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. Hedera (HBAR)
Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations older blockchain-based platforms face, such as slow performance and instability. The HBAR token has a dual role within the Hedera public network.
HBAR Price Analysis
At the time of writing, HBAR is ranked the 38th cryptocurrency globally and the current price is US$0.06191. Let’s take a look at the chart below for price analysis:
HBAR‘s 55% Q1 run retraced almost to its origin, narrowly missing probable support near $0.6295 before bears swatted down the bounce near resistance around $0.07589.
With the daily gap between $0.05912 and $0.05750 almost filled in a single wick, the price may not need to revisit areas below this level. However, the safer entry is still in probable support between $0.05523 and $0.05100, which would also sweep the lows of last week’s bounce.
The relatively equal highs near $0.06954 provide a likely first target on lower timeframes. However, the resistance beginning at $0.07315 may initially suppress a further move up.
A clean break through this resistance will need to contend with the next resistance near $0.07692, under the last swing high. This swing high at $0.07950 gives a reasonable take-profit area before a possible move to the 1.0 extension near $0.08256.
2. Crypto Coin (CRO)
Crypto.com coin CRO is the native cryptocurrency token of Crypto.com Chain, a decentralised, open-source blockchain developed by the Crypto.com payment, trading, and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.
CRO Price Analysis
At the time of writing, CRO is ranked the 22nd cryptocurrency globally and the current price is US$0.1174. Let’s take a look at the chart below for price analysis:
CRO has been trading sideways after Q1, reaching nearly 35% percent within a few weeks as it blasted through its old monthly highs.
This fast move left little compelling higher-timeframe support near the current price. A level near $0.1022, which has confluence with the 8 EMA and 127% extension of H2 2021’s swing, could provide support.
Further below, near $0.09231, 2021’s previous monthly high could also provide some support on a retest. The last consolidation before the breakout, near December’s open, might give the most substantial support. However, this would require significant retracement from the current price point.
While next targets are impossible to predict, extensions from Q1 2022’s move suggest that the 40% extension, near $0.1475, could provide some resistance. Above this level, the 48% extension near $0.1648 could also trigger bulls to take profits.
3. Enjin Coin (ENJ)
Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).
ENJ Price Analysis
At the time of writing, ENJ is ranked the 75th cryptocurrency globally and the current price is US$0.5379. Let’s take a look at the chart below for price analysis:
ENJ spent Q2 ranging between 30% over and 23% below. The price is currently consolidating between adjacent resistance and support at $0.6045 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $0.6495.
This move would likely target the swing high at $0.6912 and relatively equal highs near $0.7249. A sustained bullish trend could reach up to the monthly high near $0.7532.
Bulls might see a sweep of the relatively equal lows near $0.5142 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $0.4835 and $0.4130.
Learn How to Trade Live!
Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.
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.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
