AION, REN, SUSHI – August 30 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. Aion (AION)

Aion is the token used to secure and access The Open Application Network (OAN). The OAN is a public network available to everyone. Managed by The Open Foundation, a registered not-for-profit organization, OAN aims to give the public an environment to create Open Apps. By making the AION token the core of the network, OAN enables users to execute smart contracts, store data, and share it between different networks.

AION Price Analysis

At the time of writing, AION is ranked the 394^th cryptocurrency globally and the current price is A$0.2542. Let’s take a look at the chart below for price analysis:

After a 61% decline from May to June, AION has ranged between A$0.2471 and A$0.1833.

The recent rally is approaching probable resistance near A$0.3347 – but could be aiming for stops above the relatively equal highs near A$0.2849. Continuation of the bullish move could target the daily gap near A$0.3095.

Aggressive bulls might add to positions near A$0.2411 and A$0.2347. Price action near A$0.2041 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around A$0.1800 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 A$0.1638.

2. Ren (REN)

REN is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes. Ren aims to expand the interoperability, and hence accessibility, of decentralised finance (DeFi) by removing hurdles involved in liquidity between blockchains.

REN Price Analysis

At the time of writing, REN is ranked the 114^th cryptocurrency globally and the current price is A$0.9304. Let’s take a look at the chart below for price analysis:

REN’s 82% retracement from its February highs set a low near A$0.4287 during its consolidation that began in mid-June.

Relatively equal highs near $0.9956 could be the current target if the price breaks through resistance beginning near A$1.08. Bullish continuation might reach through the next significant swing high near A$1.18 into the daily gap near A$1.25.

If bullish strength continues, the zones just below the monthly open near A$1.34 and A$1.42 could halt any retracement. 

A bearish shift in the market might seek the relatively equal lows near A$0.8944 into possible support near A$0.8256. If this down move occurs, the swing low near A$0.7759 and possible support near A$0.7106 may be the primary objective.

3. 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 additional 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 73^rd cryptocurrency globally and the current price is A$15.70. Let’s take a look at the chart below for price analysis:

After retracing nearly 75% from its May high, SUSHI set a low near A$10.59 as it formed its current range.

Last week, the price swept highs near A$19.24, which now also marks the August monthly high. Relatively equal daily highs near A$21.68 provide a reasonable target, although resistance beginning near A$22.47 could cap the move. A break of this resistance is likely to target the swing high near A$23.18 into higher-timeframe resistance beginning near A$25.09.

The current area near A$14.17 could provide support, although bulls may be more likely to buy near the price fractal near A$13.27 if a retracement reaches this level. A break of this area could continue down to sweep the July low near A$12.08 into possible support beginning near A$10.95.

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.