After the launch of Coin98 on Binance Launchpad, C98 took a strong Breakout with +1850% 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 decentralized 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 amongst its offerings, which supports over 20 networks on both its mobile and desktop platforms.
C98 Price Analysis
At the time of writing, C98 is ranked 2549th cryptocurrency globally and the current price is A$1.41. This is a +1268% increase since the launch of its ICO at Binance Launchpad on (23rd July 2021). Have a look at the chart below for price analysis.
After the launch of Coin98 on Binance Launchpad, It pumped up to A$1.75 having +1850% gains in just a few minutes and the initial opening price of C98 was A$0.0958 at Binance Exchange with many different trading pairs like C98/BTC, C98/USDT, and C98/BUSD.
Currently, C98 is trading at A$1.45 price levels after breaking out the squeeze resistance in its sideways trend & now heading towards its all-time high price.
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 neutral.
So Why did Coin98 Breakout?
After the C98 opening at Binance Launchpad, mostly ICO’s pumps 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. and then the suggested start of the Altcoins season could have contributed to the recent breakout. It could also be contributed to some recent news of Binance Listing.
Coin98 Binance Launchpad subscription has been completed.
Please wait for @binance to send C98 and BNB to your spot wallet.
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.
Dexe is trading in an uptrend, like many other Altcoins. The cryptocurrency DEXE just went up +118% in a single day by breaking a falling wedge pattern with strong buying volume on multiple exchanges and surges over +168% in a week.
What is Dexe?
The DeXe token DEXE claims to enable the open and permissionless system. Following protocol rules and contributing resources facilitates consensus among participants, automatic buyback and distribution among insurance vaults, farming rewards among token holders, and burning of tokens for a percentage of traders’ rewards.
Dexe Price Analysis
At the time of writing, DEXE is ranked 554th cryptocurrency globally and the current price is A$10.44. This represents a +168% increase since July 17, 2021 (seven days ago), as shown in the chart below.
After looking at the above 4-Hour candle chart, we can clearly see that Dexe was trading inside the falling wedge pattern on the DEXE/BUSD pair. The first resistance was on the A$5.22 price levels which Dexe broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$17.84. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin crash recovery, Dexe might continue to increase in the uptrend if traders keep buying with high volume.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
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 Dexe for the next Altcoins rally. Recent news was also announced regarding Binance adding DEXE/USDT trading pair.
If you have conducted extensive due diligence and like the concept of the project, and you feel it can create long-term token holder value, investing in some DEXE coin may be a good move. In addition, if you want to be part of the DeXe DAO, holding DEXE tokens is a must.
Where To Buy or Trade Dexe?
Dexe coin has high liquidity on the Binance exchange, which could help for trading DEXE/ETH or DEXE/USDT pairs. However, you can also buy Dexe tokens from other multiple crypto exchanges.
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. SKALE Network (SKL)
Skale SKL is described as an elastic network that’s designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralized project aims to reduce latency and ensure that payments can be made as cheaply as possible. SKALE Network is geared towards improving both the security and decentralization of Ethereum-based apps. Token holders on the SKALE Network are incentivized and earn rewards by helping to improve the scalability and security of the platform by serving as validators.
SKL Price Analysis
At the time of writing, SKL is ranked the 130th cryptocurrency globally and the current price is A$0.2661 Let’s take a look at the chart below for price analysis:
Since the beginning of July, SKL has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.
A retracement might uncover support near A$0.2538, which is the daily high of the last swing low. The high of the wick beginning near A$0.2471 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at A$0.2214 likely to be the next bearish target.
Just above, the daily gap beginning near A$0.3288 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near A$0.3593 – perhaps running to probable resistance near A$0.3844. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip.”
2. Solana (SOL)
Solana SOL is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralized 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 14th cryptocurrency globally and the current price is A$37.70. Let’s take a look at the chart below for price analysis:
July 11th 125% bullish weekly candle has since bled near 85%, with the SOL finding a low near A$32.54 in mid-July.
Bulls are buying each drop into support near A$35.82, with higher lows forming each time. However, the equal lows near A$33.14 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at A$31.66.
Just over the July monthly open, A$45.73 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near A$47.95 before running into possible resistance near A$49.89.
A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near A$53.68 before encountering probable resistance near A$56.88.
3. Chromia (CHR)
Chromia CHR is an open-source public blockchain conceived of by Swedish company Chromaway AB. The Chroma token (CHR) was launched in May of 2019. The technology behind the Chromia blockchain is adapted from an earlier technology called ‘Postchain’, a solution provided by Chromaway AB for enterprise clients. Chromia is a standalone Layer-1 blockchain and EVM compatible Layer-2 enhancement for Binance Smart Chain and Ethereum.
CHR Price Analysis
At the time of writing, CHR is ranked the 189th cryptocurrency globally and the current price is A$0.3902. Let’s take a look at the chart below for price analysis:
During the third week of July, CHR dumped over 62% before finding support near A$0.2688. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins.
In the shorter term, the price might establish support near A$0.3588 before running the swing high at A$0.4055. If this bullish move occurs, the price could reach resistance near the May monthly open around A$0.5571 and even sweep the swing high near A$0.5746.
Some support might exist at the daily gap near A$0.2338 A move this low would also fill the June monthly gap and set the stage for a possible bullish reversal.
Where to Buy or Trade Altcoins?
These three 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.
Axie Infinity (AXS) is trading in an uptrend, like many other Altcoins. The cryptocurrency AXS just went up +42% in a single day by breaking a falling wedge pattern with strong buying volume and surges over +85% in a week.
What is 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 also 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 54th cryptocurrency globally and the current price is A$32.79. This is a +85% increase since 16th July 2021 (7 days ago) as shown in the chart below.
After looking at the above 1-Day candle chart, we can clearly see that AXS was trading inside the falling wedge pattern on the AXS/USDT pair. The first resistance was on the A$24.87 price levels which AXS broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin crash recovery, AXS might continue to increase in the uptrend if the traders keep buying with high volume.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What Do The Technical Indicators Say?
TradingView indicators (on the 1 day window) mainly suggest AXS as a strong buy, except the Oscillators which indicate AXS as a Buy.
So Why Did AXS 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 AXS for the next Altcoins rally. Recent news was also announced regarding Axie Podcast action.
Some stuff came up today- pushing AXIE TUESDAYS to tomorrow!
But the wait will be worth it- the epic @brycent_ will be joining me for some Axie podcast action!
There was also a 60% increase in new players who joined the Crypto & this massive increase is pushing AXS coin to reach its all-time high price very soon.
Where to Buy or Trade AXS?
Axie Infinity has high liquidity on the Binance exchange which could help for trading AXS/BTC or AXS/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
Bitcoin dropped below $30,000 on July 20, breaking below a trading range that had held for the previous four weeks. Analysts fear that a deeper price decline may be on the cards.
— Bitcoin Fear and Greed Index (@BitcoinFear) July 20, 2021
Bitcoin had appeared somewhat rangebound between US$30,000 and US$40,000 since mid-May. Analysts noted that this mimicked a pattern last witnessed in 2018 when Bitcoin went sideways between US$5,900 and US$7,400.
Source: Tradingview
What Could Be Driving the Fear?
From an investment perspective, crypto doesn’t exist in a vacuum. Data, trends and sentiment experienced in traditional markets will necessarily impact what happens in crypto. Therefore, one argument has been that the digital asset space is currently facing strong macro and regulatory headwinds.
At present, investors in traditional markets are pulling away from risky assets (such as Bitcoin) on the back of weaker monetary and fiscal stimulus, in addition to rising Covid-19 cases, including those caused by the Delta variant. As US government stimulus declines, Wall Street is “seeing too much froth” and “selling the best performing assets such as Bitcoin” according to Edward Moya, a senior market analyst at Oanda.
On the regulatory side, central banks have keyed in on crypto and, more specifically, stablecoins. The US Federal Reserve is currently putting stablecoins under regulatory scrutiny and just days ago, the People’s Bank of China called cryptocurrencies “mostly speculative instruments” that “pose potential risks to financial security and social stability”.
For the moment, institutional and retail interest has cooled off, at least according to “Bitcoin” Google searches.
Google Trends data vs. the price of bitcoin – Coin Metrics’ State of the Network report, issue 112.
While most investors have a strong sense of where Bitcoin is going over the next five to 10 years, the near term is far less certain. In April, Bitcoin easily supported prices over US$50,000 but at present appears to be struggling at US$30,000.
For now at least, it isn’t clear whether a breakout is more likely than a breakdown. Only time will tell.
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. Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc. with the advantages of Ethereum’s security, vibrant ecosystem, and openness.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is A$1.22. Let’s take a look at the chart below for price analysis:
After its early Q2 bullrun, MATIC has been ranging between approximately A$1.95 and A$1.15.
Last week’s sharp decline ran equal lows into a gap on the daily chart. This down move could set the stage for an attack on the relatively equal highs near A$1.35 if the price can break probable resistance near A$1.27 and A$1.32.
Above these highs, resistance near A$1.43 could halt a bullish move, although reaching the Q2 high at A$1.98 is possible.
Aggressive bulls might look for entries in possible support near A$1.18 and A$1.15, just below the current price. If the price sweeps last week’s low, the levels near A$1.13 and A$1.10 may also provide support.
2. Chainlink (LINK)
Chainlink LINK is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle 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. The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more.
LINK Price Analysis
At the time of writing, LINK is ranked the 15th cryptocurrency globally and the current price is A$20.63. Let’s take a look at the chart below for price analysis:
LINK‘s spectacular Q2 pump has retraced most of its gains in July as it finds support near A$18.25
Stops under the relatively equal lows near A$19.34 might be swept, along with the swing low near A$19.10. If this sweep happens, the price could find support near A$18.55. A move further down could find more support near A$17.62.
Spikes upward are likely to encounter resistance beginning near A$26.38. If the bullish trend resumes after re-accumulation, some traders might take profits as the price approaches probable resistance starting around A$31.57 and A$34.19.
The Q2 mid-high near A$39.62 provides a clear first primary target. Any price moves beyond this level are challenging to predict from current price action.
3. PancakeSwap (CAKE)
PancakeSwap CAKE is an automated market maker (AMM) — decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return.
CAKE Price Analysis
At the time of writing, CAKE is ranked the 34th cryptocurrency globally and the current price is A$17.29. Let’s take a look at the chart below for price analysis:
The second half of June punished CAKE bulls with a nearly 68% drop before the price found support near an old swing low around A$16.59
Aggressive bulls might look for entries at possible support beginning near A$15.64 However, stops under the equal lows near A$15.12 are likely to be swept.
The area near A$14.30 provides a possible target for this stop run if it occurs. A more sustained bearish trend could reach down to the broad zone of possible support between A$13.28 and A$12.86.
The price is currently challenging resistance at a gap beginning near A$17.50. If this level breaks, bulls could find more resistance near A$19.09 while targeting the highs up to A$21.33.
A sweep of these highs is likely to find resistance by the time price reaches the area near A$24.56. The next reasonable targets would be the swing highs and resistance near A$28.49 and A$31.88.
Where to Buy or Trade Altcoins?
These three 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.
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. Neo (NEO)
Neo bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. The team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain. It’s often been likened to the Chinese version of the Ethereum network.
NEO Price Analysis
At the time of writing, NEO is ranked the 44th cryptocurrency globally and the current price is A$35.37. Let’s take a look at the chart below for price analysis:
July saw a nearly 35% retracement in NEO‘s price, but the bulls and bears might have more room to compete.
Last week, the price ran into resistance at A$37.59 before sweeping lows and dropping near the four-hour chart’s 18% retracement level near A$35.89. This move created potential support beginning near A$32.45, with a lower timeframe support possibly forming at A$30.24 to give aggressive bulls an entry.
The highs near A$40.89 and A$42.17 provide two first probable targets. If the support beginning near A$40.00 continues to hold, bulls could use this retracement’s extensions to anticipate take-profit zones near A$46.73 and A$50.71 The extensions near A$52.81, A$54.97 and A$56.58 are also likely to provide intermediate-term targets.
2. Dogecoin (DOGE)
Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu on its logo. The open-source digital currency – created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia – was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, lighthearted cryptocurrency that would have greater appeal beyond the core bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk has posted several tweets on social media that Dogecoin is his favourite coin.
DOGE Price Analysis
At the time of writing, DOGE is ranked the 8th cryptocurrency globally and the current price is A$0.2348. Let’s take a look at the chart below for price analysis:
DOGE has been in a strong bear trend since mid-May, giving bottom-buyers a good entry this month again.
On Monday, the price broke out from the falling wedge A$0.2644 after sweeping lows near A$0.2521, potentially signalling the start of the next significant move upward after having a little correction once again.
Bulls could wait for a retracement near probable support beginning at A$0.2215, with the daily gap’s midpoint near A$0.2179 providing a higher risk-reward entry. The relatively equal daily lows near A$0.2058 could also attract a stop run, providing an attractive entry area in the broad support region between A$0.1988 and A$0.1915.
The extensions near A$0.2956 and A$0.3087 provide probable targets, with the minor extensions near A$0.3347 and A$0.3500 providing intermediate take-profit zones.
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 74th cryptocurrency globally and the current price is A$8.70. Let’s take a look at the chart below for price analysis:
SUSHI‘s 122% May rally has retraced to the move’s 80% retracement before spending the second half of the month, plus June and July, accumulating above support beginning near A$7.55.
Last week’s dip to retest the 26.5% retracement created potential support near A$6.89, with the early part of this week testing the weekly level at A$6.64 as support. A quick dip in this region could give bulls an excellent entry targeting the first probable resistance at A$6.32.
A break of this level might run to the resistance and last swing high at A$9.85. If the swing high breaks, monthly highs at A$10.59, A$11.53 and A$12.62 provide the next likely targets. Beyond A$12.90, the price could see a parabolic move to the next monthly high near A$13.41.
Traders taking regular profits could use the extensions at A$13.95, A$14.38 and A$15.22 for probable intermediate resistance zones.
Where to Buy or Trade Altcoins?
These three 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.
Online trading tools can help you perform tasks quicker to save time, especially on repetitive tasks which can be automated such as: placing stop losses, crypto watchlists, limit buy price alarms, multiple exchanges support, execute trades and DeFi wallet support.
Here is our list of the best crypto online tools to help you become a better trader.
1. TradingView
TradingView is the most popular crypto technical analysis tool for tracking market prices for cryptocurrencies. Its brilliance for charting is unmatched as it not only tracks your portfolio on watch lists in real-time, it supports multiple stock exchanges and offers a robust suite of trading and charting tools.
Along with charting, TradingView also has other tools available such as the Bitcoin Timeline which shows the events happening around Bitcoin over the years mapped against the price to see any correlations.
2. CoinMarketCap
CoinMarketCap is one of the most popular price-tracking websites for crypto assets in the rapidly growing cryptocurrency economy. It draws the latest updates on the crypto market from every location worldwide. Its mission is to provide solid, high-quality information to the people to empower retail users efficiently with the crypto stock exchange markets.
Tracking 1000’s of new coins, tokens and exchanges is not a simple task, so the power of CoinMarketCap’s intelligent network is not to be underestimated, as it creates data logs for all those market pairs and transactions and shows them in separate categories together all on one website.
CoinMarketCap was acquired by Binance in April 2020, since then it has shared a common goal to make crypto accessible to people all around the world.
3. Coinigy
Coinigy is an automatic cryptocurrency portfolio tracker and management system. Do you have too many crypto investments running at the same time on multiple exchanges? If so, it would be next to impossible to manage all of that alone. Thankfully, Coinigy solves this problem by providing one place to manage all of your crypto trading – all of these tasks are monitored and performed automatically for you. It has a superfast response time with its brilliantly built algorithm which draws out all the necessary data for your crypto investments into profit & loss reports.
4. Blockfolio
Blockfolio is the leading mobile app cryptocurrency portfolio tracking and management since 2017, gaining over six million users. Crypto traders love to check their portfolio, some even check it multiple times per hour. That is why the Blockfolio team has made a smart tracking app for all of your favourite cryptocurrencies including BTC, ETH, LTC and 1000’s more all managed by your mobile phone. And lastly, the best thing about this app is it’s free to use!
5. Signals
Signals is a wonderful crypto market tool built for the seasoned crypto warrior. If you know how hard it is to manage multiple trades at the same time, then you will appreciate this app to take care of it for you.
Signals have made their platform acts both as an auto-trader and custom data analyzer, which can trade and create analysis data with “Signals”. Just that you need to pick indicators to build your custom algorithms.
The Signals platform is also free to use, and you pay fees every time you trade, a small amount of transaction fee. Simply sign up to Signals platform and forget your trading worries.
6. CryptoCompare
CryptoCompare is a global cryptocurrency market data analyzer and provider, which provides a central authority for clear and concise information about the crypto market.
It offers free account services for over 5,000 coin listings and over 240,000 currency pairs. And also offers a paid premium API service consisting of 40,000+ calls per second, 800+ trades per second, and 40+ news providers.
The company is developed by a group of professionals who provide a comprehensive, holistic overview of the market, ensuring the safety of data acquisition and distribution.
7. Brave Browser
Brave is a commonly known name among the users of google chrome browsers as it runs off the same open sourced Chromium engine. The Brave browser is not just a simple browser as it has other features such as an in-built cryptocurrency called Basic Attention Token (BAT). It also has a new search engine for surfing the digital crypto network without any privacy leaks. It has enforced maximum security for individual user data, creating a solid shield against cyberattacks, your wallet is safe with Brave. Extensions as available (same as Chrome) to help you use it as an essential crypto market tool for retail investors worldwide.
8. Exodus Hot Wallet
Exodus crypto wallet is one of the most popular platforms to manage your cryptocurrencies on your desktop computer and laptop. It’s simple user interface is designed for easy crypto trading directly from within the app. The Exodus app has many cool features including cryptocurrency exchanging, sending, receiving and earning.
9. MetaMask DeFi Wallet
MetaMask is a browser plugin that is designed to allow users to make crypto transactions through regular websites through a secure decentralised crypto wallet.
Its main focus is on Ethereum and ERC-20 tokens as a plugin to bridge the gap between traditional Ethereum supported interfaces like Mist browser and regular web browsers like Chrome, Firefox, etc. The aim here is to make Ethereum mainstream, because regular websites don’t support payments with cryptos.
The code is written by the developers that allow regular pages to make requests on the blockchain with the existing Ethereum protocol. In a nutshell, you get to make transactions in Ethereum with just a single browser plugin.
10. BlockChain Explorer
BlockChain is a powerful online platform that allows you to view Blockchain transactions on Bitcoin and other main networks. It shares information including historical prices, the most recently mined blocks, the mempool size of unconfirmed transactions, and data for the latest transactions.
Blockchain.com also provides a live feed on the current market prices, a crypto exchange and hosted wallet solutions. It’s crazy how they have over $800 billion in crypto transactions recorded.
Sitting below 55 percent from its peak, Bitcoin has been stuck tracking sideways for the past three months but is managing to maintain a crucial psychological resistance level above US$30,000 as bulls and bears squabble over whether or not the bull market is over.
While short-sellers have been having all the fun recently, it is savvy long-term retail investors who have been accumulating BTC at prices that can only be seen by Bitcoin believers as bargain-basement specials.
On-chain analyst Willy Woo predicts that Bitcoin could soon resume its bullishness:
I’m expecting price to break from its bearish sideways band in the coming week followed by a recovery to the $50k-$60k zone before some further consolidation.
Willy Woo
As Woo explains, “Coins are moving away from speculators to long-term investors (strong hands) now at a rate unseen since February when price propelled from $30k to $56k.”
Spot exchange net flows on a two-week moving average. Source: Willy Woo Newsletter
On July 17, Woo tweeted: “It’s retail that drives Bitcoin bull markets. When they stop buying, that’s a bear market warning. They haven’t stopped buying.” From his survey, it seems that bull sentiment has the majority, albeit not by much.
Scott Melker, a popular trader and Bitcoin analyst, says that each time the BTCUSDSHORTS positions on trading exchange Bitfinex drop, it leads to an increase in Bitcoin spot prices. He too predicts this pattern will soon see a bullish reaction, and in that he’s not alone.
Bitfinex whale may be starting to wind down those shorts. Each time they drop, price has risen. Will be watching. pic.twitter.com/5F40LYjMVL
— The Wolf Of All Streets (@scottmelker) July 16, 2021
I posted many setups based on Okex margin lending alone. Time ppl borrow/lend BTC spot. As you can see the ratio started to slide down at June 15, followed by drop .. Now it's reversal .. Easy right? #Bitcoinpic.twitter.com/z60WhY2kWk
As Crypto News Australia reported earlier this month, much of Bitcoin’s 2020 gains were erased in the three-month period to July as its price slid 43 percent amid FUD relating to China and environmental concerns.
Also earlier this month, HODLers enjoyed gains for the first time in weeks as BTC surged more than 5 percent overnight. This was largely attributed to whales accumulating over 60,000 coins in a single day, worth US$2.7 billion.
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 sharing 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. 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 9th cryptocurrency globally and the current price is A$15.65. Let’s take a look at the chart below for price analysis:
DOT set a new low in its downtrend last week, reaching a nearly 77% retracement from its May high.
The most recent move down found some support in the daily gap beginning near A$16.05, although this level is unlikely to end the bear trend. The weekly level around A$13.63 may offer more substantial support. Continuation to the monthly level near A$9.78 provides a higher probability target for the current bear trend.
Resistance begins near the current level at A$17.43, which might be tapped this week or next week before the next leg is lower. A more substantial rally could reach the consolidation beginning around A$19.68.
Any sustained bullish move in Bitcoin might prompt a stop run above the swing high at A$24.11. This price also marks a resistance level on the weekly chart.
2. Ontology (ONT)
Ontology ONT is a high-performance, open-source blockchain specialising in digital identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralised identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID use throughout the ecosystem, and DDXF, a decentralised data exchange and collaboration framework.
ONT Price Analysis
At the time of writing, ONT is ranked the 94th cryptocurrency globally and the current price is A$0.8311. Let’s take a look at the chart below for price analysis:
ONT found a low during late June inside weekly support after a nearly 83% drop.
Bulls could step in on the current retest of this region again, with A$0.82 possibly becoming support on the daily chart. However, a sweep of the equal lows near A$0.69, perhaps reaching A$0.57, is likely before any significant bullish trend reversal. If this stop run occurs, bulls might enter near A$0.56.
A break of the resistance near A$0.92 could continue through the July monthly open to run the relatively equal highs clustered just beneath the A$1.07 swing high. If this retracement occurs, high-timeframe resistance near A$1.14 and A$1.19 may be the target before the price resumes its downtrend or begins a higher-timeframe reversal.
If the market shifts to more bullish conditions, the swing high near A$1.91 and a wide area of resistance near A$1.84 will likely cap the first impulse.
3. IOTA (MIOTA)
IOTA is a distributed ledger with one big difference – it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.
IOTA Price Analysis
At the time of writing, IOTA is ranked the 45th cryptocurrency globally and the current price is A$0.8666. Let’s take a look at the chart below for price analysis:
After dropping nearly 77% from its April highs, IOTA hovers near its June low at around A$0.85.
While the downtrend continues, bulls might find some support near A$0.74, the approximate bottom of the monthly gap. However, while the market stays bearish, continuation to the weekly level at A$0.64 and the monthly level near A$0.51 seems likely.
Short-term rallies might reach A$1.04, although a more substantial retracement of the bearish trend could run the swing high into resistance around A$1.27. If the markets turn more bullish, the rally could run the swing highs at A$1.60 and A$2.02.
If this move occurs, the daily gap and monthly level near A$2.27 may provide a ceiling.
Where to Buy or Trade Altcoins?
These three coins have the 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.
