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. SKALE Network (SKL)
Skale SKL is described as an elastic network that’s designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralized project aims to reduce latency and ensure that payments can be made as cheaply as possible. SKALE Network is geared towards improving both the security and decentralization of Ethereum-based apps. Token holders on the SKALE Network are incentivized and earn rewards by helping to improve the scalability and security of the platform by serving as validators.
SKL Price Analysis
At the time of writing, SKL is ranked the 130th cryptocurrency globally and the current price is A$0.2661 Let’s take a look at the chart below for price analysis:
Since the beginning of July, SKL has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.
A retracement might uncover support near A$0.2538, which is the daily high of the last swing low. The high of the wick beginning near A$0.2471 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at A$0.2214 likely to be the next bearish target.
Just above, the daily gap beginning near A$0.3288 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near A$0.3593 – perhaps running to probable resistance near A$0.3844. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip.”
2. Solana (SOL)
Solana SOL is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 14th cryptocurrency globally and the current price is A$37.70. Let’s take a look at the chart below for price analysis:
July 11th 125% bullish weekly candle has since bled near 85%, with the SOL finding a low near A$32.54 in mid-July.
Bulls are buying each drop into support near A$35.82, with higher lows forming each time. However, the equal lows near A$33.14 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at A$31.66.
Just over the July monthly open, A$45.73 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near A$47.95 before running into possible resistance near A$49.89.
A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near A$53.68 before encountering probable resistance near A$56.88.
3. Chromia (CHR)
Chromia CHR is an open-source public blockchain conceived of by Swedish company Chromaway AB. The Chroma token (CHR) was launched in May of 2019. The technology behind the Chromia blockchain is adapted from an earlier technology called ‘Postchain’, a solution provided by Chromaway AB for enterprise clients. Chromia is a standalone Layer-1 blockchain and EVM compatible Layer-2 enhancement for Binance Smart Chain and Ethereum.
CHR Price Analysis
At the time of writing, CHR is ranked the 189th cryptocurrency globally and the current price is A$0.3902. Let’s take a look at the chart below for price analysis:
During the third week of July, CHR dumped over 62% before finding support near A$0.2688. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins.
In the shorter term, the price might establish support near A$0.3588 before running the swing high at A$0.4055. If this bullish move occurs, the price could reach resistance near the May monthly open around A$0.5571 and even sweep the swing high near A$0.5746.
Some support might exist at the daily gap near A$0.2338 A move this low would also fill the June monthly gap and set the stage for a possible bullish reversal.
Where to Buy or Trade Altcoins?
These three 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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