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. Horizen (ZEN)
Horizen ZEN is an interoperable blockchain system, supported by a decentralised node infrastructure. Its sidechain platform focuses on scalable data privacy, and as such enables businesses as well as developers to build private or public blockchains using the unique sidechain technology known as Zendoo. Horizen claims to be completely decentralised, fully customisable with privacy features, and supports low costs associated with building blockchains with configurable revenue models and an unlimited number of tokens and digital assets.
ZEN Price Analysis
At the time of writing, ZEN is ranked the 135th cryptocurrency globally and the current price is US$14.90. Let’s take a look at the chart below for price analysis:
ZEN saw an energetic run during Q1, climbing approximately 75% before cooling off into resistance beginning near $31.85 pinned down last month’s attempt to rally, which is likely to retest possible support near $16.14.
A deeper marketwide retracement could take out the relatively equal lows below the weekly open and support near $14.23. This move may offer entries near probable support between $13.47 and $11.78.
However, more bullish market conditions may prompt a rally to the relatively equal highs near $17.67 into resistance beginning at $21.46. If the price reaches this level, the last high at $24.58 gives the next likely target before price discovery begins.
2. SushiSwap (SUSHI)
SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.
SUSHI Price Analysis
At the time of writing, SUSHI is ranked the 145th cryptocurrency globally and the current price is US$1.20. Let’s take a look at the chart below for price analysis:
After retracing nearly 80% from its Q1 highs, SUSHI set a low near $0.9210 as it formed its current range.
Last week, the price swept highs near $1.37, which now also marks the previous monthly high. Relatively equal daily highs near $1.43 provide a reasonable target, although resistance beginning near $1.55 could cap the move. A break of this resistance is likely to target the swing high near $1.64 into higher-timeframe resistance beginning near $1.72.
The current area near $1.20 could provide support, although bulls may be more likely to buy near the price fractal near $1.14 if a retracement reaches this level. A break of this area could continue down to sweep the low near $1.00 into possible support beginning near $0.8702.
3. Harmony (ONE)
Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
ONE Price Analysis
At the time of writing, ONE is ranked the 89th cryptocurrency globally and the current price is US$0.02878. Let’s take a look at the chart below for price analysis:
ONE bulls have had to endure a 79% drop since early Q2 until the price set a low and began a range in June.
Currently, the price is aggressively moving toward possible resistance, beginning near $003621. Stops above the swing high at $0.04135 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 78.6% retracement level of a recent significant bearish swing.
If the price continues through this high, it could be reaching for an inefficient area near $0.04472. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.04875 and $0.05038, which surrounds the yearly open.
If the price stays above Monday’s low of $0.02695, this price could support a run above the $0.02935 swing high. Just below, at $0.02554, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.
A deeper retracement might retest the accumulation area between $0.02425 and $0.02280. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.01980. This area overlaps the 37% extension of a recent significant bearish swing.
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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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