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. Filecoin (FIL)
Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.
FIL Price Analysis
At the time of writing, FIL is ranked the 44th cryptocurrency globally and the current price is US$20.90. Let’s take a look at the chart below for price analysis:
FIL has retraced nearly 93% since its April 2021 high, with little higher-timeframe support below the current price.
After rejecting resistance at $26.21, the price is crossing below the February open. This area near the February open, between $20.46 and $20.97, might form a new resistance.
A break through this level could reach near $21.88. A retest of possible higher-timeframe support near $19.23 could provide a bounce. However, if the price moves under $18.03 and retests it from below, higher timeframes show no remaining support below this region.
2. Harmony (ONE)
Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
ONE Price Analysis
At the time of writing, ONE is ranked the 50th cryptocurrency globally and the current price is US$0.1855. Let’s take a look at the chart below for price analysis:
After a strong rally during the second half of 2021, ONE has ranged between $0.16326 and $0.38000.
The price is currently testing possible support, near $0.18317, for the third time. This area has confluence with the 61.8% retracement level of 2021’s bull run and the February monthly open. While it could provide support again, multiple retests of a level often lead to it breaking.
If this level breaks – $0.14879 might offer the next substantial support. This level supported the price during December 4th’s crash and is approximately halfway between the 61.8% and 78.6% retracement levels of 2021’s bull run.
A more significant breakdown could reach between $0.11481 to $0.08465 – particularly near $0.09797 – and possibly mark a longer-term bottom. These levels are just below the 78.6% retracement level where the price accumulated for 2021’s bull run.
Just above the current price, the 18 EMA and an inefficiently traded area near $0.1970 may offer resistance. A break through this level could reach $0.2407, above the last significant swing high and the 2021 open.
If market conditions turn much more bullish, higher timeframes suggest that bulls might take significant profits near $0.2910, which marks an old area of rejection.
3. Cudos (CUDOS)
CUDOS powers a decentralised computing network that will interoperate with multiple blockchain ecosystems to provide the following benefits: Trusted layer 1 validator network built on the Tendermint protocol – Wasm compatibility, for smart contracts to be deployed on CUDOS using next-generation languages so long as they compile to WebAssembly. I.e. Golang, Rust, Java etc. Cross-chain or Horizontal interoperability. The network’s Inter Blockchain Communication (IBC) integration, allowing Cudos Network smart contracts to interface with multiple networks. 10x lower transaction and gas costs compared to those on PoW networks.
CUDOS Price Analysis
At the time of writing, CUDOS is ranked the 418th cryptocurrency globally and the current price is US$0.03007. Let’s take a look at the chart below for price analysis:
Since May, CUDOS ranged between approximately $0.04444 and $0.02320, with a 158% surge from the range lows between mid-October and mid-November.
The price retraced the Q4 breakout into possible support just under the 78.6% retracement, near $0.02407. The higher-timeframe chart suggests that this area and down to $0.01815 could offer support again.
At the 78.6% retracement and just above the February monthly open, $0.02785 offers closer possible support.
Just above the current price, overlaps on multiple timeframes suggest that $0.03201 may create strong resistance. However, the price could move as high as $0.038220 if this closer resistance gives way.
The price is currently entering an area of congested historical price action between $0.03335 and $0.02829. This zone is between the 61.8% and 78.6% retracement levels, which often mark an accumulation area. These factors, and the confluence with the 9, 18, and 40 EMAs, support the idea that price may consolidate in this region.
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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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