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. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 16th cryptocurrency globally and the current price is US$1.68. Let’s take a look at the chart below for price analysis:
Since its January low, MATIC has been in a steady bullish trend – printing a 60% gain by early February. The price found support near $1.62, at the 78.6% retracement level, during mid-January’s decline.
Last week’s sharp impulse up may have marked the start of a new bullish swing. If this is the start of a new bullish swing, higher timeframes suggest that $2.12 near the 61.8% retracement, and the 9, 18, and 40 EMAs might see interest from bulls. The price could reach lower, near $1.57, and still, find support.
Currently, the price is contesting a region between $1.80 and $1.61. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $1.77, while $1.84 is also likely to be sensitive. With the nearest support and resistance this close together.
2. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 8th cryptocurrency globally and the current price is US$93.63. Let’s take a look at the chart below for price analysis:
SOL retraced nearly 45% from its high before finding a low during last week. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.
Aggressive bulls might bid near $90.34, although a sweep of the stops near $86.61 could reach below the next swing low into possible support near $80.12. A continued downtrend might run into the weekly gap near $76.24.
Some bears might add more shorts near $98.87, although a push to $110.66 is reasonable. A daily candle close over the swing high near $128.04 could suggest that a longer-term trend reversal is in play, with bulls possibly entering on a retracement near $143.62 for monthly high prices.
3. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$1.05. Let’s take a look at the chart below for price analysis:
ADA‘s nearly 55% drop from its mid-January highs found a low near $1.05 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.25. A sustained bullish move may target the swing high at $1.35. If this stop run occurs, a run beyond the high into probable resistance near $1.44 and $1.53 is possible.
Bulls could buy a retracement to possible support near $1.00, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9625.
However, relatively equal lows near $0.9218 and $0.9022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8647 and $0.8492.
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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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