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. Chainlink (LINK)
The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
LINK Price Analysis
At the time of writing, LINK is ranked the 15th cryptocurrency globally and the current price is A$43.79. Let’s take a look at the chart below for price analysis:
LINK‘s massive late-July spike retraced near A$28.46 into the consolidation that began the impulse before bouncing to A$32.77.
This consolidation could provide support again, although bears would first have to push the price through possible support near A$38.65. The market’s structure may be shifting bearish, with A$35.12 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$30.44 before finding support near A$29.91.
However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$49.09 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the August wick near A$53.58.
2. Internet Computer (ICP)
The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.
ICP Price Analysis
At the time of writing, ICP is ranked the 24th cryptocurrency globally and the current price is A$68.41. Let’s take a look at the chart below for price analysis:
In mid-August, ICP also turned the corner, breaking a key swing high in early September. This move could suggest a longer-term bullish trend.
The swing high near A$78.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near A$85.35.
Even if the bullish trend continues, a stop run at the recent swing low near A$57.30 into possible support beginning near A$53.87 is reasonable. If the price reaches further down, the swing low and possible support near A$49.27 might provide another downside target.
The area near A$47.75 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near A$43.18 into possible support beginning around A$41.73.
3. Streamr (DATA)
Streamr DATA is an open-source project and decentralised platform that relies on cryptography instead of trust. It is a P2P, real-time data infrastructure that houses a platform and tools for a new data economy. The technology stack includes a scalable real-time messaging network (pub/sub) hosted on computers worldwide, a marketplace for trading/selling data, and a set of tools for working with real-time data.
DATA Price Analysis
At the time of writing, DATA is ranked the 440th cryptocurrency globally and the current price is A$0.1979. Let’s take a look at the chart below for price analysis:
Since August’s high, DATA‘s 57% drop marks the current range as a reasonable area to expect accumulation.
The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near A$0.1722 and A$0.1670 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.
Long-term consolidation suggests that the areas near A$0.2264 and A$0.2560 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near A$0.1815, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near A$0.1720, the start of the bearish move.
If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near A$0.2190 might provide a ceiling for this impulse.
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.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
