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 US$38.77. Let’s take a look at the chart below for price analysis:
DOT consolidates between $36.44 and $45.70 at the 100% extension of September’s consolidation, after a sharp move up through all-time During November.
The current consolidation could provide support if the price breaks the zone’s high near $37.51. A better risk-to-reward entry could present itself near the daily candle bodies of the last swing high near $35.67, which also has confluence with the 18 EMA and the 61.8% retracement. This potential drop could reach to possibly support the October open and 78.6% retracement, near $33.68.
A sharper downturn in the market could send the price as low as $29.89, near the last significant swing high in this leg, although a move this low could signal the start of a bearish trend.
Extensions from September’s consolidation indicate that the 150% extension, near $46.70, and the 200% extension, near $55.62, could be the next significant targets.
2. MyNeighborAlice (ALICE)
ALICE is a multiplayer builder game, where anyone can buy and own virtual islands, collect and build exciting items and meet new friends. Inspired by successful games such as Animal Crossing, the game combines the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience as well as an ecosystem for players who want to collect and trade Non-Fungible Tokens (NFTs).
ALICE Price Analysis
At the time of writing, ALICE is ranked the 124th cryptocurrency globally and the current price is US$26.90. Let’s take a look at the chart below for price analysis:
After accumulating under the November monthly open, ALICE rallied 112% in a week before retracing to support near $24.55.
Buyers continue to snatch up dips under the weekly open, suggesting that accumulation is still taking place.
Bulls could look for entries in this region while being conscious of a potential stop run below the cluster of lows at $23.82. Two areas of support, beginning near $22.57 and $20.29, provide probable buys if the price dips this low.
The equal highs near $28.63 provide a first reasonable bullish target. If the price takes this target and penetrates the surrounding resistance, the next probable resistance begins near $30.66. Possible targets include the old highs just above this resistance near $32.83, $33.46, and $34.39.
3. Idex (IDEX)
IDEX claims to be the first hybrid liquidity DEX that combines an order book model with an automated market maker. It blends the performance and features of a traditional order book model with the security and liquidity of an AMM. Idex takes an innovative approach to decentralised exchanges by combining an off-chain trading engine with an on-chain trade settlement. Users benefit from that in several ways. The instant trade execution means front-running or sandwich attacks are not possible and users can trade without waiting for previous trades to settle.
IDEX Price Analysis
At the time of writing, IDEX is ranked the 318th cryptocurrency globally and the current price is US$0.3986. Let’s take a look at the chart below for price analysis:
IDEX’s 75% move from late October’s lows ran into resistance near $0.4022, at the 27% extension of the summer’s swing.
An old high and the 18 EMA have provided support near $0.3254 and might give support again on a retest. This area also has confluence with the 50% and 61.8% retracement of November’s swing.
Just below, near $0.3050, the 61.8% retracement of the current Q4 swing might also mark an area of support.
If the market remains bullish, $0.4390 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.4530, at the 50% extension of the summer’s swing, could see some profit-taking if bulls break the current resistance near $0.4812. Above, old consolidations near $0.5088 and $0.5361 might also provide some resistance before another round of price discovery.
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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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