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. Shiba Inu (SHIB)
Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
SHIB Price Analysis
At the time of writing, SHIB is ranked the 15th cryptocurrency globally and the current price is US$0.00002248. Let’s take a look at the chart below for price analysis:
SHIB performed well during late Q3, rocketing upward over 360% from the first week of the month into the resistance near $0.00007832.
For the past several weeks, the price has been moving in a falling wedge and appears to be flipping old support near $0.00002142 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00001829.
Bulls entering at these levels could set their first target near the previous resistance near $0.00002680. Beyond this level, probable targets include the new monthly highs near $0.00002824 and the resistance above near $0.00003092.
A break of this resistance later this month could continue to the new weekly highs near $0.00003322 and $0.00003654.
2. Hedera (HBAR)
Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face, such as slow performance and instability. The HBAR token has a dual role within the Hedera public network.
HBAR Price Analysis
At the time of writing, HBAR is ranked the 34th cryptocurrency globally and the current price is US$0.2203. Let’s take a look at the chart below for price analysis:
HBAR‘s 54% December run retraced almost to its origin, narrowly missing probable support near $0.2095 before bears swatted down the bounce near resistance around $0.2389.
With the daily gap between $0.2212 and $0.2164 almost filled in a single wick, the price may not need to revisit areas below this level. However, the safer entry is still in probable support between $0.1945 and $0.1836, which would also sweep the lows of last week’s bounce.
The relatively equal highs near $0.2522 provide a likely first target on lower timeframes. However, the resistance beginning at $0.2935 may initially suppress a further move up.
A clean break through this resistance will need to contend with the next resistance near $0.3192, under the last swing high. This swing high at $0.3470 gives a reasonable take-profit area before a possible move to the 1.0 extension near $0.3625.
3. Terra (LUNA)
Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilize the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.
LUNA Price Analysis
At the time of writing, LUNA is ranked the 9th cryptocurrency globally and the current price is US$64.29. Let’s take a look at the chart below for price analysis:
After breaking its monthly high last week, LUNA began a range that has been whiplashing both bulls and bears.
Resistance beginning near $85.23 held the price down for the weekly opening, although bulls have shown some strength near the 9 and 18 EMAs.
A quick drop to $58.37, or into the zone beginning near $52.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $69.47 provides a reasonable target.
A break of this level could move further into uncharted territory with the nearest probable resistances projected around $74.28 and $78.57.
More patient bulls might be waiting far below the 40 EMA with bids close to the higher-timeframe range’s 61.8% retracement, near $47.59.
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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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