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. Gala (GALA)
GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change how players can spend hundreds of dollars on in-game assets and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking by giving players control of the games and in-game assets with the help of blockchain technology.
GALA Price Analysis
At the time of writing, GALA is ranked the 84th cryptocurrency globally and the current price is US$0.05267. Let’s take a look at the chart below for price analysis:
After setting a low last week, GALA turned into a recovery trend to make the new monthly highs.
The following 80% plummet found support near $0.05039, sweeping under the 40 EMA into the 60.8% retracement level before bouncing to resistance beginning at $0.06320.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.06912, where aggressive bulls might begin bidding. The level near $0.07534, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.08685.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.04620 could provide at least a short-term bounce. If this level fails, the old highs near $0.03935 might also give support and see the start of a new bullish cycle after retesting these support levels.
2. Elrond (EGLD)
Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.
EGLD Price Analysis
At the time of writing, EGLD is ranked the 43rd cryptocurrency globally and the current price is US$50.33. Let’s take a look at the chart below for price analysis:
EGLD‘s 65% rally during Q1 reversed with many other coins in Q2, retracing nearly 45%.
Just above the current price and near the June Monthly open, $70.68 could provide resistance before a downward move. This level has confluence with the 18 EMA.
Bears might consider $75.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach $87.45 at the top of an inefficiently traded area before any future bearish breakdowns.
Resistance might also rest near $90.45, above the recent monthly open. However, the price is less likely to reach this level unless the overall market starts a bullish swing.
The price is finding support between $49.44 and $40.586. This zone might continue to hold, while overlapping higher-timeframe levels from $38.44 to $35.81 could provide the most substantial support inside this area.
3. ARPA Chain (ARPA)
ARPA is a blockchain-based layer 2 solution for privacy-preserving computation, enabled by Multi-Party Computation (MPC). Founded in April 2018, the goal of ARPA is to separate data utility from ownership and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyse data and extract data synergies while keeping each party’s data input private and secure. Developers can build privacy-preserving dApps on blockchains compatible with ARPA. Some immediate use cases include credit anti-fraud, secure data wallets, precision marketing, joint AI model training, and key management systems.
ARPA Price Analysis
At the time of writing, ARPA is ranked the 367th cryptocurrency globally and the current price is US$0.03729. Let’s take a look at the chart below for price analysis:
ARPA set a high near $0.08732 in April before retracing nearly 83% to find a low near $0.03157. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.04288 is slowing the bullish advance down. However, another leg might target the last swing high at $0.04351 and relatively equal highs at $0.04833. Resistance near $0.05472 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.06148.
A retracement before a move higher might find support in the daily gap near $0.03574, just above the monthly open. Relatively equal lows near $0.03130 could also provide support. Run-on stops at $0.02944 and $0.02820 might find support in the gap beginning near $0.02687 or a high-timeframe level near $0.02477.
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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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