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. Dego Finance (DEGO)
Dego Finance DEGO is a decentralised ecosystem that offers a diverse combination of the non-fungible token (NFT) and decentralised finance (DeFi) tools. It is an independent, open NFT ecosystem. Any user is allowed to launch an NFT and initiate mining, auctions and trading, covering the entire lifecycle of the product. Dego’s NFT protocol is a cross-chain, second-layer infrastructure for blockchain projects that can be leveraged for user acquisition and token distribution.
DEGO Price Analysis
At the time of writing, DEGO is ranked the 660th cryptocurrency globally and the current price is US$3.92. Let’s take a look at the chart below for price analysis:
During March, bulls enjoyed 65% gains at DEGO‘s peak before the price confirmed strong resistance beginning at $10.25.
The 1-Day chart shows that support may be forming between $4.15 and $4.00, near the weekly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $3.89 and $3.78 after a sweep of the current consolidation’s swing lows.
The last swing high near $4.10 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $4.35 and the 2.0 extension near $4.60 may provide the next major targets.
2. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$23.06. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 50% during Q1, showing little sign of interest from buyers.
March’s consolidation at possible support from $22.68 to $24.57 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.
If market conditions turn and this resistance breaks, an area near the midpoint of January’s consolidation range, near $27.70, and the monthly high near $31.88 may see profit-taking from bulls.
The first test of possible support near $19.70 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.
A break of this support might continue to drop to the next possible support near $17.66, running stops under the Q3 2021 swing low.
If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $16.55 to $16.00.
3. Celo (CELO)
Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. The network also allows for the creation of smart contracts and decentralised applications (DApps) as part of decentralised finance (DeFi). The platform has two native tokens. CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. In the future, the platform aims to host various stablecoins, with one, the Celo Dollar (CUSD), already in use.
CELO Price Analysis
At the time of writing, CELO is ranked the 70th cryptocurrency globally and the current price is US$3.69. Let’s take a look at the chart below for price analysis:
CELO has continued its rally through the daily gap between $3.70 and $3.62, turning this region into an area of possible support.
However, a stop run under the relatively equal lows at $3.54 could form a wick below this level, potentially reaching an untapped daily gap beginning near $3.47.
Resistance starting at $3.80 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at $3.95, continue into probable resistance just above, and possibly set new monthly highs at $4.16.
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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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