OMG, MANA, WAVES – March 3 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. 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 cheaper 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 104^th cryptocurrency globally and the current price is US$4.51. Let’s take a look at the chart below for price analysis:

OMG‘s 45% drop has filled the February monthly gap twice as the price consolidated between $3.88 and $4.70.

The price’s current region, between $4.41 and $4.27 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 $5.12 is a likely target. 

An animated move through these highs could reach up to the daily gap beginning at $5.31. The area between $5.73 and $6.19 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $4.10 and find support near $3.94. If this level is lost, the swing low at $3.82 is a likely target, with $3.69 possibly giving support.

2. 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 31^st cryptocurrency globally and the current price is US$2.76. 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 $2.50 last week.

Price broke through resistance near $2.53, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.48. However, a drop this far increases the chances of a stop run to $2.42 and possibly into support near $2.37. For now, continuing bullish market conditions could help $2.67 become support.

The swing high around $2.90 gives bulls a reasonable first target, with $3.12 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.22 or $3.25 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.35.

3. Waves (WAVES)

WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.

WAVES Price Analysis

At the time of writing, WAVES is ranked the 54^th cryptocurrency globally and the current price is US$17.52. Let’s take a look at the chart below for price analysis:

During December’s high, WAVES‘ 40% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $15.88 and $14.35 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Long-term consolidation suggests that the areas near $19.45 and $20.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $22.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $25.42, the start of the bearish move.

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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.