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. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$9.83. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 70% after Q1, showing little sign of interest from buyers.
May’s consolidation at possible support from $9.75 to $5.60 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.
If market conditions turn and this resistance breaks, an area near the midpoint of Q1 consolidation range, near $12.70, and the monthly high near $13.88 may see profit-taking from bulls.
The first test of possible support near $9.10 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.
A break of this support might continue to drop to the next possible support near $8.70, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $8.25 to $7.96.
2. Green Satoshi Token (GST)
Green Satoshi Token GST is the game token of STEPN — a Web 3.0 lifestyle app with inbuilt fun social elements and gamification design. STEPN is the first move-to-earn NFT game where players earn GST tokens by walking, jogging, and running outdoors while wearing NFT sneakers. GST tokens can also be used to level up and mint new sneakers, and players can sell/rent their NFT sneakers on the App Marketplace.
GST Price Analysis
At the time of writing, GST is ranked the 356th cryptocurrency globally and the current price is US$0.9380. Let’s take a look at the chart below for price analysis:
GST has seen massive volatility recently as STEPN’s other coin, GMT, went on its parabolic run. GST’s price climbed 150% during April, dropped 80%, and is now retesting possible support.
Above the weekly open, $1.15 to $1.23 could provide resistance. Breaking through this resistance could reach near $1.30, which is approximately the midpoint of last month’s long upper wick. If the price breaks this level, last month’s high near $1.55 provides another reasonable target.
Bulls stepped in on each recent drop below $1.00. This level could provide support again and has confluence with the 18 EMA. A move below this level might see support near the 40 EMA and accumulation on the weekly, near $0.9061.
A more significant move down could target an old inefficiently traded area on the weekly between $0.8735 and $0.8267. The lower portion of this range, under $0.7681, may provide higher-probability support.
3. Zcash (ZEC)
Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.
ZEC Price Analysis
At the time of writing, ZEC is ranked the 44th cryptocurrency globally and the current price is US$89.85. Let’s take a look at the chart below for price analysis:
ZEC‘s recent bearish flip of the 9, 18, and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $86.47 and $82.96 – between the 41.8% and 58.6% retracements – could see at least a short-term bounce.
Last year’s long-term consolidation suggests that the areas near $129.23 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $120.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $136.12, the start of the bearish move.
If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $145.32 might provide a ceiling for this impulse.
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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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