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. MyNeighborAlice (ALICE)
ALICE is a multiplayer builder game where anyone can buy and own virtual islands, collect and build exciting items, and meet new friends. Inspired by successful games such as Animal Crossing, the game combines the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience, as well as an ecosystem for players who want to collect and trade non-fungible tokens (NFTs).
ALICE Price Analysis
At the time of writing, ALICE is ranked the 280th cryptocurrency globally and the current price is US$2.57. Let’s take a look at the chart below for price analysis:
ALICE dropped almost 79% from its April high to mid-May low. Since this drop, the price has consolidated in a tight range between approximately $3.330 and $1.845.
Support may have formed near $2.571. This area shows inefficient trading on the daily chart. It also overlaps Jun 15th’s swing high and contains the 9 and 18 EMAs.
If this level breaks, the price might also find support at a small distance below, near $2.169. Here, the weekly chart shows that bulls rejected bears.
The 40 EMA is currently providing some resistance. Yet, the price may be seeking the next resistance near $3.00. This level is near the top of the range, contains relative equal highs, and is just below the June monthly open.
A break through this level might reach the next resistance near $3.330. This level is just above relative equal highs and the June monthly open. It also shows inefficient trading on the weekly chart and overlaps with the June 2021 swing low’s wick.
If the rally continues, $3.804 could provide the next resistance. This level shows inefficient trading on the weekly and monthly charts. It overlaps with June 2021’s weekly and monthly swing low candle body boundaries.
The overall market is still bearish, so bulls should be cautious. There is no historical price action to suggest support below the current price. The local range’s 50% extension suggests that $1.250 to $1.00 could be the next longer-term downside target.
2. Ergo (ERG)
The Ergo ERG platform aims to provide an efficient, secure, and easy way to implement financial contracts that will be useful and survivable in the long term. Ergo describes itself as a self-amendable protocol that reportedly allows it to absorb new ideas and improve itself in a decentralized manner. It is a project that boasts a programmable blockchain with an energy-efficient and stable mining protocol.
ERG Price Analysis
At the time of writing, ERG is ranked the 315th cryptocurrency globally and the current price is US$1.97. Let’s take a look at the chart below for price analysis:
ERG’s price has dropped almost 67% from its late-March high to its mid-June low. The price has been consolidating in a tight range since it formed the mid-June low.
The price is testing possible support near $2.050. This level is at the May swing lows and in the upper half of the local consolidation range. It also contains the 9 and 18 EMAs.
If the price does rally – perhaps prompted by Saturday’s emission reduction – the next resistance may be at $2.2657. This level contains the 40 EMA. It also shows inefficient trading and is at the bottom of early June’s consolidation on the daily chart. A rally this high would fill a pocket of inefficient trading on the weekly chart.
A more substantial rally could reach up to $2.7272. This move would run bears’ stops above late May and early June’s swing highs. In this area, the monthly and weekly charts show inefficient trading. It also overlaps with a swing low from February 2022.
Bulls should be careful since market conditions are still bearish. If the price breaks the closest support, it might reach the next possible support between $1.680 and $1.4950.
A move this low would run bulls’ stops under a mid-March 2021 weekly swing low. Under this low, bears might take profits in the area of inefficient trading on the monthly chart.
3. Waves (WAVES)
WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.
WAVES Price Analysis
At the time of writing, WAVES is ranked the 66th cryptocurrency globally and the current price is US$5.92. Let’s take a look at the chart below for price analysis:
WAVES has dropped almost 96% from its late-March high and over 64% from its early June high. The price is rallying toward the middle of its local range.
Bulls might find their first support between $5.82 and $5.01. This area shows inefficient trading on the daily chart inside June 21st’s strong bullish impulse. It’s also just below the 9 and 18 EMAs.
The price may be seeking probable resistance near $7.97. This level shows consolidation on the daily chart over the current range’s midpoint. Weekly candle bodies also show that bears rejected bulls near January’s swing lows near this area.
This potential rally could continue over the June monthly open to $9.12. Candle bodies on the weekly and monthly charts show that bulls rejected bears at this level in late January. This area also shows inefficient trading on the weekly chart, which may need a revisit.
Yet, relative equal lows near $4.13 offer a very tempting target for bears. The price could find some support under these lows, down to $3.75. This area shows inefficient trading on the weekly and monthly charts. It’s also near the high of September 2020’s consolidation.
A longer bearish move might continue through these possible supports to a zone from $2.57 to $1.80. If the price moves this low, it might be targeting bulls’ stops below weekly swing lows near $2.00. The bottom of this zone also shows inefficient trading on the monthly chart.
Learn How to Trade Live!
Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.
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.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
