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. Axie Infinity (AXS)
Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. Each Axie is a non-fungible token (NFT) with different attributes and strengths and can be entered into 3v3 battles, with the winning team earning more experience (exp) points that are used to level up an Axie’s stats or evolve its body parts.
AXS Price Analysis
At the time of writing, AXS is ranked the 60th cryptocurrency globally and the current price is A$30.85. Let’s take a look at the chart below for price analysis:
AXS exploded over 390% from the monthly open to tag the 400% extension near A$30.54. This level could continue to provide resistance, although early morning trading suggests that the 68% extension near A$32.25 could be turning from resistance to support.
A drop to the daily gap beginning at A$25.45 could provide an excellent entry for traders who can’t watch intraday price action. If this gap fills, the zone between A$22.00 and A$20.65 provides the next logical support.
Technical analysis can’t predict a final target, but the 450% and 500% extensions near A$34.87 and A$39.55 are likely to provide significant resistance. Traders planning to take profits along the way can also watch the 435% extension near A$32.17.
2. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community.
SAND Price Analysis
At the time of writing, SAND is ranked the 112th cryptocurrency globally and the current price is A$0.6759. Let’s take a look at the chart below for price analysis:
SAND’s stunning rally from June 25 transitioned to a slower continuation during July. However, the 127% extension near A$0.6945 has provided stiff resistance and pinned down the daily closes for the latter part of last week.
Traders could begin looking for entries in support created by the gap from A$0.5844 to A$0.5587. A higher risk-to-reward opportunity could present itself at probable support between A$0.6012 and A$0.5247, just above the weekly open.
A deeper market retracement could drop below the relatively equal lows near A$0.4829, giving a higher probability entry in the support from A$0.4588 to A$0.4259.
As price explores thin air, there’s no way to predict the final target. However, the 100% and 168% extensions near A$0.8955 and A$0.9657 are likely to provide more significant resistance. The 68% and 127% extensions near A$0.8514 and A$0.8047 are reasonable areas to take profits along the way.
3. Origin Protocol (OGN)
Origin Protocol OGN is a network that allows market participants to share goods and services through peer-to-peer (P2P) networks. The platform aims to create an extensive online marketplace leveraging the Ethereum (ETH) blockchain and Interplanetary File System (IPFS) in order to eliminate the need for middlemen.
OGN Price Analysis
At the time of writing, OGN is ranked the 134th cryptocurrency globally and the current price is A$1.08. Let’s take a look at the chart below for price analysis:
OGN climbed just over 20% from July’s monthly open as it positioned itself to challenge two old swing highs.
The region between A$0.8568 and A$0.8047 has provided support for the last few days, making it a reasonable place for aggressive traders to take smaller-size positions. However, a better risk-reward entry might form at support between A$0.9144 and A$0.9572.
If the resistance between A$1.17 and A$1.30 breaks, the next resistance is between A$1.41 and the May swing high at A$1.68, which marks the first primary target for this trend.
Beyond this first target, traders could target a swing high from last April at A$2.30 and possibly up to resistance between A$2.51 and A$2.72.
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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