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. Chiliz (CHZ)
Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company’s vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.
CHZ Price Analysis
At the time of writing, CHZ is ranked the 78th cryptocurrency globally and the current price is US$0.1766. Let’s take a look at the chart below for price analysis:
CHZ‘s stunning rally to $0.4931 plummeted over 60% during January to sweep consolidation lows at $0.2055. This could set the stage for a new bullish cycle to begin.
The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1722 could set the stage for a move into the daily gap beginning near $0.1675, potentially reaching resistance near $0.1944.
A sweep of the highs near $0.2122, followed by a sharp sell-off, could hint that bulls are preparing to run the swing high near $0.2257. This run could find the next resistance around $0.2466 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.2638.
2. VeChain (VET)
VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VET Price Analysis
At the time of writing, VET is ranked the 35th cryptocurrency globally and the current price is US$0.05302. Let’s take a look at the chart below for price analysis:
VET‘s 75% move during late-October ran into resistance near $0.1570, at the 27% extension of the Q2 swing.
An old high and the 18 EMA have provided support near $0.06595 and might give support again on a retest. This area also has confluence with the 50% and 61.8% retracements of November’s swing.
Just below, near $0.05293, the 61.8% retracement of the current Q4 swing might also mark an area of support.
If the market remains bearish, $0.04862 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.07216, at the 50% extension of the summer’s swing, could see some profit-taking if bulls break the current resistance near $0.06178. Above, old consolidations near $0.06325 and $0.06582 might also provide some resistance before another round of price discovery.
2. Celer Network (CELR)
The Celer Network CELR is a smartly designed layer-2 scaling solution that provides off-chain transaction handling. The Celer platform offers fast, simple and secure off-chain transactions for both payments and smart contracts. The project was among the first to be developed using the Substrate framework and is part of the Polkadot ecosystem. As to the overall goal of the network, its founders envisioned unleashing the full potential of blockchain and revolutionising Dapps with more efficient and productive outputs.
CELR Price Analysis
At the time of writing, CELR is ranked the 155th cryptocurrency globally and the current price is US$0.05093. Let’s take a look at the chart below for price analysis:
CELR‘s November spike retraced near $0.05141 into the consolidation that began the impulse before bouncing to $0.05366.
This consolidation could provide support again, although bears would first have to push the price through possible support near $0.04945. The market’s structure may be shifting bearish, with $0.04825 likely to provide some support if this is the case. A sustained bearish move could reach the swing low near $0.04753 before finding support near $0.04536.
However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $0.05920 potentially providing an attractive target to lure the price over the September monthly high. If so, the price could reach for the midpoint of the massive wick near $0.06577.
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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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