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. 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 6th cryptocurrency globally and the current price is US$113.76. Let’s take a look at the chart below for price analysis:
SOL has retraced 60% from its December highs and reached possible support last month near $85.34. Resistance might begin near $115.24, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $120.23 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 $126.42 and $139.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $105.34, 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 $96.10 and $90.54. If the price reaches this zone, the May 2021 swing high near $84.13 might mark a more sensitive level.
2. Terra (LUNA)
Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin, and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.
LUNA Price Analysis
At the time of writing, LUNA is ranked the 9th cryptocurrency globally and the current price is US$94.89. Let’s take a look at the chart below for price analysis:
LUNA showed significant strength in the face of a mostly bearish altcoin market, rallying over 95% during Q1.
The price is currently retracing from resistance near $114.90, just below the all-time high. Bulls might begin eyeing entries near $90.00, which will soon be near the 18 EMA and between the 61.8% and 78.6% retracement levels of the last leg upward.
A deeper retracement might reach an inefficient zone and the 40 EMA under the last daily swing low, between $87.44 and $84.07. A move below this low suggests a more bearish shift in market structure. If this shift occurs, it could create a short setup to target possible support at the upmove’s accumulation zone, near $79.41.
While the price is retracing, $98.44 offers the closest probable resistance at the yearly open. Just above, near the March monthly open, the consolidation lows near $101.69 are also a reasonable candidate for resistance.
If the price breaks through these resistances, the significant resistance at $107.69 might also break and allow LUNA to set new monthly highs. However, bulls should keep in mind that the overall market is mostly bearish, decreasing the chances of a massive bullish breakout. If the price does break the all-time high and enter discovery, overlapping extensions near $125.40 offer a possible significant target.
3. 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$0.06387. 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 50% from its mid-December high until it found a low early in February.
Price action formed a weekly support level near $0.06154, which has so far held up the price. The most recent swing low inside this range, near $0.05929, might be the target for any future stop runs. After this low, the swing low near $0.05789 and the gap beginning near $0.05555 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07092, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07535 – but could reach as high as $0.08137.
Learn How to Trade Live!
Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.
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.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
