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. Litecoin (LTC)
Litecoin LTC is a cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
LTC Price Analysis
At the time of writing, LTC is ranked the 24th cryptocurrency globally and the current price is US$141.29. Let’s take a look at the chart below for price analysis:
After setting a low during early January, LTC kicked off a recovery trend that gained nearly 33% to break the monthly highs.
The following 55% plummet found support near $127.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $150.43.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $162.12, where aggressive bulls might begin bidding. The level near $170.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $185.13.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $120.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $112.44 might also give support and see the start of a new bullish cycle after retesting these support levels.
2. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 10th cryptocurrency globally and the current price is US$25.28. Let’s take a look at the chart below for price analysis:
DOT has remained between approximately $23.76 and $35.25 since its retracement from November 2021.
Continual retests of the $22.54 level might signify that the price is ready to run to the larger range’s lows.
If this move down occurs, a broad zone from $21.50 to $19.54 may provide support. The upper portion of this zone may see more sensitivity.
Continued bearish market conditions could prompt continuation down through the level. If so, the next higher timeframe area of interest for bulls is likely near $17.86.
The 9, 18, and 40 EMAs, near $28.52, might provide resistance before running the range lows. This area has confluence with multiple swing highs and lows.
However, the current proximity to the local range low could prompt a move toward the range highs. If so, $30.44 might be the near-term target for bulls. Before entering, traders might wait for confirmation that one direction is more likely to unfold.
If the overall market becomes more bullish, the price could continue through the local range highs. If so, a zone from $33.76 to $36.81 – particularly the lower half – could see profit-taking from bulls.
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 60th cryptocurrency globally and the current price is US$2.34. Let’s take a look at the chart below for price analysis:
ENJ spent January ranging across the monthly open, reaching 18% over and 26% below. The price is currently consolidating between adjacent resistance and support at $2.39 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $2.50.
This move would likely target the swing high at $2.57 and relatively equal highs near $2.64. A sustained bullish trend could reach up to the monthly high near $2.70.
Bulls might see a sweep of the relatively equal lows near $2.30 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 $2.25 and $2.15.
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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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