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. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 3rd cryptocurrency globally and the current price is US$627.61. Let’s take a look at the chart below for price analysis:
After a 60% decline from August to September, BNB has ranged between $651 and $512.
The recent rally is approaching probable resistance near $671 but could be aiming for stops above the relatively equal highs near $667. Continuation of the bullish move could target the daily gap near $677.
Aggressive bulls might add to positions near $615 and $608. Price action near A$590 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $586 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 $578.
2. Alpha Finance (ALPHA)
Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.
ALPHA Price Analysis
At the time of writing, ALPHA is ranked the 150th cryptocurrency globally and the current price is US$1.15. Let’s take a look at the chart below for price analysis:
APLHA‘s massive May spike retraced near $0.5233 into the consolidation that began the impulse before bouncing to $0.7365.
This consolidation could provide support again, although bears would first have to push the price through possible support near $1.06. The market’s structure may be shifting bearish, with $1.29 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $0.9243 before finding support near $0.8190.
However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $1.34 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach the midpoint near $1.48.
3. Loopring (LRC)
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.
LRC Price Analysis
At the time of writing, LRC is ranked the 46th cryptocurrency globally and the current price is US$3.27. Let’s take a look at the chart below for price analysis:
LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $3.72.
If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $3.14 and $3.00. A deeper retracement that fills the gap down to the monthly level at $2.80 provides a better entry, with any quick drops near the monthly open at $2.58 providing the most favourable entries.
Continuation through the current resistance around $3.35 is likely to explode through the remaining daily highs stacked up to $3.56. There’s no telling how far the price could go beyond these new all-time high prices.
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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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