EOS, XRP, DGB July 26 Trading Analysis

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. Electro Optical System (EOS)

EOS is a platform that’s designed to allow developers to build decentralized apps DApps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 28^th cryptocurrency globally and the current price is A$4.87 Let’s take a look at the chart below for price analysis:

EOS marines continue pushing the price higher, printing nearly 45% gains during the end of July.

The consolidation near A$4.75 is likely to provide support as the price continues exploring new highs. However, a set of relatively equal lows near A$4.38 provides a tempting target for a stop run into probable support near A$4.15.

A decidedly bearish shift in the market could reach probable support near A$3.85.

Almost no resistance lies overhead, although low-timeframe traders can use the resistance below recent highs near A$5.20 as a first target. Beyond this level, extensions near A$5.88, A$6.15, and A$6.45 give reasonable higher-timeframe targets.

2. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6^th cryptocurrency globally and the current price is A$0.811. Let’s take a look at the chart below for price analysis:

XRP retraced 45% during July before finding support near A$0.5937. The following bounce encountered resistance at the daily gap near A$0.6328.

Bulls might wait for a sweep of the local lows into support near A$0.7344 before stepping in. A move to this level could reach into the higher timeframe gap down to A$0.6936. 

In the most bearish scenario, a significant turn in the market could push the price down to the consolidation near A$0.6422.

The local resistance is near A$0.9855 and the relatively equal swing highs give a reasonable first target. Just above, layered resistance near A$1.18 and A$1.27 could slow bulls down as they push the price towards the significant swing high at A$1.45.

3. DigiByte (DGB)

DigiByte DGB is an open-source blockchain and asset creation platform. Development began in October 2013 and the genesis block of its DGB token was mined in January 2014 as a fork of Bitcoin. A longstanding public blockchain and cryptocurrency, DigiByte uses five different algorithms to improve security, and originally aimed to improve on the Bitcoin blockchain’s security, capacity, and transaction speed. DigiByte consists of three layers: a smart contract “App Store,” a public ledger, and the core protocol featuring nodes communicating to relay transactions.

DGB Price Analysis

At the time of writing, DGB is ranked the 89^th cryptocurrency globally and the current price is A$0.05837. Let’s take a look at the chart below for price analysis:

DGB bears have retraced over 145% since June, with little resistance above to end the current price discovery.

The price may find support near A$0.04655. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near A$0.04371. The area around A$0.04015 should provide strong support if the price reaches this low.

The air above the current price is thin, but the level near A$0.0695 could potentially provide some resistance in the short term. Extensions reaching near A$0.0784 and A$0.0872 make reasonable take-profit zones if the bullish trend continues.

Where to Buy or Trade Altcoins?

These three 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.