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. Burger Swap (BURGER)
BurgerSwap BURGER is one of the first democratised, decentralised automated market makers (AMMs) on the Binance Smart Chain (BSC). It was built without the control of any centralised authorities through the use of smart contracts. BURGER token staking allows any user to create proposals and influence the adjustment of transaction fees, block rewards, and other system parameters of the Burger Swap exchange via voting.
BURGER Price Analysis
At the time of writing, BURGER is ranked the 299th cryptocurrency globally and the current price is US$3.23. Let’s take a look at the chart below for price analysis:
After an 85% retracement from its May highs, BURGER found a temporary low near $0.8244. A recent move above $3.10 could be the first sign of a bullish shift but could also be a stop run before the next drop lower.
If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near $4.23, possibly reaching up to $5.74.
However, a move below the closest support near $2.85 makes stop runs on the swing lows near $2.55 and $2.34 likely. A confluence of several levels near $2.10 could provide a temporary bounce. Still, a sustained bearish market will likely target $3.42 and even $3.50.
2. VeChain (VET)
VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VET Price Analysis
At the time of writing, VET is ranked the 31st cryptocurrency globally and the current price is US$0.02167. Let’s take a look at the chart below for price analysis:
VET‘s 50% move during late Q1 ran into resistance near $0.08240, at the 35% extension of the Q1 swing.
An old high and the 18 EMA have provided support near $0.02083 and may give support again on a retest. This area also has confluence with the 55% and 68.9% retracements of November’s swing.
Just below, near $0.01843, the 50.8% retracement of the current Q1 swing might also mark an area of support.
If the market turns bearish, $0.01632 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.02848, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.03378. Above, old consolidations near $0.03925 and $0.04272 may also provide some resistance before another round of price discovery.
3. Mina (MINA)
MINA Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralisation. The Mina network has a size of only 22 KB, which is minuscule when compared to Bitcoin’s 300 GB blockchain.
MINA Price Analysis
At the time of writing, MINA is ranked the 80th cryptocurrency globally and the current price is US$0.6470. Let’s take a look at the chart below for price analysis:
MINA‘s 85% pump during Q1 ran into resistance near $3.26. Since then, the price has been consolidating between $0.5248 and $1.12.
Just below the Monthly open, $0.6139 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.5972 might cap a run on the lows near $0.5746 and $0.5308.
The higher-timeframe analysis points to the area near $0.7389 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.7928 and $0.8750 may be the next targets.
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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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