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. Algorand (ALGO)
The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.
ALGO Price Analysis
At the time of writing, ALGO is ranked the 25th cryptocurrency globally and the current price is US$0.9436. Let’s take a look at the chart below for price analysis:
After creating a second equal low during late December, ALGO gained nearly 30% into resistance that starts near $1.55.
Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.15 might look for bids near $1.04. More significant resistance rests above, near $1.22. A group of significant swing highs at $1.35 and $1.44 give possible targets if this resistance breaks.
A stop run on the recent low at $0.9200 into possible support beginning near $0.8530 might see stronger bidding. This area also has a confluence with the recent monthly lows.
2. Decentraland (MANA)
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 31st cryptocurrency globally and the current price is US$2.44. Let’s take a look at the chart below for price analysis:
Like many other altcoins, MANA set a new all-time high during Q3 2021 before retracing 65% to the low at $2.10 last week.
Price broke through resistance near $2.40, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.25. However, a drop this far increases the chances of a stop run to $2.15 and possibly into support near $2.00. For now, continuing bullish market conditions could help $2.30 become support.
The swing high around $2.66 gives bulls a reasonable first target, with $3.75 also likely to draw the price upward. Higher-timeframe resistance beginning near $2.91 or $3.10 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs near $3.22.
3. Enjin Coin (ENJ)
Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).
ENJ Price Analysis
At the time of writing, ENJ is ranked the 58th cryptocurrency globally and the current price is US$1.81. Let’s take a look at the chart below for price analysis:
ENJ spent January ranging across the monthly open, reaching 20% over and 25% below. The price is currently consolidating between adjacent resistance and support at $1.60 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $2.10.
This move would likely target the swing high at $2.19 and relatively equal highs near $2.34. A sustained bullish trend could reach up to the monthly high near $2.40.
Bulls might see a sweep of the relatively equal lows near $1.68 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $1.55 and $1.48.
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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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