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. DefiChain (DFI)
DeFiChain DFI is a blockchain platform built with the mission of maximizing the full potential of DeFi within the Bitcoin(BTC) ecosystem. The software platform is supported by a distributed network of computers and is designed to facilitate fast and transparent transactions. The development team positions DeFiChain as an innovative blockchain project and offers solutions to problems like scalability, security, and decentralization.
DFI Price Analysis
At the time of writing, DFI is ranked the 207th cryptocurrency globally and the current price is US$4.58. Let’s take a look at the chart below for price analysis:
DFI has climbed 109.51% from its late January low and is nearing its range high.
The price is currently encountering resistance near $4.750, where December’s breakdown began. This level could continue to provide resistance.
After bulls reached this resistance, the price saw a sharp 15.2% sell-off to support near $3.923, just above the consolidation that began the last leg upward. This level could provide support again.
More aggressive bulls might hunt closer possible support levels near $4.115, where the sell-off wicked through an inefficiently traded area, and from $4.472 to $4.330, where the 9 EMA and April monthly open converge.
Selling may intensify since the price is nearing its yearly range highs. However, if the price breaks its closest resistance, bulls may be eyeing the two bearish rejections near $5.764 as the next target.
2. IRISnet (IRIS)
Irisnet IRIS is a service protocol and cryptocurrency, which was officially launched on Mar. 1, 2019. The primary purpose of the IRISnet protocol is to provide a blockchain-based, open network to small and medium businesses that are offering a wide variety of services, the protocol aims to employ different public and consortium blockchains to bring the power of decentralized, open networks to thousands of businesses and freelance service providers. Interestingly, IRISnet was named after Iris, the personification of the rainbow and the messenger of the Gods in Greek mythology.
IRIS Price Analysis
At the time of writing, IRIS is ranked the 420th cryptocurrency globally and the current price is US$0.07611. Let’s take a look at the chart below for price analysis:
IRIS climbed nearly 66% after it ran bulls’ stops near a cluster of lows at $0.05133.
The price might find support in the current area, from $0.07636 to $0.07310. Here, the price consolidated before February’s sell-off.
Further below, $0.06525 to $0.06056 might offer more substantial support. The 9, 18, and 40 EMAs created a bullish cross in this zone. It also has confluence with the 61.8-78.6% retracement levels of the current move and marks the consolidation high before the recent rally.
While the current level could also provide resistance, the price might reach slightly beyond, near $0.08532. This level is near the 2022 yearly open and a significant consolidation low that preceded January’s breakdown.
If this price breaks this resistance, bulls might next watch the area near $0.09808. At this level, the monthly chart shows the last significant consolidation before December’s breakdown.
If the market turns aggressively bearish, bears might enter with a hopeful short target near $0.04625. A move to this level would run bulls’ stops under all higher-timeframe swing lows into the origin of January 2021’s rally.
3. MoBox (MBOX)
MoBox MBOX is an NFT gaming ecosystem built on Binance Smart Chain, a community-driven platform empowering users by rewarding them for their engagement and enjoyment. It combines yield farming in DeFi with gaming NFTs, creating a free-to-play, play-to-earn gaming model. MOBOX Platform combines DeFi and Gaming NFT, creating a truly free-to-play and play-to-earn ecosystem.
MBOX Price Analysis
At the time of writing, MBOX is ranked the 184th cryptocurrency globally and the current price is US$3.75. Let’s take a look at the chart below for price analysis:
Last week, MBOX broke a key swing high to the upside, reaching resistance beginning near $4.289.
This area could continue to provide resistance, although it’s reasonable to expect the price to reach slightly above to an area between $4.729 and $5.222. This area is near the 2022 yearly open. It also shows an overlap of inefficient higher-timeframe trading and December’s consolidation, which spawned a strong move downward.
As of now, the first probable support might be near $3.393. This area provided support last week. It also overlaps the consolidation high before February’s drop, contains the 9 EMA, and is an inefficiently traded area.
If the support near $3.393 fails, bulls might eye $2.519 as the next possible support. This level has confluence with the 78.6% retracement level, saw the bullish cross of the 9, 18, and 40 EMAs, and is inefficiently traded on higher timeframes.
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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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