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. Cosmos (ATOM)
Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm, and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
ATOM Price Analysis
At the time of writing, ATOM is ranked the 20th cryptocurrency globally and the current price is A$60.26. Let’s take a look at the chart below for price analysis:
During August, ATOM broke several swing highs that could be the signal for a new bullish trend.
Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near A$55.78 and may target the swing low and possible support near A$52.39.
The swing low and possible support near A$50.00 could be the second bearish target if the move down continues. The relatively equal lows near A$48.95 and possible support underneath near A$47.55 could provide more substantial support.
The last swing high near A$65.46 gives a near-term target if bullish continuation continues. However, resistance beginning around A$63.88 could cap this move. A break of this resistance might continue to probable resistance near A$66.71 and reach above the cluster of relatively equal highs near A$68.02.
2. Fantom (FTM)
Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
FTM Price Analysis
At the time of writing, FTM is ranked the 43rd cryptocurrency globally and the current price is A$1.98. Let’s take a look at the chart below for price analysis:
Mid-August marked a turning point for FTM, with the price rocketing up almost 325% from its lows to probable resistance beginning near A$0.5266.
The price is currently struggling with the area between A$1.82 and A$1.97. This region could provide support after a close above – or resistance after a close below.
A retracement could reach into the daily gap and possible support around A$1.90. A more bearish shift in the marketplace will likely aim for the relatively equal lows near A$1.83, and the potential support just below that begins around A$1.75.
Continuation to the upside will likely target the all-time high near A$2.12. However, probable resistance beginning at A$2.05 and A$2.09 could cap or slow down this move.
3. Nervos Network (CKB)
The Nervos Network CKB describes itself as an open-source public blockchain ecosystem and collection of protocols. The Nervos CKB (Common Knowledge Base) is the layer 1, proof of work public blockchain protocol of the Nervos Network. It reportedly allows any crypto asset to be stored with the security, immutability, and permissionless nature of Bitcoin while enabling smart contracts and layer 2 scaling. It aims to capture the total network value through its “store of value” crypto-economic design and native token, the CKByte.
CKB Price Analysis
At the time of writing, CKB is ranked the 131st cryptocurrency globally and the current price is A$0.02418. Let’s take a look at the chart below for price analysis:
In mid-July, CKB also turned the corner, breaking a key swing high in early August. This move could suggest a longer-term bullish trend.
The swing high near A$0.02534 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.02756.
Even if the bullish trend continues, a stop run at the recent swing low near A$0.02134 into possible support beginning near A$0.01988 is reasonable. If the price reaches further down, the swing low and possible support near A$0.01847 might provide another downside target.
The area near A$0.01805 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near A$0.01688 into possible support beginning around A$0.01590.
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.
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