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. Uniswap (UNI)
Uniswap UNI is a popular decentralised trading protocol known for its role in facilitating the automated trading of decentralised finance (DeFi) tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems that plagued the first decentralised exchanges.
UNI Price Analysis
At the time of writing, UNI is ranked the 21st cryptocurrency globally and the current price is US$4.00. Let’s take a look at the chart below for price analysis:
UNI‘s 70% retracement from its April highs set a low near $3.65 during its consolidation that began in early May.
Relatively equal highs near $4.46 could be the current target if the price breaks through resistance beginning near $4.97. Bullish continuation might reach through the next significant swing high near $5.26 into the daily gap near $5.47.
If bullish strength continues, the zones just below the monthly open near $5.88 and $6.11 could halt any retracement.
A bearish shift in the market might seek the relatively equal lows near $3.90 into possible support near $3.62. If this down move occurs, the swing low near $3.43 and possible support near $3.12 may be the primary objective.
2. Tezos (XTZ)
Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
XTZ Price Analysis
At the time of writing, XTZ is ranked the 38th cryptocurrency globally and the current price is US$1.32. Let’s take a look at the chart below for price analysis:
XTZ‘s 70% drop since April saw a second leg after last month’s market-wide drop ran the previous consolidation’s stops.
The level near $2.10 is providing some resistance. However, continuation through the monthly high at $2.18 is not out of the question. Aggressive bulls might bid in the current region near $1.40.
If the price runs the recent swing low, bulls might bid in the gap near $1.20. A deeper retracement could reach near the early monthly level and a gap near $1.00. The region near $0.93 and $0.84 may also provide some support during a deeper retracement.
3. VeChain (VET)
VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VET Price Analysis
At the time of writing, VET is ranked the 31st cryptocurrency globally and the current price is US$0.02281. Let’s take a look at the chart below for price analysis:
VET‘s 50% move during late Q1 ran into resistance near $0.08120, at the 35% extension of the Q1 swing.
An old high and the 18 EMA have provided support near $0.02283 and may give support again on a retest. This area also has confluence with the 55% and 68.9% retracements of November’s swing.
Just below, near $0.02043, the 50.8% retracement of the current Q1 swing might also mark an area of support.
If the market turns bearish, $0.01742 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.02948, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.03478. Above, old consolidations near $0.03825 and $0.04372 may also provide some resistance before another round of price discovery.
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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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