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. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 7th cryptocurrency globally and the current price is A$1.48. Let’s take a look at the chart below for price analysis:
XRP‘s 87% climb during early August returned to the monthly open, sweeping lows several times down to A$1.40. Last week, the price bounced from the monthly open near A$1.44 again, creating possible support near A$1.42. A quick sweep of this recent swing low could reach into a support area near A$1.38, while a sharp downturn in the market is likely to run for the relatively equal lows near A$1.35.
If the price breaks through the closest significant resistance near A$1.54, the swing high at A$1.57 is a likely target. This move could reach the daily gap near A$1.63.
Strong bullish momentum could propel the price to resistance near A$1.65. If this move occurs, the significant swing high near A$1.70 provides a reasonable goal.
2. Litecoin (LTC)
Litecoin LTC is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
LTC Price Analysis
At the time of writing, LTC is ranked the 14th cryptocurrency globally and the current price is A$267.61. Let’s take a look at the chart below for price analysis:
LTC spent the month of September ranging across the monthly open, reaching 26.5% over and 45% below.
The price is currently consolidating between adjacent resistance and support at A$258 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near A$270.
This move would likely target the swing high at A$276 and relatively equal highs near A$280. A sustained bullish trend could reach up to the monthly high near A$295.
Bulls might see a sweep of the relatively equal lows near A$255 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 A$245.
3. Aave (AAVE)
AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token – giving owners a say in the future development of the protocol.
AAVE Price Analysis
At the time of writing, AAVE is ranked the 420th cryptocurrency globally and the current price is A$421.72. Let’s take a look at the chart below for price analysis:
AAVE‘s strong downtrend that began in August has retraced most of its Q3 move, recently sweeping lows near A$388 but struggling to find strong support.
A sweep of the relatively equal lows near A$384 into possible support around A$380, 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 A$375.
The swing low near A$418 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 A$431, potentially reaching up to the monthly open near A$238 and A$246.
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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