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 60th cryptocurrency globally and the current price is US$0.2157. Let’s take a look at the chart below for price analysis:
After setting a low last week, GALA kicked off a recovery trend to break the new monthly highs.
The following 55% plummet found support near $0.2076, sweeping under the 40 EMA into the 59.8% retracement level before bouncing to resistance beginning at $0.2530.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2712, where aggressive bulls might begin bidding. The level near $0.2940, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3385.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1991 could provide at least a short-term bounce. If this level fails, the old highs near $0.1750 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$27.99. Let’s take a look at the chart below for price analysis:
February provided respectable 45% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $36.52.
If bears take back control this month, the top of the former gap beginning at $24.36 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 $22.64 and $20.36, with a sharp slice through these levels possibly suggesting the end of the bull run.
The region from approximately $32.70 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 $37.21 and the 2.0 extension near $43.90 may provide the next primary new high targets.
3. Verasity (VRA)
Verasity is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase advertising revenues for video publishers on any video platform through its rewarded player and ad stack utilising its patented protocol layer on the blockchain – Proof of View. PoV is the only Protocol Layer patented technology for the blockchain USA Patent.
VRA Price Analysis
At the time of writing, VRA is ranked the 370th cryptocurrency globally and the current price is US$0.02101. Let’s take a look at the chart below for price analysis:
VRA‘s strong downtrend that began in mid-January has retraced most of its Q1 move, recently sweeping lows near $0.01948 but struggling to find strong support.
A sweep of the relatively equal lows near $0.01838 into possible support around $0.01722, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $0.01643.
The swing high near $0.02346 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $0.02568, potentially reaching up to the last monthly high near $0.02931.
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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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