Category: Trading

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Aion Crypto News Market Analysis Trading

Top 3 Coins To Watch Today: AION, REN, SUSHI – August 30 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. Aion (AION)

AION is the token used to secure and access the Open Application Network (OAN). The OAN is a public network available to everyone. Managed by The Open Foundation, a registered not-for-profit organisation, OAN aims to give the public an environment to create Open Apps. By making the AION token the core of the network, OAN enables users to execute smart contracts, store data and share it between different networks.

AION Price Analysis

At the time of writing, AION is ranked the 394th cryptocurrency globally and the current price is A$0.2542. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 61% decline from May to June, AION has ranged between A$0.2471 and A$0.1833.

The recent rally is approaching probable resistance near A$0.3347 but could be aiming for stops above the relatively equal highs near A$0.2849. Continuation of the bullish move could target the daily gap near A$0.3095.

Aggressive bulls might add to positions near A$0.2411 and A$0.2347. Price action near A$0.2041 may be more likely to provide support – if the price reaches that mark – during any retracements.

Relatively equal lows clustered around A$0.1800 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 A$0.1638.

2. Ren (REN)

REN is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes. Ren aims to expand the interoperability, and hence accessibility, of decentralised finance (DeFi) by removing hurdles involved in liquidity between blockchains.

REN Price Analysis

At the time of writing, REN is ranked the 114th cryptocurrency globally and the current price is A$0.9304. Let’s take a look at the chart below for price analysis:

Source: TradingView

REN’s 82% retracement from its February highs set a low near A$0.4287 during its consolidation that began in mid-June.

Relatively equal highs near $0.9956 could be the current target if the price breaks through resistance beginning near A$1.08. Bullish continuation might reach through the next significant swing high near A$1.18 into the daily gap near A$1.25.

If bullish strength continues, the zones just below the monthly open near A$1.34 and A$1.42 could halt any retracement. 

A bearish shift in the market might seek the relatively equal lows near A$0.8944 into possible support near A$0.8256. If this down move occurs, the swing low near A$0.7759 and possible support near A$0.7106 may be the primary objective.

3. SushiSwap (SUSHI)

SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.

SUSHI Price Analysis

At the time of writing, SUSHI is ranked the 73rd cryptocurrency globally and the current price is A$15.70. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 75% from its May high, SUSHI set a low near A$10.59 as it formed its current range.

Last week, the price swept highs near A$19.24, which now also marks the August monthly high. Relatively equal daily highs near A$21.68 provide a reasonable target, although resistance beginning near A$22.47 could cap the move. A break of this resistance is likely to target the swing high near A$23.18 into higher-timeframe resistance beginning near A$25.09.

The current area near A$14.17 could provide support, although bulls may be more likely to buy near the price fractal near A$13.27 if a retracement reaches this level. A break of this area could continue down to sweep the July low near A$12.08 into possible support beginning near A$10.95.

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 eToro Trading

eToro’s Q2 Crypto Income Skyrockets: Up 23X Compared to Last Year

Israel-based social trading and multi-asset brokerage company eToro has posted a set of strong Q2 results, which includes exponential growth in crypto-trading income.  

Breakdown of total commissions. Source: eToro Q2 results

Crypto Accounts for 73% of Trading Commissions

As noted in the illustration above, eToro’s year-on-year crypto trading commission increased from seven percent to 73 percent of total trading commissions. To provide some context, there were US$264 million in total crypto commissions, some 23 times larger than the US$11.27 million in crypto-linked charges in Q2 2020. While such growth is in itself impressive, it has no doubt been fuelled by the incredible growth in crypto adoption over the past year.

Cryptoassets drove total commissions in the second quarter of 2021, reflecting retail investors’ strong interest across the cryptos offered by eToro.

CEO Yoni Assia

Interestingly, Bitcoin represented only seven percent of total commissions in Q2, despite amounting to one-fifth of total trading volume and assets under administration. Such trading volume figures are likely a reflection of BTC’s relative underperformance of late, at least compared to some of the altcoins.

Commission by crypto asset. Source: eToro Q2 results

eToro Expands To Provide ‘Holistic’ Crypto Offering

In recent months, the company extended its crypto asset base to include 10 new digital assets, including memecoins such as Dogecoin and Shiba Inu. This brought the total number of crypto assets available across the eToro platform and exchange to 29.

In addition, the company noted it had launched ETH 2.0 staking, which is being rolled out on a country-by-country basis. The platform is designed to enable users who own ETH, ADA and TRX to earn staking rewards proportional to the amount of underlying crypto assets held.

While crypto has been a significant source of growth, eToro also posted large increases in other areas in Q2 as net trading income grew to US$291 million, up 136 percent compared to last year. In addition, its user base also saw an impressive boost, with 2.6 million new registered users, up 121 percent compared to Q2 2020.

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Crypto News Kucoin Market Analysis Trading

Top 3 Coins To Watch Today: MATIC, COTI, KCS – August 27 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. 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. Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other kind of infra required by the developer. 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 18th cryptocurrency globally and the current price is A$1.93. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a stunning 85% drop since early June, MATIC seems to have entered an accumulation phase.

The last few days have found resistance in the weekly level near A$2.28, which may continue to hold the price down. The daily chart also shows resistance near A$2.21, while the swing high at A$2.13 gives a likely target if this resistance fails. A run above this level may reach the weekly gap with a high near A$2.06.

The consolidation around A$1.84 has provided support and could do so again. However, relatively equal daily lows near A$1.77 are a tempting target for bears. Below this level, little exists to provide explicit support on the chart.

2. Coti (COTI)

COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers.

COTI Price Analysis

At the time of writing, COTI is ranked the 150th cryptocurrency globally and the current price is A$0.5541. Let’s take a look at the chart below for price analysis:

Source: TradingView

COTI‘s nearly 57% drop since May found a low in late July, with price action now trending upward through a higher-timeframe range reaching its all-time high.

The area beginning near A$0.6439 has provided strong resistance and may do so again. However, relatively equal highs near A$0.6682 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near A$0.7055.

Aggressive bulls might add to their positions near A$0.5147. If the price breaks through this level, it may be reaching for the cluster of swing lows near A$0.4835 and A$0.4701. A more substantial move down may run stops below the relatively equal May lows, around A$0.4255, into the daily gap at this level.

3. KuCoin Token (KCS)

KCS is the native token of KuCoin, which was launched in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralised trading solution goes live, KCS will be the native asset of KuCoin’s decentralised financial services as well as the governance token of the KuCoin community in the future.

KCS Price Analysis

At the time of writing, KCS is ranked the 89th cryptocurrency globally and the current price is A$16.72. Let’s take a look at the chart below for price analysis:

Source: TradingView

KCS has been trading through a massive range since July, with the price showing mild bullishness during August.

Bulls bought near A$14.26. The weekly level and daily gap near A$15.20 could prompt buyers to step in again as the price challenges the swing high and resistance around A$16.32. A strong move and acceptance above this level may reach for the swing highs at A$18.75 and A$20.66, which marks another area of resistance.

However, rejection from the current area may send the price down to retest support near A$14.05. Relatively equal lows around A$13.48 provide a rich target for a stop run. Sustained bearishness may reach the low near A$11.96 and possibly as low as A$10.53 into higher-timeframe support.

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

ATA Surges +195% in a Single Day as ATA is now Supported on Coin98 Wallet with a $2500 in Giveaway

Automata ATA is trading in an uptrend, like many other Altcoins. The cryptocurrency ATA just went up +195% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +230% in a week.

What is Automata?

Automata Network ATA is a decentralised service protocol that provides privacy middleware for dApps across multiple blockchains. It enables versatile use-cases such as Anonymous Voting, Miner Extractable Value (MEV) minimisation, and No-tracking Indexing by leveraging on the latest cryptography and privacy-preserving algorithms, along with trust computing technologies.

ATA Price Analysis

At the time of writing, ATA is ranked the 247th 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 looking at the above 4-Hour candle chart, we can clearly see that ATA was trading inside the rising wedge pattern on the ATA/USDT pair. The first resistance was on the A$1.47 price level, which ATA broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$2.49. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, ATA may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

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

So Why Did ATA Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying ATA for the next Altcoins rally. Recent news was also announced regarding a Giveaway of $2500 ATA in total for 25 winners to celebrate ATA on coin98 Wallet.

Where to Buy or Trade ATA?

ATA has the highest liquidity on Binance Exchange so that would help for trading ATA/BTC, ATA/BNB, or ATA/USDT pairs. However, you can also buy ATA from different exchanges listed on Coinmarketcap.

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Binance Binance Australia Trading

KYC is now Mandatory for all Binance Users

As per the official Binance announcement, as of October 19, 2021, all Binance accounts new and existing will need to complete KYC (Know Your Customer).

Existing users who have not completed Intermediate Verification will have their account permissions changed to “Withdraw Only” at 00:00 AM on October 19, 2021 (UTC). “Withdraw Only” users will have services limited to withdrawal, order cancellation, position close, and redemption. Existing users will be informed directly with more details.

Quick links:

Previously Binance allowed new users with an unlimited crypto deposit, trading and 2 BTC withdrawal daily limit.

Personal User Limits – binance.com

It is assumed that with the new rules, the Intermediate requirements will become the Basic, but this is yet to be confirmed.

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Australia Crypto Exchange Crypto News Trading

Report: The Average Australian Crypto Trader Made $10k Profit in Past 12 Months

New research has revealed that three out of four Aussies are turning a profit from their crypto investments, with the average Australian crypto trader making around A$10,000 over the past 12 months.

Aussies Making Bank with Crypto

According to research from international analytics firm YouGov, more than three-quarters of Aussies have made good profits over the last year, averaging out at A$10,662, the equivalent of nearly two months’ average salary in Australia. However, more than one in five Aussie cryptocurrency holders say they made profits worth over A$30,000.

The survey was commissioned by Australian crypto exchange Swyftx, which has more than 320,000 customers, and uncovered some interesting statistics about Aussie crypto traders.

Aussie millennials and gen Xers saw especially big returns, with around one in five saying they made more than $20,000 over the last year from cryptocurrency. Aussie mums and dads appear to have been especially successful, as well as men in general and [other] crypto users who report a strong or some understanding of the market.

Tommy Honan, head of strategic partnerships, Swyftx

The survey found that Aussie parents with children under 18 were the most likely to make money from their cryptocurrency trading, with 86 percent reporting an average profit of A$12,428.

In terms of location, crypto users in Brisbane were the most likely to report a profit with 83 per cent, followed by Sydney and Melbourne at 76 per cent and then Perth.

A previous report by Nine News showed that more than a quarter of Aussies are now trading crypto.

Experienced investors have been buying the dip, with some Aussies expecting bitcoin to hit the US$100,000 price mark by the end of the year.

New Users Urged to DYOR

With the increase of crypto adoption, Honan stated that it’s becoming increasingly important to do your own research (DYOR). The survey found that “the group who were least likely to report a profit on their crypto holdings over the last year were people who said they had little or no understanding of the market”.

At the moment, this is a relatively small proportion of crypto users in the country, just 16 per cent [who] report having little or no understanding. But for this group and anyone who wants to grow their confidence, it really is essential to do your research.

Tommy Honan, Swyftx

According to Honan, one of many pro tips is to “research the team behind any digital assets you are thinking of buying, and also look at indicators like the size of a coin’s market and its liquidity”.

That said, the Australian Securities and Investments Commission (ASIC) has again cautioned citizens to be wary when investing in unlicensed cryptocurrency companies. New users have lost significant amounts of money to scams, hacks, and using crypto products like options and leverage without proper understanding of how they work and the associated risks.

Not only could crypto investing be risky to newcomers, they also need to be aware of the tax implications. During the past few months, the Australian Tax Office (ATO) has reminded Australian crypto investors that they will be put under the microscope when filing their 2020-21 returns.

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Crypto News Market Analysis Trading VeChain Zcash

Top 3 Coins To Watch Today: MANA, VET, ZEC – August 26 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. 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. 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 70th cryptocurrency globally and the current price is A$1.28. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping nearly 70% in May, MANA found a low just above the monthly gap near A$0.9541. Since then, the price has been consolidating in a range between A$1.35 and A$1.15.

The weekly level near A$1.22 may continue to provide support during a run on the local swing lows. The monthly gap beginning near A$1.06 will likely give the next higher-timeframe support if this level fails.

The price is currently chewing into potentially strong resistance near A$1.32. A sweep of the relatively equal highs near A$1.38, and a daily close above this level, could signal a move to the next set of relatively equal highs near A$1.45. 

Just above these highs, probable resistance rests near A$1.53, which may cap the price until the market moves out of consolidation. However, any significant bullish shift in market conditions during the next few weeks could help bulls reach the swing high near A$1.59, running stops into probable resistance near A$1.67.

2. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 24th cryptocurrency globally and the current price is A$0.1772. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET accompanied the rest of the market in the mid-Q2 drop, falling nearly 83% from its May high until it found a low late in June.

Price action in late June formed a weekly support level near A$0.1126, which has so far held up the price. The most recent swing low inside this range, near A$0.1573, might be the target for any future stop runs. After this low, the swing low near A$0.1612 and the gap beginning near A$0.1688 marks possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near A$0.1879, just over the June monthly open. A sweep of the relatively equal highs above this resistance might find sellers near A$0.2056, but could reach as high as A$0.2385.

3. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent. There is an option, however, to reveal this data for the purposes of auditing or regulatory compliance.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 64th cryptocurrency globally and the current price is A$224.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEC has been trading through a massive range since July, with the price showing mild bullishness during August.

The breaks of the swing highs at A$237 and A$240 led to support forming near A$225. Some bulls will likely wait for a more favourable entry on a potential stop run that could reach near A$221.

If the support near A$230 continues to hold, the recent swing high at A$240 is likely the next short-term target. This potential bullish swing might end with a run on short stops up to A$269 and A$282. 

Higher-timeframe resistance between A$295 and A$312 may cap any move upwards until the overall market becomes more bullish. However, any significant bearish move in bitcoin will likely push the price down toward the low and possible support near A$215.

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

Coin98 Surges +95% in a Single Day Amid C98 Farming Pool Official Launch

After the launch of Coin98 Farming Pool, C98 took a strong breakout with +95% gains in a single day. Let’s take a quick look at C98, price analysis, and possible reasons for the recent breakout.

What is Coin98?

Coin98 is a decentralised finance (DeFi) solution that allows users access to cross-chain swaps, staking, and yield farming. The Coin98 exchange describes itself as a multi-chain liquidity aggregator that supports assets across a variety of blockchains, including but not limited to Ethereum, Binance Smart Chain, Solana, and Tron. Coin98 also has a wallet among its offerings, which supports more than 20 networks on both its mobile and desktop platforms.

C98 Price Analysis

At the time of writing, C98 is ranked 214th cryptocurrency globally and the current price is A$7.95. Have a look at the chart below for price analysis.

Source: TradingView

After looking at the above 4-Hour candle chart, we can clearly see that C98 was trading inside the rising wedge pattern on the C98/USDT pair. The first resistance was on the A$4.89 price level, which C98 broke with a strong bullish trend buying volume and is now heading towards the recent high prices at A$8.63. Seeing many Altcoins are holding a strong position this week after the recent bitcoin price recovery, C98 may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

The Coin98 TradingView indicators (on the 1 day) mainly indicate C98 as a strong buy, except the Oscillators which indicate C98 as a Buy.

So Why Did Coin98 Breakout?

After the C98 opening at Binance Launchpad, mostly ICOs pump after going live on exchange for trade and general market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. The suggested start of the Altcoins season could have contributed to the recent breakout. It could also be attributed to some recent news of MoonFarm announcing that C98 Farming Pool has officially launched.

Where to Buy or Trade Coin98?

Coin98 has the highest liquidity on Binance Exchange so that would help for trading C98/BTC, C98/BUSD or C98/USDT pairs. However, you can also buy C98 from different exchanges listed on Coinmarketcap.

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Aion Crypto News Market Analysis Trading

Top 3 Coins To Watch Today: KEEP, SLP, AION – August 25 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. Keep Network (KEEP)

Keep Network KEEP is an incentivised network for storing and encrypting private data on the public blockchain. The network is made of off-chain containers for private data known as keeps, while the KEEP work token enables it to be completely permissionless. Keep solves the main problem holding back blockchain adoption – that data on public blockchains are public. With Keep, developers can finally build fully decentralised apps. KEEP is the network’s native work token with dividends and a slashing model. It provides the Sybil resistance that allows the Keep network to be censorship-resistant and permissionless.

KEEP Price Analysis

At the time of writing, KEEP is ranked the 250th cryptocurrency globally and the current price is A$0.5795. Let’s take a look at the chart below for price analysis:

Source: TradingView

KEEP retraced nearly 85% from its high before finding a low in late July. 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$0.4712, although a sweep of the stops near A$0.4538 could reach below the next swing low into possible support near A$0.4288. A continued downtrend might run into the weekly gap near A$0.3967.

Some bears might add more shorts near A$0.5492, although a push to A$0.6244 is reasonable. A daily candle close over the swing high near A$0.6935 could suggest that a longer-term trend reversal may be in play, with bulls possibly entering on a retracement near A$0.7851.

2. Small Love Potion (SLP)

Small Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP is unique because of how it has become one of the few in-game tokens to be listed by Binance in its Innovation Zone. The exchange has reserved this trading category for assets “that are likely to have higher volatility and pose a higher risk than other tokens”.

SLP Price Analysis

At the time of writing, SLP is ranked the 187th cryptocurrency globally and the current price is A$0.1943. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s nearly 80% retracement continues to make lower lows while showing no definitive signs of bullish reversal.

Stops below the swing low near A$0.1745 mark the next likely bearish target, with the daily gap near A$0.1690 providing some chance of a short-term bounce. Swing lows near A$0.1613 and A$0.1587 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$0.2387 might find resistance beginning near A$0.2540, with a more substantial move reaching up to A$0.2635. Closing above this level could hint at a longer-term trend reversal and form the range high of any following consolidation.

3. Aion (AION)

AION is the token used to secure and access The Open Application Network (OAN). Launched in 2018 in Canada, The OAN is a public network available to everyone. Managed by The Open Foundation, a registered not-for-profit organisation, The OAN aims to give the public an environment to create Open Apps. The main purpose of The OAN is to facilitate interoperability between different blockchains, thus allowing users and developers to create a variety of applications. By making the AION token the core of the network, OAN enables users to execute smart contracts, store data, and share it between different networks.

AION Price Analysis

At the time of writing, AION is ranked the 387th cryptocurrency globally and the current price is A$0.2612. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping almost 75% from recent highs, AION has been consolidating in a range for the second half of Q2.

The recent sweep of the lows near A$0.2487 could set the stage for at least a short rally higher, with bulls possibly buying near A$0.2558 for a move toward the relatively equal highs near A$0.2849. A close over these highs might hint at a longer-term move toward probable resistance near A$0.3496, likely following a retracement.

Rejection from possible resistance near A$0.2741, potentially including a sweep of the highs around A$0.2785, could signal a run to the swing low near A$0.2366. If this move occurs, bears might target the swing low and support near A$0.1976.

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
Cardano Crypto News ICON Market Analysis Trading

Top 3 Coins To Watch Today: ADA, ICX, NWC – August 24 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 3rd cryptocurrency globally and the current price is A$4.04. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s 160% rally during the last month recently swept the May highs at A$3.43. The daily close over these highs might show that bulls plan to continue the move. If so, aggressive bulls might add more to their positions near A$3.51, with A$3.29 and A$3.13 also providing possible support.

Predicting the end of the current bullish trend is impossible. Still, extensions suggest that A$3.80, A$3.98 and A$4.18 provide reasonable near-term areas to take profits.

A bearish shift in the marketplace could drive the price down much further. If so, the swing low at A$2.60 offers a tempting target. If this stop run occurs, the price could drop further into possible support at a confluence of high-timeframe levels near A$2.22.

2. Icon (ICX)

Icon ICX is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer such as ICON. The ICON blockchain is powered by loopchain, a blockchain engine designed by IconLoop.

ICX Price Analysis

At the time of writing, ICX is ranked the 94th cryptocurrency globally and the current price is A$2.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICX‘s recent sweep and close over the cluster of highs near A$1.86 could suggest it’s ready to kick off a new bullish trend. However, hopeful bulls should be wary of rejection near the current area that could push the price back into its three-month range.

The old highs and daily gap near A$1.88 might support the price if bulls are ready to push up from the range. The levels at A$2.06, A$2.30, A$2.58 and possibly up to A$2.97 offer reasonable areas to take profits and watch for signs of bearish reversal.

A bearish shift in the marketplace could prompt a stop run to the layered swing lows at A$1.50, A$1.39 and A$1.31. If this stop run occurs, bulls could look for support near the significant weekly zone between A$1.22 and A$1.15.

3. NewsCrypto (NWC)

The NewsCrypto token NWC is the native token of the NewsCrypto ecosystem, which offers a comprehensive set of indicators, educational resources, and entertainment for everyone from novice traders to experts in crypto. The project aims to offer everything that a crypto trader needs in one place, while also creating a community-focused ecosystem where users can learn from each other and earn NWC for posting quality content. The NWC token is used to unlock access to the online platform, which is focused on interactive education on blockchain technology and cryptocurrency trading.

NWC Price Analysis

At the time of writing, NWC is ranked the 318th cryptocurrency globally and the current price is A$1.28. Let’s take a look at the chart below for price analysis:

Source: TradingView

NWC‘s 80% drop from May to July may have found a range low near A$0.61. The recent break and continuation through the short-term highs near A$1.05 and A$1.10 suggest some bullish strength.

Bulls are likely to take some profits near the high end of the current range. The areas near A$1.36 and A$1.55 offer some confluence for resistance. The swing high near A$1.60 might be the current target, followed by possible continuation up to A$1.86 and into resistance near A$1.89.

Aggressive bulls might bid near the last high and daily gap around A$1.14. However, a drop to possible support around A$1.02 is reasonable. A market-wide retracement could send the price down to sweep relatively equal lows near A$0.84. If this stop run occurs, the price could find support between A$0.83 and A$0.61.

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.