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. 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 12th cryptocurrency globally and the current price is US$17.93. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 70% during Q1, showing little sign of interest from buyers.
March’s consolidation at possible support from $18.68 to $19.57 broke down with the rest of the market last week, 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 $24.70, and the monthly high near $26.88 may see profit-taking from bulls.
The first test of possible support near $15.70 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 $14.66, 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 $13.55 to $12.87.
2. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 16th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:
Since its January low, MATIC has been in a steady bullish trend – printing a 54% gain by early February. The price found support near $1.45, at the 82.6% retracement level, during February’s decline.
Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.82 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.35, and still find support.
Currently, the price is contesting a region between $1.59 and $1.40. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $1.49, while $1.58 is also likely to be sensitive with the nearest support and resistance this close together.
3. Near Protocol (NEAR)
NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.
NEAR Price Analysis
At the time of writing, NEAR is ranked the 22nd cryptocurrency globally and the current price is US$10.44. Let’s take a look at the chart below for price analysis:
After its December to mid-January uptrend, NEAR has dropped 74% from its highs to support at the 78.6% retracement around $9.15.
The price shifted market structure to run to the consolidation lows near $10.51, just under the monthly open. Continued bullishness in the market may create support just below, between $12.22 and $11.90.
Bulls might show more interest if the price retraces near the February open, around $11.60. Continued bearishness could see the price reach into old support around $10.00.
If the price reaches this old support, it is unlikely to be the exact long-term bottom – but could prompt a short rally. Bulls may show more interest from $9.43 to $8.69.
On the other hand, if the current resistance breaks, the price might find resistance near $14.98, whereas early-January buyers may still be trapped in longs.
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
