Category: Trading

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Crypto News Market Analysis Solana Trading

Top 3 Coins to Watch Today: SOL, KEY, FIL – October 21 Trading Analysis

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. 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 7th cryptocurrency globally and the current price is A$222.80. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL retraced nearly 63% from its high before finding a low in late September. 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 A$212, although a sweep of the stops near A$201 could reach below the next swing low into possible support near A$192. A continued downtrend might run into the weekly gap near A$179.

Some bears might add more shorts near A$229, although a push to A$237 is reasonable. A daily candle close over the swing high near A$245 could suggest that a longer-term trend reversal may be in play, with bulls possibly entering on a retracement near A$260.

2. Selfkey (KEY)

SelfKey KEY is a blockchain-based identity platform. The technology provides individuals, companies, exchanges, fintech startups and banks with a platform to manage identity data (often KYC). SelfKey aims to revolutionise the KYC on-boarding process and remain true to the ethos of Self-Sovereign Identity, where individuals should be able to own and control their identity.

KEY Price Analysis

At the time of writing, KEY is ranked the 558th cryptocurrency globally and the current price is A$0.01506. Let’s take a look at the chart below for price analysis:

Source: TradingView

KEY‘s nearly 70% retracement continues to make lower lows while showing no definitive signs of bullish reversal.

Stops below the swing low near A$0.01433 mark the next likely bearish target, with the daily gap near A$0.01369 providing some chance of a short-term bounce. Swing lows near A$0.01245 and A$0.01187 are the next likely targets if this gap fails, with both lows marking areas of possible support.

A sweep of the most recent swing highs near A$0.01643 might find resistance beginning near A$0.01700, with a more substantial move reaching up to A$0.01839. Closing above this level could hint at a longer-term trend reversal and form the range high of any following consolidation.

3. 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 26th cryptocurrency globally and the current price is A$89.80. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping almost 86% from its highs, FIL has been consolidating in a range for the second half of Q3.

The recent sweep of the lows near A$87.46 could set the stage for at least a short rally higher, with bulls possibly buying near A$90.13 for a move toward the relatively equal highs near $98.10. A close over these highs might hint at a longer-term move toward probable resistance near A$105.24, likely following a retracement.

Rejection from possible resistance near A$92.34, potentially including a sweep of the highs around A$115.34, could signal a run to the swing low near A$84.23. If this move occurs, bears might target the swing low and support near A$79.05.

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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Crypto News Cryptocurrencies Swyftx Trading

Australian Crypto Exchange Swyftx Cracks 400,000 Users

Brisbane-based crypto start-up Swyftx has had a breakout year in 2021, announcing this week it had passed the milestone of 400,000 users, adding 50,000 new customers since August.

In that same month, the company launched in New Zealand following a period of rapid expansion that has seen it become one of Australasia’s fastest-growing tech companies.

Company Remains Fully Self-Funded

Founded by high school friends Alex Harper, 27, and Angus Goldman, 26, who met at a national computer science convention, Swyftx has been adding an average 8000 users a day to its platform this year. Goldman and Harper started the company in 2019 using their profits from the crypto bull market of previous years. Since then Swyftx has remained fully self-funded, an achievement in itself.

Swyftx founders Alex Harper and Angus Goldman

In the past financial year, Swyftx’s customer base grew by 1,659 percent and the company now employs more than 130 staff – up from a total of just 11 at the start of the previous financial year. As of mid-2021, Swyftx was transacting A$2 billion per month in customer trading volume on its platform, placing it among the top handful of exchanges by volume operating in Australia.

It’s all a long way from the company’s humble beginnings in a Brisbane share house and early days as a fledgling start-up with only five staff.

For a year and a half, Angus and I spent many long hours building the business from one small room. We’re now the second-biggest, and most trusted, digital asset exchange in Australia.

Alex Harper, co-founder, Swyftx

340K Users Added in Six Months

Katya Richardson, digital performance manager at Swyftx, recalls that when she started at the company in April this year, there were just 25 staff, under 60,000 users, and the exchange only operated in Australia.

“It’s been a wild and exciting ride that I’m extremely proud to have been a part of,” says Richardson, who doubles as the company’s growth team leader. “It’s been a huge quarter for our team here at Swyftx and we’re gearing up to finish 2021 with a bang.”

After opening its New Zealand operation in August, Swyftx plans to expand into other countries including the UK, Ireland, Canada and India. It also intends to integrate all major asset classes into the platform.

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Bitcoin Investing Trading

True Story: Pending Bitcoin ETF Has Ticker Symbol, ‘Buy The F*cking Dip’

Hot on the heels of the Proshares Bitcoin Futures ETF that went live yesterday, Bloomberg has reported that the Valkyrie Bitcoin Strategy ETF may commence trading as early as next week. Much of the focus on Twitter has been directed towards the ticker symbol, which in an apparent nod to the community, mysteriously changed from $BTF to $BTFD, or ‘buy the f*cking dip’.

Ticker Symbol Change – Intentional?

In August this year, Valkyrie Funds applied for an ETF but notably omitted a ticker symbol at the time:

Ticker symbol missing from August application. Source: SEC

Then just yesterday, Bloomberg ETF correspondent Eric Balchunas tweeted an image of Valkyrie’s application saying that listing on the NASDAQ with the ticker symbol $BTF appeared imminent:

Ticker symbol BTF. Source: Eric Balchunas

Then, strangely without explanation, the ticker symbol appeared to be changed to $BTFD, which was spotted by eagle-eyed investors watching Bloomberg’s terminal:

$BTFD ticker symbol. Source: Bloomberg

Is this some sort of cruel joke or a smart route to win over sceptics? Probably the former, but we won’t know until it is actually listed.

Valkyrie ETF, Also Futures-Based

The Valkyrie ETF is much like the Proshares ETF in the sense that it is futures-based, not based on the spot price of bitcoin.

If listed this week, the Valkyrie ETF would successfully have managed to skip a growing queue of applicants, largely on account of it being a first-time issuer. This appears to align with a statement by NASDAQ.

A list of outstanding ETF applications was published some time ago by Bloomberg and it will be interesting to see how many of these are approved this month.

Outstanding Bitcoin ETFs. Source: Bloomberg

In any event, the real celebrations by Bitcoiners, if any, are likely to be reserved for when a true spot bitcoin ETF is approved.

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Bitcoin Crypto News Markets Trading

On-Chain Metrics Paint a Pretty Picture, Bitcoin All-Time High Imminent?

Bitcoin is looking set to reach another all-time high. The momentum in the market has become stronger as investors react positively to the potential impact of the first US Bitcoin futures ETF, which launched on October 19.

Already, bitcoin was trading at US$63,451 shortly after the ETF (symbol: BITO) went live on the New York Stock Exchange, raising 99.02 percent of all bitcoin supply into profit. 

The current state of the Bitcoin market is looking bullish on-chain as well. Several metrics are suggesting the rally is about to kick in, which could take the price to another record level. 

Whales Are Still Buying Bitcoin 

Deep-pocketed bitcoin investors are among those positive about the future price of the leading cryptocurrency, and this is bullish because there won’t be significant selling pressure from them, at least in the meantime.

Whales have been accumulating a huge chunk of bitcoin since last month. On-chain analytics platform Santiment recently reported that the number of whales holding between 100 to 1,000 BTC increased by 1.9 percent (254) over one month. Interestingly, whale activities are just one of the factors contributing to the growth of bitcoin’s price. Active addresses on the BTC network have also risen, which indicates strong network usage. 

Recently, Capriole Investments founder Charles Edwards also pointed out that bitcoin’s MVRV z-score had reclaimed 3.0, which usually leads to a notable increase in price. MVRV z-score measures the market value’s relative position to realised value, whereby an increase in the score suggests bitcoin is overvalued while a lower score shows otherwise. 

But LTHs Are Spending

Despite the bullish metrics, there’s still a need to keep a watchful eye on the market given that long-term holders (LTHs) are beginning to spend, according to Glassnode. The LTH Net Position Change is starting to decline, meaning some of those LTHs are starting to realise a profit. 

Notwithstanding, their current position is still positive. On October 14, Crypto News Australia reported that LTHs were HODLing more than 70 percent of all bitcoin in circulation, and their accumulation rate had grown 12.7x.

Historically, Q4 has mostly proven favourable for bitcoin, but it remains to be seen if this quarter can be counted as one. 

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Cardano ChainLink Crypto News Market Analysis Stellar Trading

Top 3 Coins To Watch Today: ADA, LINK, XLM – October 20 Trading Analysis

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 that says its 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 4th cryptocurrency globally and the current price is A$2.84. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 56% drop from its August highs found a low near A$2.45 in September before closing over a short-term high around A$2.94 last week.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$3.12. A sustained bullish move may target the swing high at A$3.21. If this stop run occurs, a run beyond the high into probable resistance near A$3.28 and A$3.34 is possible.

Bulls could buy a retracement to possible support near A$2.75, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$2.70. 

However, relatively equal lows near A$2.67 and A$2.64 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$2.60 and A$2.55.

2. 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 17th cryptocurrency globally and the current price is A$34.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s massive late-July spike retraced near A$25.46 into the consolidation that began the impulse before bouncing to A$26.77. 

This consolidation could provide support again, although bears would first have to push the price through possible support near A$32.65. The market’s structure may be shifting bearish, with A$30.12 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$28.44 before finding support near A$26.91.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$38.09 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the August wick near A$44.58.

3. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals 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 22nd cryptocurrency globally and the current price is A$0.4944. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near A$0.8697 in May before retracing nearly 83% to find a low near A$0.3244. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near A$0.5378 is slowing the bullish advance down. However, another leg might target the last swing high at A$0.5682 and relatively equal highs at A$0.6034. Resistance near A$0.6359 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$0.6649.

A retracement before a move higher might find support in the daily gap near A$0.4723, just above the monthly open. Relatively equal lows near A$0.4475 could also provide support. A run on stops at A$0.4216 and A$0.4055 might find support in the gap beginning near A$0.3826 or a high-timeframe level near A$0.3582.

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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Australia Banking Bitcoin Crypto News Cryptocurrency Law Trading

Precedent Set? ANZ Settles Debanking Case Brought by Bitcoin Trader

Allan Flynn, crypto trader and owner of Australian local exchange BitcoinCanberra, has settled his first complaint with the ANZ bank after being debanked because of his occupation as a digital currency exchange (DCE).

The bitcoiner announced the settlement in a Tweet late last week:

Flynn had lodged a claim against two of Australia’s biggest banks 20 months earlier after both had debanked him. The claim with ANZ has been settled but another continues with Westpac, to be heard later this week.

Understanding Debanking

‘Debanking’ is a recently coined term that refers to the process in which financial institutions, such as retail banks, cease delivering services to customers for whatever reason. Flynn was debanked by ANZ and Westpac based on his occupation as a crypto trader and for offering trading services to clients. Flynn alleged his human rights had been discriminated against because he ran a crypto operation.

ANZ released a statement in which it said:

ANZ acknowledges that it closed Mr Flynn’s accounts because it detected he was operating a DCE (digital currency exchange), and without seeking information from Mr Flynn about the particular circumstances of his DCE business, including the ML/TF (money laundering/terrorism financing) risks and policies of that business.

ANZ statement

At the moment, ANZ and other major financial institutions in Australia refuse to bank with operators of DCEs due to concerns of non-compliance with money laundering and terrorism financing risks.

Aussie Businesses Being Debanked

Flynn’s case is no longer unique, and people are starting to wonder about the motives behind debanking. Last month, Fintech Australia CEO Rebecca Schot-Guppy and 150 members of her organisation had been debanked with no apparent cause or means to appeal.

Michaela Juric, founder of Bitcoin Babe, has said that her banking services had been terminated 91 times since establishing her crypto brokerage firm seven years ago. Juric stated that some of her family members had also been affected, making it difficult for them to access utilities such as electricity, internet, water and insurance.

Local Australian brokerage Aus Merchant has been debanked four times in the past year. Managing director Mitchell Travers has concluded that anti-competitive practices might have been the true motive behind these decisions.

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Crypto News Market Analysis Trading

Top 3 Coins To Watch Today: BEAM, DSLA, ELA – October 19 Trading Analysis

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. Beam (BEAM)

BEAM is a confidential decentralised finance (DeFi) platform that runs on a combination of two blockchain protocols: LelantusMW and Mimblewimble. Beam allows financial counterparties to make safe, stable and reliable transactions. This helps eliminate the problem of user data mismanagement, keeping the system cleaner and more secure. User addresses are kept confidential at all times and are never disclosed to any third parties. Users have total access and control over their privacy, deciding who can access their information and what they are allowed to see.

BEAM Price Analysis

At the time of writing, BEAM is ranked the 428th cryptocurrency globally and the current price is A$1.24. Let’s take a look at the chart below for price analysis:

Source: TradingView

Last week, BEAM suggested a bullish trend as the 9, 18 and 40 EMAs flipped into a bullish stack.

Thursday’s governance token launch and staking launch could result in a local top near the current price as traders sell the news.

If this retracement occurs, possible support beginning near A$1.13 could hold the price up for the next rally. This area may have confluence with the 8 EMA and 16 EMA later this week.

However, aggressive bulls should be wary that the end of the month often sees sharp retracements. A retracement could reach possible support near A$0.90. This area has confluence with the approximate 61.8% retracement levels for the current short-term and intermediate-term price swings.

Measured moves suggest that A$1.66 could provide some resistance, which provides a reasonable area to take some profits. 

The origin of May’s breakdown near A$1.85 could also provide resistance, although chaotic price action in this region obscures exact levels. Just above, the consolidation below May’s high, near A$1.90, might also offer a speedbump on the way to new all-time highs.

2. DSLA Protocol (DSLA)

DSLA Protocol is a risk management framework that enables infrastructure operators and developers to reduce their users’ exposure to service delays, interruptions and financial losses, using self-executing service level agreements, bonus-malus insurance policies, and crowdfunded liquidity pools. DSLA Protocol’s flagship use case is to offset the financial losses of Proof-of-Stake delegators and DeFi users while incentivising the connectivity, performance, and availability of staking pool operators and DeFi service providers.

DSLA Price Analysis

At the time of writing, DSLA is ranked the 564th cryptocurrency globally and the current price is A$0.01233. Let’s take a look at the chart below for price analysis:

Source: TradingVIew

DSLA recently saw a bullish flip in the 9, 18 and 40 EMAs while spiking through September’s high.

Currently, the price is struggling in a contested area between A$0.01247 and A$0.01178. This region could provide support, especially if the price breaks last week’s high. Friday’s burn might also cause a short-term spike, although some retracement is likely during or after the event.

Slightly below, the 9 and 18 EMAs are converging with the 61.8% retracement level near the consolidation that preceded late September’s stop run. This area, near A$0.01023, could provide some support if the price experiences its typical late-month retracement.

Bulls might wait for a slightly higher risk-to-reward entry just below the 40 EMA at A$0.008649, near the origin of mid-October’s bullish impulse. However, there is no guarantee that the price will return to this level.

April’s swing low, near A$0.01986, could provide some resistance and trigger a retracement before a potential leg upward. Above this level, little apparent higher-timeframe resistance presents itself, although the consolidation low near A$0.02237 and bearish trend’s origin near A$0.02593 mark areas of probable resistance.

3. Elastos (ELA)

Elastos ELA aims to be a blockchain-powered version of the internet. The project originates all the way back to the year 2000; however, the current version that is based on blockchain technology and has been an inactive development by Elastos was founded in June 2017. The team behind the project genuinely believes that Ethereum, as well as DApp platforms, face limitations in scaling. While they are great for smart contracts, they are slow, not flexible at all, and inconvenient for full applications, according to Elastos. Elastos is a platform for decentralised apps, or DApps for short, that claims to solve many of these limitations.

ELA Price Analysis

At the time of writing, ELA is ranked the 457th cryptocurrency globally and the current price is A$5.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

ELA‘s mid-September bulls ran into resistance near A$11.46 before facing an abrupt sell-off below the 78.6% retracement level, near the low of June’s consolidation.

Currently, the price is unwilling to reach below this level. However, frequent upper wicks show that sellers are still suppressing the bulls as the 9, 18 and 40 EMAs continue to compress. Traders gradually unloading during this month’s multiple ELA events might be causing this selling pressure.

While this area could continue to provide support, the swing lows at A$5.29 and A$4.85 are more likely to mark the approximate lows of a new bullish trend. These areas are between the 61.8% and 78.6% retracement levels of the higher-timeframe bullish swing.

An abrupt sell-off, perhaps caused by a sharp retracement in Bitcoin, could reach close to the origin of the bullish move near A$3.55 and provide a higher risk-to-reward entry.

If the bullish trend resumes, the price will likely find its first significant resistance near A$7.92. A move to this level may have primed the 9, 18, and 40 EMAs for a bullish flip. 

This flip could bring new interest into the market for a second expansion move, reaching probable resistance near A$11.46 and beyond, as December’s halving creates a new hype cycle.

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.

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Crypto News Market Analysis Request Network Trading

Top 3 Coins To Watch Today: NU, REQ, ALGO – October 18 Trading Analysis

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. NuCypher (NU)

NuCypher NU is a decentralised encryption, access control and key management system (KMS) encryption service for public blockchains. NuCypher offers end-to-end encrypted data sharing on public blockchains and decentralised storage solutions, allowing users to share private data among a number of participants in public consensus networks using proxy re-encryption (PRE) technology. This decryption technology makes NuCypher much more secure and protected than traditional blockchain projects based on public-key encryption, according to NuCypher.

NU Price Analysis

At the time of writing, NU is ranked the 98th cryptocurrency globally and the current price is A$1.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

After rallying over 410% from its September low, NU is encountering resistance near $2.19. This resistance and the monthly open at A$2.00 currently have the price trapped. The swing high and resistance near A$2.13 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for short stops and resistance near A$2.34.

The daily gap at A$1.89 could provide support, while the area beginning near A$1.84 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near A$1.78, possibly finding a floor at possible support beginning near A$1.73.

2. Request (REQ)

The Request REQ utility token ensures the performance and stability of the Request Network. The Request Network itself is an Ethereum-based decentralised payment system where anyone can request a payment and receive money through secure means. It removes the requirement for third parties in order to provide a cheaper, more secure payment solution that works with all global currencies.

REQ Price Analysis

At the time of writing, REQ is ranked the 196th cryptocurrency globally and the current price is A$0.3275. Let’s take a look at the chart below for price analysis:

Source: TradingView

REQ has continued its rally through the daily gap between A$0.4133 and A$0.3657, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at A$0.2983 could form a wick below this level, potentially reaching an untapped daily gap beginning near A$0.2514.

Resistance beginning at A$0.4072 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at A$0.4607, continue into probable resistance just above, and possibly set a new monthly high at A$0.5233.

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 19th cryptocurrency globally and the current price is A$2.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low in mid-July, ALGO has rallied nearly 100% into resistance that starts near A$1.90.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around A$2.45 might look for bids near A$2.39. More significant resistance rests above near A$2.56. A group of significant swing highs at A$2.63, A$2.65 and A$2.69 give possible targets if this resistance breaks.

A stop run on the recent low at A$2.34 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$2.27 into possible support beginning near A$2.25.

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.

Categories
Crypto News Market Analysis Trading

Top 3 Coins To Watch Today: DOT, COMP, SFP – October 15 Trading Analysis

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 8th cryptocurrency globally and the current price is A$53.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low in mid-July, DOT has rallied nearly 230% into resistance that starts near A$57.32.

Aggressive bulls looking for the continuation to the nearest cluster of relatively equal highs around A$59.46 might look for bids near A$60.12. More significant resistance rests above near A$62.38. A group of significant swing highs at A$64.55, A$66.87 and A$68.90 give possible targets if this resistance breaks.

A stop run on the recent low at A$49.76 into possible support beginning near A$46.88 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$43.62 into possible support beginning near A$40.83.

2. Compound (COMP)

Compound COMP is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform. When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. These COMP tokens can be bought from third-party exchanges or can be earned by interacting with the Compound protocol, such as by depositing assets or taking out a loan.

COMP Price Analysis

At the time of writing, COMP is ranked the 22nd cryptocurrency globally and the current price is A$422.11. Let’s take a look at the chart below for price analysis:

Source: TradingView

After rallying over 105% from its July low, COMP is encountering resistance near A$476.43.

This resistance and the October monthly open at A$455.13 currently have the price trapped. The swing high and resistance near $469.27 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for short stops and resistance near A$541.55.

The daily gap at A$408.12 could provide support, while the area beginning near A$391.49 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near A$360.48, possibly finding a floor at possible support beginning near A$325.81.

3. SafePal (SFP)

SafePal SFP is a cryptocurrency wallet launched in 2018 that helps users to protect and grow their digital assets. SafePal provides hardware and software wallets, all paired and managed through the SafePal App, and was the first hardware wallet invested in and backed by Binance. SFP is a BEP-20 token that can be transferred to any wallet that supports the Binance Smart Chain network. It can also be exchanged with other assets and can serve as a means of payment for services. SFP also serves as the SafePal governance token, and holders can create proposals and vote on new features such as adding new blockchains on SafePal products.

SFP Price Analysis

At the time of writing, SFP is ranked the 256th cryptocurrency globally and the current price is A$3.32. Let’s take a look at the chart below for price analysis:

Source: TradingView

SFP continued its 215% rally last week through the daily gap between A$1.36 and A$1.30, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at A$2.87 could form a wick below this level, potentially reaching an untapped daily gap beginning near A$2.60.

Resistance beginning at A$3.65 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at A$3.92, continue into probable resistance just above, and possibly set new monthly highs at A$4.25.

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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Crypto News Market Analysis Trading

BEL Surges +78% in a Single Day after Bella Foundation Launches 20M USD Venture Fund to Scale Bella Ecosystem

BEL is trading in an uptrend, like many other Altcoins. The cryptocurrency BEL just went up +78% in a single day by breaking a falling wedge pattern with strong buying volume on multiple exchanges and surges over +125% in a week.

What is Bella Protocol?

Bella Protocol BEL is a platform that provides a suite of DeFi products designed to make crypto banking simpler and more accessible. The protocol aims to create a better user experience by eliminating the high fee and slow transaction issues that can affect some blockchain platforms, while simultaneously improving the user experience through its simplified DeFi smart portal.

Bella’s smart pool feature allows users to access the best yields available in the DeFi market while benefiting from nearly zero gas fees, since these are directly subsidised by the platform. BEL can be used to farm fee rewards from the network, get exclusive discounts on Bella protocol products (such as its robo-advisor tool), and for earning staking rewards.

BEL Price Analysis

At the time of writing, BEL is ranked the 316th cryptocurrency globally and the current price is A$4.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 1-Day candle chart, we can clearly see that BEL was trading inside the falling wedge pattern on the BEL/USDT pair. The first resistance was on the A$3.82 price level, which BEL broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$4.55. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, BEL may continue to increase in the uptrend if traders keep buying with high volume.

“The falling wedge pattern is characterised by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam.”

What Do the Technical Indicators Say?

The BEL TradingView indicators (on the 1-day) mainly indicate BEL as a Strong Buy, except the Oscillators which indicate BEL as a Neutral.

So Why Did BEL Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying BEL for the coming Altcoins rally. Recent news was also announced regarding the Bella Foundation 20M USD venture fund.

Where to Buy or Trade BEL?

BEL has the highest liquidity on Binance Exchange so that would help for trading BEL/BTC or BEL/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.