For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Litecoin (LTC)
Litecoin is a cryptocurrency that was designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology.
The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
Litecoin Price Analysis
At the time of writing, LTC is ranked 9th cryptocurrency globally and the current price is $261.43 AUD. Let’s take a look at the chart below for price analysis.
March brought an instant turn in LTC’s retracement as the price pumped nearly +41% into the resistance near $256 AUD.
A daily gap and down candle between $238 AUD and $215 AUD may support a push through the high of around $297 AUD.
Bulls looking for longer-term plays could wait for a retracement to probable support near $210 AUD and potentially down to support at $195 AUD.
Extensions based on February’s retracement suggest that $385 AUD and $470 AUD may be the following primary targets. The swing high’s resistance near $296 AUD provides a logical area to take first profits.
2. VeChain (VET)
VeChain is a blockchain-powered supply chain platform. 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.
VeChain Price Analysis
At the time of writing, VET is ranked 18th cryptocurrency globally and the current price is $0.0983 AUD. Let’s take a look at the chart below for price analysis.
VET shot up nearly +84% from the February open as the price aggressively challenges the last high and resistance near $0.0985 AUD.
Bulls waiting to get on board could watch support near $0.0853 AUD, just above the series of swing highs near $0.0834 AUD.
A deeper retracement to end the month could reach as low as $0.0755 AUD, which would run the swing lows down to $0.0735 and provide a better entry.
Overlapping extensions hint at the areas around $0.1145 AUD and $0.1250 AUD as logical take-profit zones.
3. Stellar (XLM)
Stellar is an open network that allows money to be moved and stored. One of its goals was boosting financial inclusion by reaching the world’s unbanked — but soon afterward, 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.
Stellar Price Analysis
At the time of writing, XLM is ranked 13th cryptocurrency globally and the current price is $0.4919 AUD. Let’s take a look at the chart below for price analysis.
XLM’s bullish February turned into March consolidation, which is likely to break upward if market conditions remain bullish.
Support may be forming around the current area near $0.5021 AUD, giving bulls an aggressive entry with a wide stop.
A sweep of February 23rd’s low near $0.4125 AUD into the support just below would give a much higher risk-reward entry. If the price drops this far, it could reach support near $0.3846 AUD.
Overhead, several layers of resistance rest near $0.5381 AUD, $0.6137 AUD, and $0.6641 AUD. Confident bulls could take profits at the swing highs accompanying this resistance.
More patient bulls waiting for higher risk-reward entries could watch for setups to form in potential retracements from these levels.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is an easy to use popular choice in Australia.
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