Let’s take a closer look at this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.
1. Cardano (ADA)
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent, and fair.
ADA Price Analysis
At the time of writing, ADA is ranked 4th cryptocurrency globally and the current price is $2.14 AUD. Let’s take a look at the chart below for price analysis.
ADA‘s 97% climb during early May returned to the monthly open, sweeping lows several times down to $1.32 AUD.
Last week, the price bounced from the monthly open near $1.78 AUD again, creating possible support near $2.02 AUD. A quick sweep of this recent swing low could reach into a support area near $1.70 AUD, while a sharp downturn in the market is likely to run for the relatively equal lows near $1.40 AUD.
If the price breaks through the closest significant resistance near $2.30 AUD, the swing high at $2.45 AUD is a likely target. This move could reach a daily gap near $2.60 AUD.
Strong bullish momentum could propel the price to resistance near $2.81 AUD. If this move occurs, the significant swing high near $3.15 AUD provides a reasonable goal.
2. Callisto Network (CLO)
Callisto Enterprise, a branch company focusing on enterprise applications of blockchain technology. Several major public transport companies from central and eastern Europe have joined in this initiative.
Callisto has built a scalable blockchain ecosystem featuring a staking mechanism, a full DeFi protocol, and a stablecoin. Callisto Network is a self-sustaining and self-funded blockchain ecosystem, not financed by pre-mined coins or an ICO.
CLO Price Analysis
At the time of writing, CLO is ranked 513th cryptocurrency globally and the current price is $0.02086 AUD. Let’s take a look at the chart below for price analysis.
CLO spent the month of May ranging across the monthly open, reaching 26.5% over and 45% below.
The price is currently consolidating between adjacent resistance and support at $0.01675 AUD with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $0.02275 AUD.
This move would likely target the swing high at $0.02541 AUD and relatively equal highs near $0.02761 AUD. A sustained bullish trend could reach up to the April high near $0.03500 AUD.
Bulls might see a sweep of the relatively equal lows near $0.01142 AUD as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $0.00724 AUD that began March’s bullish trend.
3. Verasity (VRA)
Verasity is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase advertising revenues for video publishers on any video platform through its rewarded player and ad stack utilizing its patented protocol layer on the blockchain – Proof of View. PoV is the only Protocol Layer patented technology for the blockchain USA Patent.
VRA Price Analysis
At the time of writing, VRA is ranked 394th cryptocurrency globally and the current price is $0.02433 AUD. Let’s take a look at the chart below for price analysis.
VRA‘s strong downtrend that began in mid-April has retraced most of its Q1 move, recently sweeping lows near $0.0168 AUD but struggling to find strong support.
A sweep of the relatively equal lows near $0.0128 AUD into possible support around $0.00122 AUD, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $0.0098 AUD.
The swing low near $0.0326 AUD may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $0.0438 AUD, potentially reaching up to the May monthly open near $0.0521 AUD.
Where to Buy or Trade Altcoins?
These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
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