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. Boson Protocol (BOSON)

Boson Protocol BOSON is a trust minimised and cost minimised protocol that automates digital to physical redemptions using NFTs encoded with game theory. Boson Protocol’s vision is to enable a decentralised commerce ecosystem by funding and accelerating the development of a stack of specialist applications to disrupt, unbundle and democratise commerce. Boson provides a commerce interface between the Metaverse and the physical world.

BOSON Price Analysis

At the time of writing, BOSON is ranked the 365^th cryptocurrency globally and the current price is A$3.86. Let’s take a look at the chart below for price analysis:

BOSON‘s 305% rally from its September lows ran into resistance at an old swing low near A$4.04.

After November 4’s mainnet release, the retracement to the last significant swing high found some support near A$2.96. This level could provide support again on a retest since it has confluence with the 18 EMA and the current move’s 50% retracement. If the price consolidates or fails to convincingly break October’s high before the portal launch, traders might “sell the news” into this possible support level.

Bulls waiting for a higher risk-to-reward entry might wait for the price to revisit the 61.8% retracement level near A$2.35. This level could provide support, given its confluences with multiple previous swing highs. However, it may not be revisited for some time if the overall market remains bullish.

If bulls flip the current resistance near A$4.04 to support, old consolidation highs near A$4.79 might provide the next resistance. However, the 100% extension of the summer’s swing is a likely target. This extension aligns with multiple old highs from A$5.53 to A$5.83.

2. Crypto Coin (CRO)

Crypto.com coin CRO is the native cryptocurrency token of Crypto.com Chain – a decentralised, open-source blockchain developed by the Crypto.com payment, trading and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

CRO Price Analysis

At the time of writing, CRO is ranked the 23^rd cryptocurrency globally and the current price is A$0.5296. Let’s take a look at the chart below for price analysis:

CRO went parabolic from November 1, reaching nearly 105% percent within eight days as it blasted through its old all-time high.

This fast move left little compelling higher-timeframe support near the current price. A level near A$0.4322, which has confluence with the 8 EMA and 127% extension of H1 2021’s swing, could provide support while traders riding hype from today’s mainnet launch take profits on their positions.

Further below, near A$0.3791, 2021’s previous all-time high could also provide some support on a retest. The last consolidation before the breakout, near November’s open, might give the most substantial support. However, this would require significant retracement from the current price point.

While final targets are impossible to predict, extensions from H1 2021’s move suggest that the 100% extension, near A$0.6075, could provide some resistance. Above this level, the 150% extension near A$0.7428 could also trigger bulls to take profits.

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 8^th cryptocurrency globally and the current price is A$71.98. Let’s take a look at the chart below for price analysis:

As the long-awaited Parachain Auctions approach, DOT consolidates between A$69.72 and A$72.51 at the 100% extension of September’s consolidation, after a sharp move up through all-time highs on November 1.

The current consolidation could provide support if the price breaks the zone’s high near A$72.51. A better risk-to-reward entry could present itself near the daily candle bodies of the last swing high near A$64.67, which also has confluence with the 18 EMA and the 61.8% retracement. This potential drop could reach to possibly support the November open and 78.6% retracement, near A$59.68.

A sharper downturn in the market could send the price as low as A$53.89, near the last significant swing high in this leg, although a move this low could signal the start of a bearish trend.

Extensions from September’s consolidation indicate that the 150% extension, near A$84.78, and the 200% extension, near A$95.62, could be the next significant targets.

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. 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 20^th cryptocurrency globally and the current price is A$2.47. Let’s take a look at the chart below for price analysis:

After creating a second equal low in mid-July, ALGO has rallied nearly 95% into resistance that starts near A$1.92.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around A$2.49 might look for bids near A$2.37. More significant resistance rests above near A$2.57. A group of significant swing highs at A$2.64, A$2.67 and A$2.69 give possible targets if this resistance breaks.

A stop run on the recent low at A$2.35 into possible support beginning near A$2.30 might see stronger bidding. This area also has a confluence with the September monthly open.

A bearish market shift could reach the swing low at A$2.28 into possible support beginning near A$2.24.

2. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, 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 12^th cryptocurrency globally and the current price is A$63.90. Let’s take a look at the chart below for price analysis:

After breaking its March high on August 16, LUNA began a range that has been whiplashing both bulls and bears.

Resistance beginning near A$64.35 held the price down for the second half of September, although bulls have shown some strength near the 9 and 18 EMAs. 

A quick drop to A$49.37, or into the zone beginning near A$46.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near A$69.47 provides a reasonable target. 

A break of this level could move further into uncharted territory with the nearest probable resistances projected around A$78.28 and A$84.57.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 61.8% retracement, near A$41.59.

3. Ravencoin (RVN)

Ravencoin RVN is a digital peer-to-peer (P2P) network that aims to implement a use case-specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin aims to solve the problem of assets transfer and trading over the blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was created with. RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain.

RVN Price Analysis

At the time of writing, RVN is ranked the 86^th cryptocurrency globally and the current price is A$0.1884. Let’s take a look at the chart below for price analysis:

Since August high, RVN‘s 77% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near A$0.1533 and A$0.1398 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near A$0.2346 and A$0.2658 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near A$0.1912, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near A$0.2175, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near A$0.2240 might provide a ceiling for this impulse.

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.