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. 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$1.08. Let’s take a look at the chart below for price analysis:
ADA‘s nearly 65% drop during Q3 found a low near $0.7835 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that may reach probable resistance near $1.10. A sustained bullish move may target the swing high at $1.14. If this stop run occurs, a run beyond the high into probable resistance near $1.25 and $1.33 is possible.
Bulls could buy a retracement to possible support near $0.9240, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.8725.
However, relatively equal lows near $0.8357 and $0.8022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7847 and $0.7352.
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 9th cryptocurrency globally and the current price is US$94.76. Let’s take a look at the chart below for price analysis:
SOL has retraced 71% from its November all-time high and reached possible support last week near $82.34. Resistance might begin near $98.24, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $110.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $123.42 and $135.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $80.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $76.10 and $70.54. If the price reaches this zone, the May 2021 swing high near $64.13 might mark a more sensitive level.
3. Loopring (LRC)
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.
LRC Price Analysis
At the time of writing, LRC is ranked the 67th cryptocurrency globally and the current price is US$1.09. Let’s take a look at the chart below for price analysis:
LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $1.14.
If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $1.06 and $0.9950. A deeper retracement that fills the gap down to the monthly level at $0.9460 provides a better entry, with any quick drops near the monthly open at $0.9058 providing the most favourable entries.
Continuation through the current resistance around $1.19 is likely to explode through the remaining daily highs stacked up to $1.28. There’s no telling how far the price could go beyond these new monthly high prices.
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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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