LINK, GALA, AXS – February 2 Trading Analysis

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. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 20^th cryptocurrency globally and the current price is US$17.25. Let’s take a look at the chart below for price analysis:

LINK‘s late-December spike retraced near $15.46 into the consolidation that began the impulse before bouncing to $17.47. 

This consolidation could provide support again, although bears would first have to push the price through possible support near $15.18. The market’s structure may be shifting bearish, with $18.52 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $14.63 before finding support near $13.71.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $23.09 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the December wick near $26.58.

2. 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 64^th cryptocurrency globally and the current price is US$0.204. Let’s take a look at the chart below for price analysis:

After setting a low in late October, GALA kicked off a bullish trend that rallied by 450% by mid-November to break the new all-time highs.

The following 75% plummet found support near $0.1866, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $0.2230.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2512, where aggressive bulls might begin bidding. The level near $0.2740, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3085. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1731 could provide at least a short-term bounce. If this level fails, the old highs near $0.1650 might also give support and see the start of a new bullish cycle after retesting these support levels.

3. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 39^th cryptocurrency globally and the current price is US$53.74. Let’s take a look at the chart below for price analysis:

AXS‘s relatively small 35% range could suggest that a larger move is setting up in February.

Aggressive bulls could look for entries at the most recent area of support formed near $46.22. However, equal lows near $43.12 make a tempting target for a stop run into this support. This move could reach support near $41.67. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $39.23, possibly reaching support at an old swing high and a daily gap near $37.58.

A recent level near $57.84 provided resistance and caused a recent swing high to form near $64.88, offering first targets. A move through this high may arrive at new monthly high levels near $69.31 and $74.30.

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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.