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 20th cryptocurrency globally and the current price is US$110.39. Let’s take a look at the chart below for price analysis:
After setting a low last week, LTC kicked off a recovery trend that gained nearly 15% to break the weekly highs.
The following 60% plummet found support near $102.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $122.43.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $128.12, where aggressive bulls might begin bidding. The level near $138.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $150.13.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $102.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $93.44 might also give support and see the start of a new bullish cycle after retesting these support levels.
2. Holo (HOT)
Holo HOT is a peer-to-peer distributed platform for hosting decentralised applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants.
HOT Price Analysis
At the time of writing, HOT is ranked the 94th cryptocurrency globally and the current price is US$0.004386. Let’s take a look at the chart below for price analysis:
Since the beginning of January, HOT has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.
A retracement might uncover support near $0.004196, which is the daily high of the last swing low. The high of the wick beginning near $0.004051 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.003829 likely to be the next bearish target.
Just above, the daily gap beginning near $0.004633 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.005356 – perhaps running to probable resistance near $0.006045. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.
3. Neo (NEO)
NEO bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities, and assets come together. As well as creating a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.
NEO Price Analysis
At the time of writing, NEO is ranked the 60th cryptocurrency globally and the current price is US$20.71. Let’s take a look at the chart below for price analysis:
After creating a second equal low during late January, NEO has gained nearly 13% into resistance that starts near $36.12.
Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $34.33 might look for bids near $23.86. More significant resistance rests above, near $25.15. A group of significant swing highs at $27.36, $28.55, and $29.23 give possible targets if this resistance breaks.
A stop run on the recent low at $20.14 into possible support beginning near $19.43 might see stronger bidding. This area also has a confluence with the previous monthly low.
A bearish market shift could reach the swing low at $18.48 into possible support beginning near $16.54.
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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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