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. Verge (XVG)
Verge XVG is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralized payments network that improves upon the original Bitcoin blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called verge Pay, and providing the option of sending transactions to stealth addresses. The project describes itself as community-driven, relying on volunteers and priding itself on being open source.
XVG Price Analysis
At the time of writing, XVG is ranked the 117th cryptocurrency globally and the current price is A$0.03935. Let’s take a look at the chart below for price analysis:
XVG retraced 48% during July before finding support near A$0.02944 The following bounce encountered resistance at the daily gap near A$0.03215.
Bulls might wait for a sweep of the local lows into support near A$0.02778 before stepping in. A move to this level could reach into the higher timeframe gap down to A$0.02459.
In the most bearish scenario, a significant turn in the market could push the price down to the consolidation near A$0.02214
The local resistance near A$0.04487 and the relatively equal swing highs give a reasonable first target. Just above, layered resistance near A$0.04952 and A$0.05311 could slow bulls down as they push the price towards the significant swing high at A$0.05641.
2. Ripple (XRP)
Ripple XRP is the catchall name for the cryptocurrency platform, the transactional protocol for which is actually XRP, in the same fashion as Ethereum is the name for the platform that facilitates trades in Ether. Like other cryptocurrencies, Ripple is built atop the idea of a distributed ledger network which requires various parties to participate in validating transactions, rather than any singular centralized authority. That facilitates transactions all over the world, and transfer fees are far cheaper than the likes of bitcoin. Unlike other cryptocurrencies, XRP transfers are effectively immediate, requiring no typical confirmation time.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is A$1.29. Let’s take a look at the chart below for price analysis:
XRP marines continue pushing the price higher, printing nearly 35% gains during the second week of August.
The consolidation near A$1.20 is likely to provide support as the price continues exploring new highs. However, a set of relatively equal lows near A$1.12 provides a tempting target for a stop run into probable support near A$1.00
A decidedly bearish shift in the market could reach probable support near A$0.9455, near August’s monthly open.
Almost no resistance lies overhead, although low-timeframe traders can use the resistance below recent highs near A$1.38 as a first target. Beyond this level, extensions near A$1.47, A$1.55 and A$1.62 give reasonable higher-timeframe targets.
3. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods. The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.
ADA Price Analysis
At the time of writing, ADA is ranked the 5th cryptocurrency globally and the current price is A$2.34. Let’s take a look at the chart below for price analysis:
ADA bulls have enjoyed over 95% returns since the July lows, with little resistance above to end the current price discovery.
The price may find support near A$2.11 Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near A$0.9544 The area around A$0.8291 should provide strong support if the price reaches this low.
The air above the current price is thin, but the level near A$2.47 could potentially provide some resistance in the short term. Extensions reaching near A$2.59 and A$2.71 make reasonable take-profit zones if the bullish trend continues.
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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
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