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. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of financial activity globally. Aside from being the largest cryptocurrency exchange globally, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 3rd cryptocurrency globally and the current price is A$756.11. Let’s take a look at the chart below for price analysis:
After a 61% decline from August to September, BNB has ranged between A$668 and A$495.
The recent rally is approaching probable resistance near A$795 – but could be aiming for stops above the relatively equal highs near A$848. Continuation of the bullish move could target the daily gap near A$904.
Aggressive bulls might add to positions near A$735 and A$718. Price action near A$709 may be more likely to provide support – if the price reaches it – during any retracements.
Relatively equal lows clustered around A$697 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near A$680.
2. Elrond (EGLD)
Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.
EGLD Price Analysis
At the time of writing, EGLD is ranked the 40th cryptocurrency globally and the current price is A$365.17. Let’s take a look at the chart below for price analysis:
EGLD 45% retracement from its September highs set a low near A$309 during its consolidation that began in mid-October.
Relatively equal highs near A$369 could be the current target if the price breaks through resistance beginning near A$376. Bullish continuation might reach through the next significant swing high near A$387 into the daily gap near A$398.
If bullish strength continues, the zones just below the monthly open near A$405, and A$415 could halt any retracement.
A bearish shift in the market might seek the relatively equal lows near A$361 into possible support near A$357. If this down move occurs, the swing low near A$350 and possible support near A$342 may be the primary objective.
3. Flow (FLOW)
FLOW is a fast, decentralised, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Flow is the only layer-one blockchain originally created by a team that has consistently delivered great consumer blockchain experiences: CryptoKitties, Dapper Wallet, NBA Top Shot. The FLOW token (“FLOW”) is the native currency for the Flow network and the keystone for a new, inclusive, and borderless digital economy.
FLOW Price Analysis
At the time of writing, FLOW is ranked the 46th cryptocurrency globally and the current price is A$19.37. Let’s take a look at the chart below for price analysis:
After retracing nearly 80% from its August high, FLOW set a low near A$16.43 as it formed its current range.
Last week, the price swept highs near A$20.72, which now also marks the November monthly open. Relatively equal daily highs near A$22.36 provide a reasonable target, although resistance beginning near A$23.09 could cap the move. A break of this resistance is likely to target the swing high near A$25.81 into higher-timeframe resistance beginning near A$27.19.
The current area near A$18.50 could provide support, although bulls may be more likely to buy near the price fractal near A$17.42 if a retracement reaches this level. A break of this area could continue down to sweep the June low near A$14.95 into possible support beginning near A$13.09.
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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