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. IOTA (MIOTA)
IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind the platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.
IOTA Price Analysis
At the time of writing, IOTA is ranked the 50th cryptocurrency globally and the current price is US$0.6993. Let’s take a look at the chart below for price analysis:
After a 40% decline during February, IOTA has ranged between $0.7833 and $0.6503.
The recent rally was approaching probable resistance near $0.8145 – but could be aiming for stops above the relatively equal highs near $0.8620. Continuation of the bullish move could target the daily gap near $0.9135.
Aggressive bulls might add to positions near $.7140 and $0.6944. Price action near $0.6740 may be more likely to provide support – if the price reaches it – during any retracements.
Relatively equal lows clustered around $0.6635 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 $0.6155.
2. Quant (QNT)
Quant QNT launched with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system. The main aim of Quant – using Overledger – is to bridge the gap that exists between different blockchains. The backbone of the project is the Overledger network, which Quant bills as the ecosystem on which the future digital economy ecosystem will be built.
QNT Price Analysis
At the time of writing, QNT is ranked the 67th cryptocurrency globally and the current price is US$112.53. Let’s take a look at the chart below for price analysis:
February -marked a turning point for QNT, with the price gaining up almost 55% from its lows to probable resistance beginning near $156.30.
The price is currently struggling with the area between $129.80 and $108.33. This region could provide support after a close above, or resistance after a close below.
A retracement could reach into the daily gap and possible support around $102.41. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $98.65, and the potential support just below that begins around $91.34.
Continuation to the upside will likely target the monthly high near $136.19. However, probable resistance beginning at $142.77 and $150.30 could cap or slow down this move.
3. Reserve Rights (RSR)
Reserve Rights RSR is a dual-token stablecoin platform that was launched in May 2019 following a successful initial exchange offering (IEO) on the Huobi Prime platform. Reserve Rights’ dual token setup includes a stablecoin known as the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts. The second token is the Reserve Rights token (RSR), which is used to keep the RSV stable at its $1.00 price target through a system of arbitrage opportunities
RSR Price Analysis
At the time of writing, RSR is ranked the 268th cryptocurrency globally and the current price is US$0.01203. Let’s take a look at the chart below for price analysis:
RSR has retraced approximately 72% as the price hovers over possible support beginning near $0.01208.
The significant number of lows in this area will likely see a stop run before any potential move higher. The gap at $0.01190 could provide support for a shallow stop run.
However, lows near $0.01179 also provide a tempting downside target if bitcoin begins a bearish trend. Under these lows, bulls might find support near $0.01153 – or as low as $0.01125 if the market sees a sustained bearish move.
The confluence of levels near $0.01294 that surround the monthly open may provide some resistance, particularly if reached before a run of the lows near $0.01322.
Should the bullish trend resume, $0.01369 may provide some resistance before running the swing highs at $0.01400 and $0.01435.
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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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