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. Shiba Inu (SHIB)
Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities including Elon Musk and Vitalik Buterin.
SHIB Price Analysis
At the time of writing, SHIB is ranked the 14th cryptocurrency globally and the current price is US$0.00003041. Let’s take a look at the chart below for price analysis:
SHIB performed well during February, reaching over 55% from the first week of the month into the resistance near $0.00003432.
For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.00002842 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00002729.
Bulls entering at these levels could set their first target near the previous resistance near $0.00003380. Beyond this level, probable targets include the new monthly highs near $0.00003524 and the resistance above near $0.00003692.
A break of this resistance later this month could continue to the new highs near $0.00003722 and $0.00003854.
2. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 25th cryptocurrency globally and the current price is US$0.06582. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the January drop, falling nearly 43% from its mid-December high until it found a low early in February.
Price action formed a weekly support level near $0.05954, which has so far held up the price. The most recent swing low inside this range, near $0.05739, might be the target for any future stop runs. After this low, the swing low near $0.05629 and the gap beginning near $0.05155 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.06922, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07335 – but could reach as high as $0.07837.
3. SushiSwap (SUSHI)
SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.
SUSHI Price Analysis
At the time of writing, SUSHI is ranked the 123rd cryptocurrency globally and the current price is US$4.26. Let’s take a look at the chart below for price analysis:
After retracing nearly 55% from its December high, SUSHI set a low near $4.10 as it formed its current range.
Last week, the price swept highs near $4.30, which now also marks the previous monthly high. Relatively equal daily highs near $4.39 provide a reasonable target, although resistance beginning near $4.47 could cap the move. A break of this resistance is likely to target the swing high near $4.66 into higher-timeframe resistance beginning near $4.93.
The current area near $4.17 could provide support, although bulls may be more likely to buy near the price fractal near $4.06 if a retracement reaches this level. A break of this area could continue down to sweep the low near $3.89 into possible support beginning near $3.82.
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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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