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 that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.
ADA Price Analysis
At the time of writing, ADA is ranked the 5th cryptocurrency globally and the current price is A$1.60. Let’s take a look at the chart below for price analysis:
ADA’s 40% July rally could be setting up a more significant bullish move for the rest of the quarter.
Last week, the support beginning near A$1.55 launched a move to the resistance starting near A$1.75. This move failed to close below the previous swing high. However, it did create probable support underneath the high near a monthly level around A$1.90.
Aggressive bulls could enter near this recently formed support. The last swing high at A$1.97 gives a first reasonable target. Bulls could hold for the second target at the set of relatively equal daily highs near A$2.17.
A daily close above the resistance from A$1.98 to A$2.10 could signal an extended move. Resistance at the EQ near A$2.25, a small price range near A$2.30, and probable resistance beginning at A$2.48 give potential take profit or turning points before the equal highs forming the primary objective at A$2.55.
2. Ethereum Classic (ETC)
Ethereum Classic ETC is a hard fork of Ethereum that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time.
ETC Price Analysis
At the time of writing, ETC is ranked the 19th cryptocurrency globally and the current price is A$55.90. Let’s take a look at the chart below for price analysis:
ETC tore upward into price discovery last month before pausing at resistance near the main move’s 0.68 extension.
The price range beginning at A$40.27 provides the first potential support for an early-week dip. Just below this range, the previous swing high and accumulation near A$36.25 could provide more substantial support.
A significant market drop could reach as low as the consolidation range beginning at A$30.68, supported by the January monthly open.
It’s impossible to predict where the price in discovery will go, but the last high at A$69.37 provides the first probable target. Extensions from the primary move hint at A$75.38, A$82.41, and A$86.28 as probable take-profit zones.
3. Telcoin (TEL)
Telcoin TEL is the native medium of exchange, reserve asset, and protocol token of the Telcoin user-owned, decentralized financial platform. TEL enables end-users to seamlessly access and power a global suite of user-owned, decentralized financial products. TEL incentives coordinate market participants, such as telecoms and active users, to provide specific value-added services to end-users of the platform.
TEL Price Analysis
At the time of writing, TEL is ranked the 84th cryptocurrency globally and the current price is A$0.01741. Let’s take a look at the chart below for price analysis:
June saw a 35% spike in TEL price into the resistance beginning near A$0.04329. This move swept July’s swing high, which might set the stage for retracement and reaccumulation.
The previous high and brief reaccumulation near A$0.02377 has so far provided support, making it a reasonable place for bulls to begin building positions.
A deeper drop to run stops and test the daily gap beginning at A$0.01524 is likely to meet support. This area has a confluence with a monthly level and a consolidation zone.
Bulls could target the most recent swing high near A$0.02788. A break of this resistance zone is likely to reach near the old monthly high at A$0.03744.
Resistance near $0.03575 could cause the price to pause. However, a break of this level is likely to proceed to resistance under the next monthly high, near A$0.04137.
Where to Buy or Trade Altcoins?
These three coins have the 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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