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. Ethereum (ETH)
Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.
ETH Price Analysis
At the time of writing, ETH is ranked the 2nd cryptocurrency globally and the current price is US$3,981.13. Let’s take a look at the chart below for price analysis:
ETH‘s long-term range from November’s high could be coming to an end.
The 9, 18, and 40 EMAs flipped bullish at the beginning of December after late November’s retracement, showing strength as BTC recovered. Currently, the price is hovering just under the monthly high as bulls take some profits.
Two swing highs and the 9 EMA could mark $3880.87 to $3726.72 as an area of possible support. A deeper retracement will likely find some buyers around the 61.8% retracement near $3567.59.
The monthly high will likely see some profit-taking, but the area near the 27% extension, at $4250.12, could also provide some resistance. The 61.8% extensions of the last two swings converge near $4520.54, which could be the target for a monthly high break before a new setup emerges.
2. Shiba Inu (SHIB)
Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
SHIB Price Analysis
At the time of writing, SHIB is ranked the 12th cryptocurrency globally and the current price is US$0.00003321. Let’s take a look at the chart below for price analysis:
SHIB wasted no time during October, rocketing upward over 465% from the first week of the month into the resistance near $0.00007982.
For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.00003142 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00002829.
Bulls entering at these levels could set their first target near the previous resistance near $0.00003580. Beyond this level, probable targets include the new monthly highs near $0.00003824 and the resistance above near $0.00004092.
A break of this resistance later this month could continue to the new weekly highs near $0.00004522 and $0.00004954.
3. Holo (HOT)
Holo HOT is a peer-to-peer distributed platform for hosting decentralised applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants.
HOT Price Analysis
At the time of writing, HOT is ranked the 78th cryptocurrency globally and the current price is US$0.008031. Let’s take a look at the chart below for price analysis:
Since the beginning of December, HOT has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.
A retracement might uncover support near $0.007596, which is the daily high of the last swing low. The high of the wick beginning near $0.007350 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.006829 likely to be the next bearish target.
Just above, the daily gap beginning near $0.008333 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.008599 – perhaps running to probable resistance near $0.008945. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.
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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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