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. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 8th cryptocurrency globally and the current price is A$53.76. Let’s take a look at the chart below for price analysis:
After creating a second equal low in mid-July, DOT has rallied nearly 230% into resistance that starts near A$57.32.
Aggressive bulls looking for the continuation to the nearest cluster of relatively equal highs around A$59.46 might look for bids near A$60.12. More significant resistance rests above near A$62.38. A group of significant swing highs at A$64.55, A$66.87 and A$68.90 give possible targets if this resistance breaks.
A stop run on the recent low at A$49.76 into possible support beginning near A$46.88 might see stronger bidding. This area also has a confluence with the September monthly open.
A bearish market shift could reach the swing low at A$43.62 into possible support beginning near A$40.83.
2. Compound (COMP)
Compound COMP is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform. When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. These COMP tokens can be bought from third-party exchanges or can be earned by interacting with the Compound protocol, such as by depositing assets or taking out a loan.
COMP Price Analysis
At the time of writing, COMP is ranked the 22nd cryptocurrency globally and the current price is A$422.11. Let’s take a look at the chart below for price analysis:
After rallying over 105% from its July low, COMP is encountering resistance near A$476.43.
This resistance and the October monthly open at A$455.13 currently have the price trapped. The swing high and resistance near $469.27 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for short stops and resistance near A$541.55.
The daily gap at A$408.12 could provide support, while the area beginning near A$391.49 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near A$360.48, possibly finding a floor at possible support beginning near A$325.81.
3. SafePal (SFP)
SafePal SFP is a cryptocurrency wallet launched in 2018 that helps users to protect and grow their digital assets. SafePal provides hardware and software wallets, all paired and managed through the SafePal App, and was the first hardware wallet invested in and backed by Binance. SFP is a BEP-20 token that can be transferred to any wallet that supports the Binance Smart Chain network. It can also be exchanged with other assets and can serve as a means of payment for services. SFP also serves as the SafePal governance token, and holders can create proposals and vote on new features such as adding new blockchains on SafePal products.
SFP Price Analysis
At the time of writing, SFP is ranked the 256th cryptocurrency globally and the current price is A$3.32. Let’s take a look at the chart below for price analysis:
SFP continued its 215% rally last week through the daily gap between A$1.36 and A$1.30, turning this region into an area of possible support.
However, a stop run under the relatively equal lows at A$2.87 could form a wick below this level, potentially reaching an untapped daily gap beginning near A$2.60.
Resistance beginning at A$3.65 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at A$3.92, continue into probable resistance just above, and possibly set new monthly highs at A$4.25.
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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