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 Hashgraph (HBAR)
Billed as the “trust layer of the internet”, 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.
HBAR Price Analysis
At the time of writing, HBAR is ranked the 54th cryptocurrency globally and the current price is A$0.2414. Let’s take a look at the chart below for price analysis:
During the weekend it swung around A$0.2614 as it tested support near A$0.2247.
Following H4 candle chart: HBAR is forming a channel in red but our upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing.
Aggressive traders expecting expansion to the upside could look for entries near possible support around A$0.2094. Bids near A$0.1855 may be able to capitalise on an attempt to run the stops below the weekend’s swing low. A stop run below this low may reach into possible support near A$0.1529.
In the short term, A$0.3442 may provide some resistance. The swing high near A$0.3169 looks like a first target, with the area just above up to A$0.3352 possibly creating resistance.
2. Zcash (ZEC)
ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions.
ZEC Price Analysis
At the time of writing, ZEC is ranked the 64th cryptocurrency globally and the current price is A$141.34. Let’s take a look at the chart below for price analysis:
The weekend’s 21% drop was immediately bought up and closed the day bullish, suggesting strength for ZEC bulls.
Aggressive traders could look for support near A$132.25. Levels near A$125.78 and A$118.57 also provide areas for bids during a retracement.
The A$110.25 lower range of support is coinciding with the 100W Moving Average, which has been respected multiple times since August 2020 and up until January 2021.
Little resistance rests overhead, but the area between A$145.62 and the swing high at A$152.74 may cap an initial move upward. Extensions seem to indicate A$163.55 and A$169.24 as take-profit zones.
3. The Graph (GRT)
The Graph GRT is working to bring reliable decentralised public infrastructure to the mainstream market. To ensure economic security of The Graph Network and the integrity of data being queried, participants use Graph Token. GRT is a work token that is locked-up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.
GRT Price Analysis
At the time of writing, GRT is ranked the 48th cryptocurrency globally and the current price is A$0.8814. Let’s take a look at the chart below for price analysis:
An impressive 163% two months for GRT has retraced over 56% as the price consolidates near the weekly gap beginning near A$0.8547.
The equal lows at this weekly gap might see a stop run before any further move up. The area near A$0.8214 at the top of a daily gap could provide support.
The bottom of the gap seems a more likely support, ranging from approximately A$0.7244 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near A$0.6437.
Impulses upward during retracement are possible, but the most substantial resistance seems just below the June swing high near A$1.10. This swing high provides a clear first target, with any targets beyond challenging to predict.
Where to Buy or Trade Altcoins?
These three coins have the 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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