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, 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 not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 7th cryptocurrency globally and the current price is US$0.3249. Let’s take a look at the chart below for price analysis:
XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 80% retracement, near $0.3210. If this level breaks, a move into possible support – just below the lows near $0.2932 – seems likely.
If the price does rally through the swing high at $0.3755 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4050.
Overlapping swing highs and lows near $0.4426 might provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q1’s consolidation, near $0.5032, where higher timeframes show an inefficiently traded zone.
2. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
SAND Price Analysis
At the time of writing, SAND is ranked the 34th cryptocurrency globally and the current price is US$1.19. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during Q1 halted at $3.10 before retracing 85% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $1.27 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $1.40. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $0.9890 and $0.9146 has provided support before and could give support again on a retest. This zone is between the 71.8%-to-88.6% retracement levels of 2021 Q4’s parabolic move.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q2’s move to the next higher-timeframe support near $0.8645.
3. 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, and driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 13th cryptocurrency globally and the current price is US$0.06821. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the Q2 drop, falling nearly 54% from mid-May until it found a low last week.
Price action formed a weekly support level near $0.06254, which has so far held up the price. The most recent swing low inside this range, near $0.06049, might be the target for any future stop runs. After this low, the swing low near $0.05689 and the gap beginning near $0.05126 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.08492, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09235 but could reach as high as $0.1093.
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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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