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$0.4913. Let’s take a look at the chart below for price analysis:
From its March high to early May, ADA dropped nearly 68% before finding support near $0.4549. The price has been consolidating since it set this low.
The price is currently testing support near $0.4549. This level has held as support despite the larger market’s sharp downturn since mid-June.
It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4206 and $0.4019 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.3972 could provide support.
If this region holds as support, bulls might find the first resistance near $0.5610. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range.
A break of this resistance may retest resistance just above the June monthly open, near $0.6696. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.
However, bulls should be cautious of the bearish market conditions and a potential hardfork delay. A break of the two closest support levels could lead to a much more significant drop near $0.2288. This level, near the 2021 yearly open, is inefficiently traded on the monthly and weekly charts.
2. Internet Computer (ICP)
The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.
ICP Price Analysis
At the time of writing, ICP is ranked the 36th cryptocurrency globally and the current price is US$5.67. Let’s take a look at the chart below for price analysis:
ICP has dropped 53% from its most recent June high as it continues its nine-month downtrend.
The edge of the recent swing’s low lower candle bodies could provide the closest support, near $5.15. This level overlaps with the 100% extension of June’s opening rally.
Currently, the price is testing possible resistance near $5.43. This level has confluence with the 9 EMA. It is unclear if it will hold as resistance, but it’s reasonable to anticipate a run above bear’s stops at $6.06.
If the price breaks through this resistance, it may find its next resistance near $6.59. This level is near the midpoint of May 12th’s swing low and the midpoint of an inefficiently traded area on the weekly chart.
A rally this high might reach slightly higher, near $6.82. This area formed the base of the June opening rally, shows inefficient trading on the daily chart, and is at the low end of May’s accumulation range.
Below, there is no historical price action to suggest possible support. The next downside targets might be near $4.00 and $2.80. These approximate levels are near the 150% and 200% extensions of June’s opening rally.
3. Meta Connect (MXC)
Meta X Connect MXC is a utility token, allowing for the increased frequency of data transactions and idiosyncratic data flows within the AI and blockchain markets. The MXProtocol ensures networks are created and connected via a decentralised and robust protocol using an interchain data market, encouraging participation via Proof of Participation “PoP” Mining. The mechanism also allows for the provisioning of any tangible smart Internet of Things (IoT) devices with minimal cost, creating a framework for data providers and receivers to produce their own GDPR-safe AI and blockchain NFTs.
MXC Price Analysis
At the time of writing, MXC is ranked the 132nd cryptocurrency globally and the current price is US$0.06589. Let’s take a look at the chart below for price analysis:
MXC bulls suffered a sharp 51.65% drop during the second week of May. Since then, the price has consolidated in the lower half of the range created by this drop.
A level near $0.06508 has been providing support on each recent retest. This level has confluence with the bottom of the candle bodies created in May’s significant swing low. It could continue to provide support for a run to or beyond the closest resistance.
Bulls might find their next resistance near $0.06938. Here, a recent swing high, an inefficiently traded area on the daily chart, and the 9 EMA could attract the price.
A break through this level may find its resistance in the upper half of the local range, near $0.07631. This level contains the 40 EMA and previously supported the price as it formed the base of late May and early June’s rally.
A significantly higher move could retest resistance near $0.09245. This level shows inefficient trading on the weekly and daily charts. It also provided support during March and April’s consolidation. A run to this level would sweep many bears’ stops above the swing high at $0.09245.
An eventual move below the 2022 yearly open into a zone from $0.05245 to $0.04329 is reasonable to expect. Moving to this zone would sweep bulls’ stops under two relatively equal major swing lows. This level also saw accumulation before December’s rally.
If the downtrend resumes, bears might next target possible support near $0.03428. This level is near the midpoint and lower half of 2021’s massive consolidation. It would also provide bears with a shot at bulls’ stops under the significant swing low at $0.03229.
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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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