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. Gala (GALA)
GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets, and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.
GALA Price Analysis
At the time of writing, GALA is ranked the 55th cryptocurrency globally and the current price is US$0.253. Let’s take a look at the chart below for price analysis:
After setting a low last month, GALA kicked off a bullish trend that rallied by 95% by early February to break the new monthly highs.
The following 45% plummet found support near $0.2476, sweeping under the 40 EMA into the 51.8% retracement level before bouncing to resistance beginning at $0.2630.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2812, where aggressive bulls might begin bidding. The level near $0.3040, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3485.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.2291 could provide at least a short-term bounce. If this level fails, the old highs near $0.2050 might also give support and see the start of a new bullish cycle after retesting these support levels.
2. Cosmos (ATOM)
Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
ATOM Price Analysis
At the time of writing, ATOM is ranked the 20th cryptocurrency globally and the current price is US$26.12. Let’s take a look at the chart below for price analysis:
January provided respectable 55% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $41.52.
If bears take back control this month, the top of the former gap beginning at $24.66 may provide support for at least a short-term bounce. The top of the consolidation range starting near $23.58 is more likely to provide substantial support.
The most robust support is likely to be found in the overlapping consolidation ranges between $22.74 and $20.16, with a sharp slice through these levels possibly suggesting the end of the bull run.
The region from approximately $33.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up.
If this high breaks, the 1.0 extension near $36.21 and the 2.0 extension near $42.90 may provide the next primary new high targets.
3. 1inch (1INCH)
1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1inch has launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralised autonomous organisation (DAO).
1INCH Price Analysis
At the time of writing, 1INCH is ranked the 99th cryptocurrency globally and the current price is US$1.49. Let’s take a look at the chart below for price analysis:
After breaking its Q4 highs, 1INCH began a range that has been whiplashing both bulls and bears.
Resistance beginning near $2.00 has held the price down for the second half of February, although bulls have shown some strength near the 9 and 18 EMAs.
A quick push to $1.88, or into the zone beginning near $2.10, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $2.17 provides a reasonable target.
A break of this level could move further into uncharted territory with the nearest probable resistances projected around $2.28 and $2.40.
More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 35% retracement, near $1.30.
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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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