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. Stellar (XLM)
Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.
XLM Price Analysis
At the time of writing, XLM is ranked the 25th cryptocurrency globally and the current price is US$0.2607. Let’s take a look at the chart below for price analysis:
XLM set a high near $0.7257 in May before retracing nearly 80% to find a low near $0.2480. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.3678 is slowing the bullish advance down. However, another leg might target the last swing high at $0.4122 and relatively equal highs at $0.4436. Resistance near $0.4759 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.5049.
A retracement before a move higher might find support in the daily gap near $0.2723, just above the monthly open. Relatively equal lows near $0.2575 could also provide support. A run-on stops at $0.2416 and $0.2331 might find support in the gap beginning near $0.2146 or a high-timeframe level near $0.1973.
2. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 10th cryptocurrency globally and the current price is US$25.95. Let’s take a look at the chart below for price analysis:
DOT consolidates between $25.44 and $35.70 at the 100% extension of September’s consolidation after a sharp move up through all-time during November.
The current consolidation could provide support if the price breaks the zone’s high near $35.51. A better risk-to-reward entry could present itself near the daily candle bodies of the last swing high near $29.37, which also has confluence with the 18 EMA and the 61.8% retracement. This potential drop could reach to possibly support the August open and 78.6% retracement, near $23.68.
A sharper downturn in the market could send the price as low as $22.89, near the last significant swing high in this leg, although a move this low could signal the start of a bearish trend.
Extensions from September’s consolidation indicate that the 150% extension, near $41.70, and the 200% extension, near $49.62, could be the next significant targets.
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 35th cryptocurrency globally and the current price is US$21.61. Let’s take a look at the chart below for price analysis:
Q3 provided respectable 198% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $30.12.
If bulls take back control this month, the top of the former gap beginning at $20.44 may provide support for at least a short-term bounce. The top of the consolidation range starting near $18.58 is more likely to provide substantial support.
The most robust support is likely to be found in the overlapping consolidation ranges between $17.74 and $16.06, with a sharp slice through these levels possibly suggesting the end of the bull run.
The region from approximately $27.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up.
If this high breaks, the 1.0 extension near $32.21 and the 2.0 extension near $38.90 may provide the next primary targets.
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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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