In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Chainlink (LINK)
The Chainlink Network 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 decentralized participation is guaranteed for all node operators and users looking to contribute to the network.
LINK Price Analysis
At the time of writing, LINK is ranked 11th cryptocurrency globally and the current price is $63.86 AUD. Let’s take a look at the chart below for price analysis.
LINK price keeps going higher, with nearly 40% gains during the first week of May.
A consolidation near $62.35 could provide support as the price continues exploring new highs. However, a set of relatively equal lows near $61.25 AUD looks like a possible target for a stop run into support near $60.55 AUD.
A decidedly bearish shift in the market could reach support near $57.87 AUD, near May’s monthly open.
Almost no resistance seems to lie overhead, although low-timeframe traders might use the resistance below recent highs near $75.34 AUD as a first target. Beyond this level, extensions near $83.00 AUD, $95.12 AUD, and $112.23 AUD give possible higher-timeframe targets.
2. Filecoin (FIL)
Filecoin aims to store data in a decentralized manner. Unlike centralised cloud-storage companies like Amazon Web Services or Cloudflare, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and harder to censor. Decentralised storage systems like Filecoin try to allow people to be their own custodians of their data, as well as make the web more accessible to people worldwide.
FIL Price Analysis
At the time of writing, FIL is ranked 21st cryptocurrency globally and the current price is $180.65 AUD. Let’s take a look at the chart below for price analysis.
FIL retraced 45% during April before finding support near $165.25 AUD. The following bounce encountered resistance at the daily gap near $192.46 AUD.
Bulls might wait for a sweep of the local lows into support near $158.41 AUD before stepping in. A move to this level could reach into the higher timeframe gap down to $135.20 AUD.
In possibly the most bearish scenario, a significant turn in the market could push the price down to the consolidation near $105.45 AUD.
The local resistance near $206.46 AUD and the relatively equal swing highs looks like a first target. Just above, layered resistance near $223.48 AUD and $243.86 AUD could slow bulls down as they push the price towards a significant swing high at $295.20 AUD.
3. Venus (XVS)
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces simple-to-use crypto-asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
XVS Price Analysis
At the time of writing, XVS is ranked 89th cryptocurrency globally and the current price is $176.43 AUD. Let’s take a look at the chart below for price analysis.
XVS bulls have enjoyed over 200% returns since the April lows, with little resistance above to end the current price discovery.
The price may find support near $155.22 AUD. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near $132.46 AUD. The area around $105.30 AUD should provide strong support if the price reaches this low.
The air above the current price is thin, but the level near $180.86 AUD could potentially provide some resistance in the short term. Extensions reaching near $225.10 AUD and $286.50 AUD look like take-profit zones if the bullish trend continues.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
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