In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Reef Finance (REEF)
Reef is a DeFi platform built on Polkadot that aims to deliver cross-chain trading. A yield engine and a smart liquidity aggregator are among the project’s offerings. Reef aggregates liquidity and provides automation. It also aims to address the drawbacks associated with existing trading platforms. While centralized exchanges are prone to security breaches, decentralized rivals can lack liquidity and are often difficult to use.
REEF Price Analysis
At the time of writing, REEF is ranked 128th cryptocurrency globally and the current price is $0.03093 AUD. Let’s take a look at the chart below for price analysis.
After a nearly three-month period of distribution, REEF has dropped to the 79% retracement of its candle-bodied range. With the price at a steep discount relative to its trading range, buyers hunting for a deal could see an opportunity.
The consolidation low near $0.02538 AUD has provided support. However, the multiple equal lows may attract a stop run before any significant break to the upside.
If the price sweeps these lows, the daily gap beginning near $0.02165 AUD could cap its downward movement. Strong bearish momentum may propel the price into the consolidation near $0.01870 AUD.
Layered resistance rests overhead, with $0.03525 AUD possibly providing a ceiling to the first bullish impulses. A move through this level may find some resistance near $0.03918 AUD, while $0.04478 AUD could form the roof until a new bullish trend emerges.
2. Seedify.fund (SFUND)
Seedify.fund is a blockchain innovation ecosystem, with a community-driven Seed Stage Fund, Decentralized Incubator, and Launchpad. Seedify.fund cross-bridges a community-driven DAO with an incubator/seed fund to provide seed investments to projects selected by community votings.
SFUND Price Analysis
At the time of writing, SFUND is ranked 877th cryptocurrency globally and the current price is $2.76 AUD. Let’s take a look at the chart below for price analysis. Note: this chart is on the pair SFUND-BNB.
SFUND‘s five days of glory culminated in eleven days of bullish despair as the price plummeted nearly 75% from its highs.
The explosive pump left little bullish support below, with $1.95 AUD providing an area to look for buying on the daily chart. A test of this level could reach possible support near $1.80 AUD, which marks the approximate midpoint of the four-hour chart’s consolidation that preceded the pump.
However, the final bottom may emerge below $1.52 AUD, where a nine-day consolidation suggests the bulk of the buying took place.
The lower half of the upcandle at $2.80 AUD may provide resistance, with a pump through this level possibly letting trapped buyers out near $3.25 AUD.
A burst of bullish energy could reach as high as the daily gap near $4.75 AUD. However, this doesn’t seem likely to occur unless market conditions become more bullish.
3. Solana (SOL)
Solana 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 18th cryptocurrency globally and the current price is $38.51 AUD. Let’s take a look at the chart below for price analysis.
The -67% finale to SOL‘s nearly month-long distribution calls “Solana Summer” into question. However, the coin has often shown strength during the crypto market’s bearish microcycles.
The recent sweep of the $28.03 AUD low into support starting near $29.50 AUD could be all bulls require before some upward movement.
Just below, a monthly gap at $26.55 AUD might provide support on a sweep of last week’s low, although the price may pierce through this gap. If the crypto market stays bearish, the price might visit the consolidation lows and support near $16.44 AUD.
Trapped bulls looking for hedges or exits could be selling near the swing low and daily gap starting near $41.25 AUD. A higher bounce might find more resistance around $48.91 AUD, near the midpoint of an upcandle and the distribution range’s swing low. Beyond these two resistances, the zone near $55.36 AUD might mark the top until a new bull cycle.
Where to Buy or Trade Altcoins?
These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
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