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. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), The Sandbox creates a decentralized platform for a thriving gaming community. the Sandbox platform’s main mission is to introduce blockchain technology in mainstream gaming successfully.
SAND Price Analysis
At the time of writing, SAND is ranked the 124th cryptocurrency globally and the current price is A$0.9314. Let’s take a look at the chart below for price analysis:
SAND’s 89% decline during July created relatively equal lows near A$0.3155 before bouncing over the local range’s midpoint near A$0.4812. A bullish altcoin market could help SAND bulls regain a stronger bullish trend.
Aggressive bulls could look for entries in the daily gap starting near A$0.8135 The May monthly open aligns with more probable support near A$0.7344.
A stop run below the monthly open near A$0.7122 might give a more favorable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near A$0.6711, just above the equal lows.
Resistance rests just above, with the zone from A$0.9945 to A$1.08 likely to provide a short-term ceiling. A break through this level might target resistance just under the cluster of relatively equal highs near A$1.12
Beyond these highs, resistance near A$1.22 provides a final challenge before attacking a new swing high near A$1.35.
2. StormX (STMX)
StormX STMX is one of the first global cryptocurrency-based solutions to reach worldwide markets. As a mobile app and browser extension, StormX aims to bring users cashback in crypto for most of their online purchases. With enterprise partners like Samsung, Nike, and Lego. StormX also allows users to stake the native STMX token to boost their rewards. The company has already attracted investments from Blockfolio, Litecoin Foundation, and Kyber Network. StormX has successfully developed its product and has become an industry leader in the crypto cashback community.
STMX Price Analysis
At the time of writing, STMX is ranked the 154th cryptocurrency globally and the current price is A$0.04069 Let’s take a look at the chart below for price analysis:
STMX continues to set new monthly highs in its chaotic upwards trend.
Support might be found in the daily gap above the August monthly open near A$0.03555 A deeper retracement is likely to target the relatively equal lows into support near A$0.02968.
The daily gap near A$0.02714 could also provide support. However, another gap inside the down candles, around A$0.02574, provides the highest chances of solid support while offering a high risk-reward entry.
There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around A$0.04925 and A$0.05586 as reasonable take-profit zones.
3. OMG Network (OMG)
OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network. The network is based on a novel scaling solution called MoreViable Plasma, which uses a sidechain architecture to group several transactions off-chain into a batch, which can then be verified as a single transaction on the Ethereum root chain.
OMG Price Analysis
At the time of writing, OMG is ranked the 104th cryptocurrency globally and the current price is A$7.36. Let’s take a look at the chart below for price analysis:
OMG holders endured a wild May as the price rallied over 118% before running the month’s lows. This stop run could set the stage for another rally. However, the recent volatility means bulls should be extra cautious with stop placement.
Bulls might find support around the current price near A$6.88. The next high probability support rests near A$5.45, below the last two swing lows. A move this deep could sweep July’s low into an area near A$4.88.
The price is currently struggling with resistance near A$7.85 at the June monthly open. A strong move into this resistance is likely to target the swing high near A$8.15.
Above this swing high, June’s monthly high at A$8.64 is the next likely target, which also marks another wide resistance zone. Volatility inside this resistance could tag an old monthly high at A$9.51.
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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
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