, where aggressive bulls might begin bidding. The level near $0.5540, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.6180.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.3931 could provide at least a short-term bounce. If this level fails, the old highs near $0.3550 might also give support and see the start of a new bullish cycle after retesting these support levels.

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 504^th cryptocurrency globally and the current price is US$0.02532. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 83% rally during Q4 ran into 45% retracement near $0.02515. Since then, the price has been consolidating in a 120% range between $0.02324 and $0.02945.

Just below the late-December low, $0.02397 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.02278 might cap a run on the lows near $0.02104 and $0.02035.

The higher-timeframe analysis points to the area near $0.02851 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03247 and $0.03740 may be the next targets.

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Top 3 Coins to Watch Today: EOS, NEO, XMR – January 5 Trading Analysis

Post author By Malik Junaid
Post date January 5, 2022

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

1. Eos (EOS)

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

EOS Price Analysis

At the time of writing, EOS is ranked the 50^th cryptocurrency globally and the current price is US$3.17. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 80% decline from early October, EOS has ranged between $3.10 and $3.55. The recent rally is approaching probable resistance near $3.25 – but could be aiming for stops above the relatively equal highs near $3.40. Continuation of the bullish move could target the daily gap near $3.52.

Aggressive bulls might add to positions near $3.22 and $3.10. Price action near $3.00 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $2.92 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 $2.81.

2. Neo (NEO)

NEO Price Analysis

At the time of writing, NEO is ranked the 70^th cryptocurrency globally and the current price is US$26.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during mid-December, NEO has rallied nearly 35% into resistance that starts near $35.12.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $37.33 might look for bids near $40.86. More significant resistance rests above, near $43.15. A group of significant swing highs at $45.36, $46.55 and $48.23 give possible targets if this resistance breaks.

A stop run on the recent low at $25.00 into possible support beginning near $23.13 might see stronger bidding. This area also has a confluence with the August monthly open.

A bearish market shift could reach the swing low at $21.68 into possible support beginning near $19.24.

3. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 44^th cryptocurrency globally and the current price is US$226.63. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR‘s 65% rally during Q4 ran into resistance near $289. Since then, the price has been consolidating in a 120% range between $195 and $240.

Just below the monthly open, $219 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $213 might cap a run on the lows near $206 and $200.

The higher-timeframe analysis points to the area near $235 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $248 and $253 may be the next target.

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