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. Internet Computer (ICP)
The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.
ICP Price Analysis
At the time of writing, ICP is ranked the 29th cryptocurrency globally and the current price is US$34.98. Let’s take a look at the chart below for price analysis:
During Q4 2021, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.
The swing high near $46.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $58.35.
Even if the bearish trend continues, a stop run at the recent swing low near $32.30 into possible support beginning near $30.87 is reasonable. If the price reaches further down, the swing low and possible support near $29.27 might provide another downside target.
The area near $27.85 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $25.18 into possible support beginning around $24.73.
2. Linear (LINA)
Linear LINA is a decentralised delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices, and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids”, Linear’s synthetic asset tokens. LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr), and for community governance of the protocol.
LINA Price Analysis
At the time of writing, LINA is ranked the 400th cryptocurrency globally and the current price is US$0.03626. Let’s take a look at the chart below for price analysis:
During December, LINA retraced almost 38%, breaking key swing lows early to mid-month. This could provide a solid support for swing traders.
The swing high near $0.04936 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.05857.
Even if the bearish trend continues, a stop run at the recent swing low near $0.03312 into possible support beginning near $0.03145 is reasonable. If the price reaches further down, the swing low and possible support near $0.03010 might provide another downside target.
3. 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 44th cryptocurrency globally and the current price is US$0.3259. Let’s take a look at the chart below for price analysis:
ONE‘s rally in mid-December stretched over 105% as the price explored new monthly highs.
Resistance has formed near $0.3415 and $0.3195. With an uncertain market and traders potentially selling, these areas could continue to provide resistance and perhaps prompt a steeper move downward.
The recent highs, overlapping with the last major leg’s 61.8% and 78.6% retracements from $0.2867 to $0.2620, could mark an area of support. Inside this zone, $0.2580 to $0.2416 could provide a more sensitive reaction.
A more extended downtrend might reach possible support between $0.2289 and $0.2134, near the origin of the last significant bullish move.
On the other hand, if altcoins resume their bullish trends, the 25% extension near $0.3920 could be the next area of significant profit-taking by bulls.
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
