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. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.8682. Let’s take a look at the chart below for price analysis:
XRP printed some gains during last week before moving sideways for the rest of the month.
The price was in a downtrend, with the 9, 18, and 40 EMAs providing resistance on each attempt to rally. However, bulls are showing some interest at the 70.6% retracement, near $0.8372. If this level breaks, a move into possible support – just below the lows near $0.7552 – seems likely.
If the price does rally through the swing high at $0.9260 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.9950.
Overlapping swing highs and lows near $1.084 might provide the next target, where bears forced the price down in late December immediately.
More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $1.17, where higher timeframes show an inefficiently traded zone.
2. 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 world financial activity. Aside from being the largest cryptocurrency exchange, 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 4th cryptocurrency globally and the current price is US$430.12. Let’s take a look at the chart below for price analysis:
After a 30% decline during January, BNB has ranged between $370 and $445.
The recent price recovery was approaching probable resistance near $439, but could be aiming for stops above the relatively equal highs near $455. Continuation of the trend could target the daily gap near $476.
Aggressive bulls might add to positions near $422 and $417. Price action near $410 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $400 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 $385.
3. Tezos (XTZ)
Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
XTZ Price Analysis
At the time of writing, XTZ is ranked the 44th cryptocurrency globally and the current price is US$4.36. Let’s take a look at the chart below for price analysis:
XTZ‘s 59% drop since late December saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.
The level near $4.45 is providing some resistance. However, continuation through the monthly high at $4.60 is not out of the question. Aggressive bulls might bid in the current region near $4.88.
If the price runs the recent swing low, bulls might bid in the gap near $4.23. A deeper retracement could reach near the mid-December level and a gap near $4.05. The region near $3.89 and $3.70 may also provide some support during a deeper retracement.
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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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