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. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 25th cryptocurrency globally and the current price is US$0.06141. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the January drop, falling nearly 45% from its mid-December high until it found a low early in February.
Price action formed a weekly support level near $0.06054, which has so far held up the price. The most recent swing low inside this range, near $0.05829, might be the target for any future stop runs. After this low, the swing low near $0.05689 and the gap beginning near $0.05355 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.06892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07435 – but could reach as high as $0.08037.
2. ICON (ICX)
ICON is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer like ICON. The ICON blockchain is powered by loopchain, a blockchain engine designed by ICONLOOP.
ICX Price Analysis
At the time of writing, ICX is ranked the 104th cryptocurrency globally and the current price is US$0.7918. Let’s take a look at the chart below for price analysis:
ICX‘s 250% growth during Q4 2021 has continued grinding downward trend at a steady pace.
At the current price, near the local range’s high, $0.9105 could support a move toward new monthly highs. If the price dips, an area near the range low and 9, 18, and 40 EMAs could provide a better risk-to-reward entry for bulls.
A more significant bearish shift in the market could send the price down to a larger range’s lows near $0.7134 and possibly as far as $0.6807. This area saw a strong reaction during last week’s retracement.
Bulls will likely take some profits near the highs at $0.9273, but the price could continue well beyond the highs. The final target is impossible to predict, but extensions from early 2021’s significant move and the current range suggest that bulls might take more profits near $1.05 and $1.16.
3. Filecoin (FIL)
Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.
FIL Price Analysis
At the time of writing, FIL is ranked the 39th cryptocurrency globally and the current price is US$18.94. Let’s take a look at the chart below for price analysis:
FIL has retraced nearly 70% since its December highs, with little higher-timeframe support below the current price.
After rejecting resistance at $23.41, the price is crossing below the March open. This area near the monthly open, between $21.46 and $20.97, might form a new resistance.
A break through this level could reach near $22.88. A retest of possible higher-timeframe support near $17.43 could provide a bounce. However, if the price moves under $16.75 and retests it from below, higher timeframes show no remaining support below this region.
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
