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. Algorand (ALGO)
The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.
ALGO Price Analysis
At the time of writing, ALGO is ranked the 30th cryptocurrency globally and the current price is US$0.7426. Let’s take a look at the chart below for price analysis:
After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.9322.
Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.12 might look for bids near $1.06. More significant resistance rests above, near $1.18. A group of significant swing highs at $1.20 and $1.26 give possible targets if this resistance breaks.
A stop run on the recent low at $0.7065 into possible support beginning near $0.6630 might see stronger bidding. This area also has a confluence with the recent monthly lows.
2. Near Protocol (NEAR)
NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.
NEAR Price Analysis
At the time of writing, NEAR is ranked the 17th cryptocurrency globally and the current price is US$16.74. Let’s take a look at the chart below for price analysis:
After its uptrend during Q1, NEAR has retraced 20% from its highs to support at the retracement of around $15.15.
The price shifted market structure to run to the consolidation lows near $14.51, just under the monthly open. Continued bullishness in the market may create support just below, between $14.00 and $13.45.
Bulls might show more interest if the price retraces near the February open, around $13.00. Continued bearishness could see the price reach into old support around $12.55.
On the other hand, if the current resistance breaks, the price might find resistance near $21.98, whereas mid-January buyers may still be trapped in longs.
3. Zilliqa (ZIL)
Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.
ZIL Price Analysis
At the time of writing, ZIL is ranked the 70th cryptocurrency globally and the current price is US$0.1091. Let’s take a look at the chart below for price analysis:
ZIL‘s 65% drop during Q1 found a low near $0.04038 before closing over a monthly high around $0.1482 with massive gains.
This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.1637. A sustained bullish move may target the swing high at $0.1864. If this stop run occurs, a run beyond the high into probable resistance near $0.1988 and $0.2045 is possible.
Bulls could buy a retracement to possible support near $0.1018, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.09376.
However, relatively equal lows near $0.08834 and $0.08224 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.07815 and $0.07766.
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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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