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. Siacoin (SC)
Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.
SC Price Analysis
At the time of writing, SC is ranked the 94th cryptocurrency globally and the current price is US$0.02387. Let’s take a look at the chart below for price analysis:
After a 75% decline from September to October, SC has ranged between $0.01833 and $0.02575.
The recent rally is approaching probable resistance near $0.02740 but could be aiming for stops above the relatively equal highs near $0.02860. Continuation of the bullish move could target the daily gap near $0.03120.
Aggressive bulls might add to positions near $0.02150 and $0.02034. Price action near $0.01912 may be more likely to provide support – if the price reaches it – during any retracements.
Relatively equal lows clustered around $0.01844 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.01695.
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 29th cryptocurrency globally and the current price is US$0.1105. Let’s take a look at the chart below for price analysis:
VET‘s 129% move during October ran into resistance near $0.1750, at the 27% extension of the Q2 swing.
An old high and the 18 EMA have provided support near $0.1259 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 $0.1029, the 61.8% retracement of the current Q4 swing might also mark an area of support.
If the market remains bearish, $0.08862 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.1711, at the 50% extension of the summer’s swing, could see some profit-taking if bulls break the current resistance near $0.1778. Above, old consolidations near $0.1832 and $0.1941 might also provide some resistance before another round of price discovery.
3. Cocos-BCX (COCOS)
Cocos-BCX COCOS is a public blockchain platform aiming to create a complete run-time environment for games with multi-game system compatibility, providing game developers with a user-friendly platform for blockchain game development; while it starts by merely using fungible tokens for the in-game economy, its final goal is to fully move onto a blockchain.
COCOS Price Analysis
At the time of writing, COCOS is ranked the 377th cryptocurrency globally and the current price is US$3.96. Let’s take a look at the chart below for price analysis:
Mid-November marked a turning point for COCOS, with the price rocketing up almost 425% from its lows to probable resistance beginning near $5.10.
The price is currently struggling with the area between $3.70 and $4.15. This region could provide support after a close above, or resistance after a close below.
A retracement could reach into the daily gap and possible support around $3.80. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $3.68, and the potential support just below that begins around $3.43.
Continuation to the upside will likely target the monthly high near $4.56. However, probable resistance beginning at $4.78 and $4.90 could cap or slow down this 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.
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