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 4th cryptocurrency globally and the current price is US$372.49. Let’s take a look at the chart below for price analysis:
After a 35% decline during January, BNB has ranged between $369 and $410.
The recent price recovery was approaching probable resistance near $388, but could be aiming for stops above the relatively equal highs near $395. Continuation of the trend could target the daily gap near $415.
Aggressive bulls might add to positions near $370 and $365. Price action near $360 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $354 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 $340.
2. Harmony (ONE)
Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
ONE Price Analysis
At the time of writing, ONE is ranked the 47th cryptocurrency globally and the current price is US$0.2035. Let’s take a look at the chart below for price analysis:
ONE‘s rally during January retraced over 55% after the price explored new monthly highs.
Resistance was formed near $0.3315 and $0.3095. With an uncertain market and traders potentially selling, these areas could continue to provide resistance and perhaps prompt a steeper move downward.
The recent market crash, overlapping with the last major down leg’s 41.8% and 55.6% retracements from $0.2167 to $0.2010, could mark an area of support. Inside this zone, $0.1940 to $0.1886 could provide a more sensitive reaction.
A more extended downtrend might reach possible support between $0.1789 and $0.1634, near the origin of the last significant bullish move.
On the other hand, if altcoins resume their recovery trends, the 25% extension near $0.2820 could be the next area of significant profit-taking by bulls.
3. Quantum (QTUM)
Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. QTUM is built on Bitcoin’s UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications.
QTUM Price Analysis
At the time of writing, QTUM is ranked the 104th cryptocurrency globally and the current price is US$5.63. Let’s take a look at the chart below for price analysis:
After dropping almost 80% from December, QTUM has been consolidating on previous price supports.
The recent sweep of the lows near $6.30 could set the stage for at least a short rally higher, with bulls possibly buying near $6.42 for a move toward the relatively equal highs near $6.59. A close over these highs might hint at a longer-term move toward probable resistance near $6.90, likely following a retracement.
Rejection from possible resistance near $5.80, potentially including a sweep of the highs around $5.94, could signal a run to the swing low near $5.40. If this move occurs, bears might target the swing low and support near $5.30 and $5.16.
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
