Category: Trading

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. Stacks (STX)

Stacks STX is a layer-1 blockchain solution that is designed to bring smart contracts and decentralised applications (DApps) to Bitcoin (BTC). These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful – including its security and stability. The platform is powered by the Stacks token (STX), which is used for fuelling the execution of smart contracts, processing transactions, and registering new digital assets on the Stacks 2.0 blockchain.

STX Price Analysis

At the time of writing, STX is ranked the 60^th cryptocurrency globally and the current price is US$2.19. Let’s take a look at the chart below for price analysis:

STX has been in a steady bullish trend since its June lows, reaching 463% by its mid-October high.

The price found resistance near $2.381, around the Q2 2021 highs, and continues to reject each climb into this level. While this price action shows significant selling, each tap is likely to weaken the resistance.

Just below the current price, $2.140 could offer support. The 9, 18, and 40 EMAs have stacked in this area, near the midpoint of the current range.

The price might sweep the range lows into possible support near $1.723, perhaps as excitement fades after the ALEX mainnet release on November 27. This area has confluence with the 61.8% retracement level and a swing high formed during early September.

The last consolidation before early October’s rally, near $1.440, could also offer some support on a steeper drop – perhaps caused by a significant bearish movement in Bitcoin.

A break through the resistance from $2.567 may begin price discovery. If this move occurs, extensions suggest that bulls might take significant profits in an area between $3.800 and $4.200.

2. Bzx Protocol (BZRX)

The Bzx protocol BZRX is an Ethereum-based decentralised platform built for DeFi lending and margin and leverage trading that differentiates itself from competitors through a smart contract-powered token system. Bzx’s trading front-end Fulcrum allows users to trade and/or lend crypto assets through tokenised loans (iTokens) and tokenised positions (pTokens). Torque serves as bZx’s lending front-end web interface, allowing users to borrow funds for any purpose at a fixed interest rate.

BZRX Price Analysis

At the time of writing, BZRX is ranked the 475^th cryptocurrency globally and the current price is US$0.2922. Let’s take a look at the chart below for price analysis:

BZRX rallied 240% from its July lows, creating a massive high-timeframe range before a sharp 50% decline during November.

With over a week to go before the token split and rebranding, the bounce could continue – or possibly turn into a more significant move.

An area of possible support near $0.2606 has provided a bounce. It remains to be seen if bulls can sustain this bounce and turn a contested area between $0.2929 and $0.2695, around the 61.8% retracement of the higher-timeframe range, into support. 

Lower, July’s swing high and the 78.6% retracement level could provide more substantial support near $0.2286. A sharp drop could reach as low as possible support near $0.1948, where June’s decline found some accumulation.

Any rallies are likely to encounter some resistance near the range highs near $0.4054 and $0.4900. A break from this range might find bulls taking some profits near the range’s 27% extension, near $0.5739, and a wide area of probable resistance beginning near the 61.8% extension, from $0.7093 to $0.7917.

3. TABOO Token (TABOO)

TABOO is an adult NFT and streaming media project specialising in highly exclusive content. With models, its content is not like other adult tokens. Its marketplace is cutting-edge, with creation by the Enjin Coin Marketplace Developers. Its NFT Marketplace and media platform will be cross-chain, utilising layer 2 solution protocols with the lowest fees and fastest transactions. An asset bridge to the ERC20 Network, along with Version 1 of the marketplace, aims to bring ERC721 and ERC1155 compatible NFTs to the Taboo Ecosystem on the Binance Smart Chain.

TABOO Price Analysis

At the time of writing, TABOO is ranked the 273^rd cryptocurrency globally and the current price is US$0.03192. Let’s take a look at the chart below for price analysis:

TABOO has retraced 68% of its over 5,000% rally that began in early October.

A large bearish daily candle found support at the 40 EMA in a daily gap, near $0.01916, before retracing to its opening price, near $0.02766. 

The 9 and 18 EMAs near the opening price might provide support if the uptrend resumes. The recent swing low, near $0.01722, could also offer support again. 

However, the higher-timeframe consolidation, near $0.01167, may be seen as a safer bid by many bulls after any drop following November 23’s marketplace launch and exchange listing.

Some charts showed the price rallying into possible resistance near $0.03047 on November 22. If genuine and sustained, this resistance could flip to support for a further rally into resistance near $0.03714 and $0.05020.

If the price reaches beyond these levels, it will enter discovery, perhaps drawing toward possible resistance near $0.075.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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. You can also buy these coins from different exchanges listed on Coinmarketcap.

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 20^th cryptocurrency globally and the current price is US$1.60. Let’s take a look at the chart below for price analysis:

October marked a turning point for MATIC, with the price rocketing up almost 80% from its lows to probable resistance beginning near $2.04.

The price is currently struggling with the area between $1.78 and $1.41. This region could provide support after a close above – or resistance after a close below. 

A retracement could reach into the daily gap and possible support around $1.53. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $1.50, and the potential support just below that begins around $1.45.

Continuation to the upside will likely target the monthly high near $2.01. However, probable resistance beginning at $1.82 and $1.93 could cap or slow down this move.

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 30^th cryptocurrency globally and the current price is US$29.46. Let’s take a look at the chart below for price analysis:

Q3 provided respectable 198% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $30.12.

If bulls take back control this week, 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 $22.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $20.74 and $19.06, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $35.70 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 $39.21 and the 2.0 extension near $45.90 may provide the next primary targets.

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 25^th cryptocurrency globally and the current price is US$131.87. Let’s take a look at the chart below for price analysis:

AXS‘s relatively small 45% range could suggest that a much larger move is setting up in November.

Aggressive bulls could look for entries at the most recent area of support formed near $120. However, equal lows near $114 make a tempting target for a stop run into this support. This move could reach support near $105. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $97.23, possibly reaching support at an old swing high and a daily gap near $90.58.

A recent level near $142 provided resistance and caused a recent swing high to form near $158, offering first targets. A move through this high may arrive at new high levels near $176 and $180.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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.