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. Dent (DENT)
Dent is a revolutionary digital mobile operator offering eSIM cards, mobile data plans, call minutes top-ups, and a roaming-free experience. According to the company website, Dent employs blockchain technology’s powers to create a global marketplace for mobile data liberalisation. Dent has an ambitious roadmap ahead, with plans to expand its services to new markets by the end of 2021. The company has already attracted more than 25 million mobile device users, and Dent services are available in more than 140 countries.
DENT Price Analysis
At the time of writing, DENT is ranked the 126th cryptocurrency globally and the current price is A$0.005217. Let’s take a look at the chart below for price analysis:
After dropping nearly 60% in less than two weeks, DENT found a low just above the monthly gap near A$0.005187. Since then, the price has been consolidating in a range between A$0.004833 and A$0.005439.
The weekly level near A$0.005121 may continue to provide support during a run on the local swing lows. The monthly gap beginning near A$0.004975 will likely give the next higher-timeframe support if this level fails.
The price is currently chewing into potentially strong resistance near A$0.005297. A sweep of the relatively equal highs near A$0.005428, and a daily close above this level, could signal a move to the next set of relatively equal highs near A$0.005736.
Just above these highs, probable resistance rests near A$0.006143, which may cap the price until the market moves out of consolidation. However, any significant bullish shift in market conditions during the next few weeks could help bulls reach the swing high near A$0.006482, running stops into probable resistance near A$0.006733.
2. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 28th cryptocurrency globally and the current price is A$0.09369. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market in the mid-Q2 drop, falling nearly 73% from its mid-May high until it found a low late in June.
Price action in late June formed a weekly support level near A$0.08654, which has so far held up the price. The most recent swing low inside this range, near A$0.08439, might be the target for any future stop runs. After this low, the swing low near A$0.08229 and the gap beginning near A$0.07955 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near A$0.09422, just over the July monthly open. A sweep of the relatively equal highs above this resistance might find sellers near A$0.09735 – but could reach as high as A$0.1087.
3. Icon (ICX)
Icon ICX is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer like ICON. The ICON Network is powered by a proprietary blockchain engine called ‘loopchain’, which has the ability to handle hundreds of transactions per second.
ICX Price Analysis
At the time of writing, ICX is ranked the 94th cryptocurrency globally and the current price is A$1.62. Let’s take a look at the chart below for price analysis:
ICX has been trading through a massive range since June, with the price showing mild bullishness during August.
The breaks of the swing highs at A$1.60 and A$1.65 led to support forming near A$1.57. Some bulls will likely wait for a more favourable entry on a potential stop run that could reach near A$1.53.
If the support near A$1.59 continues to hold, the recent swing high at A$1.68 is the likely next short-term target. This potential bullish swing might end with a run on short stops up to A$1.73 and A$1.75.
Higher-timeframe resistance between A$1.77 and A$1.79 may cap any move upwards until the overall market becomes more bullish. However, any significant bearish move in bitcoin will likely push the price down toward the low and possible support near A$1.56.
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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