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. Neo (NEO)
NEO bills itself as a “rapidly growing and developing” ecosystem with 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 59th cryptocurrency globally and the current price is US$24.52. 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 15% into resistance that starts near $30.12.
Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $32.33 might look for bids near $21.86. More significant resistance rests above, near $26.15. A group of significant swing highs at $28.36 and $30.23 give possible targets if this resistance breaks.
A stop run on the recent low at $20.11 into possible support beginning near $19.23 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 $18.30 into possible support beginning near $16.84.
2. VeChain (VET)
VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VET Price Analysis
At the time of writing, VET is ranked the 39th cryptocurrency globally and the current price is US$0.05724. Let’s take a look at the chart below for price analysis:
VET‘s 70% move during late October ran into resistance near $0.1730, at the 27% extension of the Q3 swing.
An old high and the 18 EMA have provided support near $0.05933 and might give support again on a retest. This area also has confluence with the 50% and 61.8% retracements of November’s swing.
Just below, near $0.05393, the 61.8% retracement of the current Q4 swing might also mark an area of support.
If the market remains bearish, $0.04962 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.07018, at the 50% extension of the summer’s swing, could see some profit-taking if bulls break the current resistance near $0.06278. Above, old consolidations near $0.06425 and $0.06682 might also provide some resistance before another round of price discovery.
3. Zilliqa (ZIL)
Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and as of October 2020 it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.
ZIL Price Analysis
At the time of writing, ZIL is ranked the 110th cryptocurrency globally and the current price is US$0.0486. Let’s take a look at the chart below for price analysis:
ZIL‘s nearly 75% drop from its December highs found a low near $0.04538 in January before closing over a short-term high around $0.05372.
This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.05233. A sustained bullish move may target the swing high at $0.05647. If this stop run occurs, a run beyond the high into probable resistance near $0.06188 and $0.06450 is possible.
Bulls could buy a retracement to possible support near $0.04589, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $0.04436.
However, relatively equal lows near $0.04294 and $0.04124 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.04015 and $0.03966.
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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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