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. Theta Network (THETA)
Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.
THETA Price Analysis
At the time of writing, THETA is ranked the 40th cryptocurrency globally and the current price is US$1.44. Let’s take a look at the chart below for price analysis:
THETA has formed a clean range between $2.30 and $1.50. The price is likely to run these equal highs and lows before the next significant move.
The price is currently near the low end of the range. On the monthly chart, an old, inefficiently traded area down to $1.40 could provide support. This support might create a bounce back up to the old range highs.
If this level breaks, a broad zone between $1.33 and $1.18 could be the next support. This area shows inefficient trading on the monthly and weekly charts.
Shorter-term traders might frame a short near $1.70. Here, an inefficiently traded area on the daily chart could provide resistance. Just above, $1.88 might also provide resistance. This level is near the current consolidation range’s highs.
Current price action makes it unclear where bulls are most likely to find the current range’s next resistance. A bullish reversal will likely draw to the relatively equal highs at $1.95. Bears might stop the price first at an area of old bullish rejection on the monthly, near $2.13.
2. Litentry (LIT)
Litentry LIT is a decentralised identity authentication and user activity data management Infrastructure. Build on Substrate, Ready for Polkadot. Litentry is helping support change that is in favour of a user-centric network with the blockchain. Litentry includes an identity-based network and related tools, and features an identity matching and identity staking mechanism; as a whole, it consists of decentralised identity and user activity data management infrastructure.
Litentry Price Analysis
At the time of writing, LIT is ranked the 524th cryptocurrency globally and the current price is US$0.8241. Let’s take a look at the chart below for price analysis:
LIT has spent the first half of 2022 in a range. It spiked through this range’s high in late March before an aggressive move toward the range lows.
The price found support near $0.5034, near the origin of a recovery in early June, and created a week-long consolidation. However, the swing low near $0.7018, and is likely to provide resistance. It may cause further consolidation at the current area before a decisive break.
A break under the support near $0.6579 might target the swing lows and possible support near $0.6024. Below this level, there is little apparent higher-timeframe support.
If bulls appear, a break through the current resistance near the 9 EMA, around $0.9508, might find resistance from $1.12 to $1.27.
A sustained bullish shift in the market could propel the price through monthly open into probable resistance near the high at $2.35.
3. Cosmos (ATOM)
Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
ATOM Price Analysis
At the time of writing, ATOM is ranked the 30th cryptocurrency globally and the current price is US$8.89. Let’s take a look at the chart below for price analysis:
ATOM has been consolidating in a range around Q1 2022’s high.
Q2 2022 saw the start of a smaller range inside this larger range. Near the current price, $10.38 or $11.00 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run.
Just above the current price, the 9, 18, and 40 EMAs might provide resistance near $12.86. This level saw consolidation before last week’s downward move.
A move back toward the local range highs could reach possible resistance near $13.06, where bears rejected recent rally. This level is just above the May monthly open.
A more extended move by bulls might reach the larger range’s rejection area near $14.81. However, a move this far is less likely unless the overall market rallies.
Below the higher timeframe’s range, $8.15 to $7.80 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the July 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $7.25 and $6.96, and provides a reasonable stop run target.
Learn How to Trade Live!
Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.
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.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
