ROSE, FIL, SC – June 24 Trading Analysis

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. Oasis Network (ROSE)

The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.

ROSE Price Analysis

At the time of writing, ROSE is ranked the 107^th cryptocurrency globally and the current price is US$0.05164. Let’s take a look at the chart below for price analysis:

ROSE climbed 42% from its Q1 low, then dropped nearly 75% into support last week.

The price is currently testing this support again, near $0.04690. It may provide support again and has confluence with the 61.8% and 78.6% retracements.

Resistance begins just above, at $0.05837. This inefficiently traded area, which reaches slightly beyond $0.06462, contains the monthly open, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs. 

These confluences often provide strong resistance. Since this resistance is close to the $0.07190 support, the price might enter consolidation before breaking out to the next move.

If the price breaks this resistance, bulls might eye an area of old rejection, near $0.07562, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0.07895 to $0.08065.

A more significant bearish turn in the market may reach for bulls’ stops under the Q2 lows, down to an area of old support in an inefficiently traded area between $0.04341 and $0.03917.

2. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 38^th cryptocurrency globally and the current price is US$5.68. Let’s take a look at the chart below for price analysis:

FIL has dropped 77% from its early Q2 highs. It’s now 95% down from its March 2021 all-time high. 

The price is currently in a small consolidation range. This range’s lower lows suggest bearishness. 

A rally near $6.50 could set the stage for another move lower. This level would provide a run on bears’ stops above the last daily swing high and is above the June monthly open. 

A break through this level could reach between $7.60 and $8.35. This zone shows inefficient trading on the weekly and daily charts. It also contains the 40 EMA. Relatively equal highs at the bottom of this zone mark bears’ stops. These stops provide bulls with an attractive target.

Bulls should be careful, however. The price is trending lower, and the current market conditions are bearish. Yet a consolidation near $5.63 could provide at least short-term support. This consolidation followed the last drop lower.

Chaotic price action below this level makes precise levels impossible to determine. Still, bulls could look for support near old swing highs formed in late 2019 near $5.14. 

Slightly lower, an area near $4.63 could also cause the formation of a bullish setup. This area is around the midpoint of significant consolidation. It’s also near the origin of 2020’s rally.

3. Siacoin (SC)

Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.

SC Price Analysis

At the time of writing, SC is ranked the 122^nd cryptocurrency globally and the current price is US$0.003962. Let’s take a look at the chart below for price analysis:

After a 72% decline from April, SC has ranged between $0.003723 and $0.005165.

The recent rally is approaching probable resistance near $0.004930 but could be aiming for stops above the relatively equal highs near $0.005430. Continuation of the bullish move could target the daily gap near $0.006124.

Aggressive bulls might add to positions near $0.003640 and $0.003492. Price action near $0.003272 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $0.003043 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.002675.

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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.