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. Decentraland (MANA)
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 32nd cryptocurrency globally and the current price is US$2.41. Let’s take a look at the chart below for price analysis:
Like many other altcoins, MANA set a monthly high during February before retracing 35% to the low at $2.30 last week.
The price broke through resistance near $2.45, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.37. However, a drop this far increases the chances of a stop run to $2.32 and possibly into support near $2.25. For now, continuing bullish market conditions could help $2.40 become support.
The swing high around $2.73 gives bulls a reasonable first target, with $2.88 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.00 or $3.10 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.16.
2. Omg Network (OMG)
Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.
OMG Price Analysis
At the time of writing, OMG is ranked the 100th cryptocurrency globally and the current price is US$4.86. Let’s take a look at the chart below for price analysis:
OMG‘s 35% drop has filled the March monthly gap twice as the price consolidated between $3.82 and $4.90.
The price’s current region, between $4.71 and $4.60 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to $5.10 is a likely target.
An animated move through these highs could reach up to the daily gap beginning at $5.15. The area between $5.33 and $5.59 provides a likely cap for a move into this zone.
A drop lower could be a run-on stop under $4.50 and find support near $4.43. If this level is lost, the swing low at $4.31 is a likely target, with $4.12 possibly giving support.
3. Stellar (XLM)
Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.
XLM Price Analysis
At the time of writing, XLM is ranked the 29th cryptocurrency globally and the current price is US$0.1955. Let’s take a look at the chart below for price analysis:
XLM set a high near $0.2857 in early February before retracing nearly 45% to find a low near $0.1680. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.2478 is slowing the bullish advance down. However, another leg might target the last swing high at $0.2722 and relatively equal highs at $0.3036. Resistance near $0.3259 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3826.
A retracement before a move higher might find support in the daily gap near $0.1843, just above the monthly open. Relatively equal lows near $0.1775 could also provide support. Run-on stops at $0.1705 and $0.1653 might find support in the gap beginning near $0.1600 or a high-timeframe level near $0.1510.
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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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