3 Coins that Might Breakout this Week: GVT, UNI, XVG – Altcoins Trading Analysis

Tuesday 04 May 2021, 9:30 AM AEST - 1 week ago

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Genesis Vision (GVT)

Genesis Vision (GVT) is the platform for the private trust management market, built on Blockchain technology and Smart Contracts. Genesis Vision intends to create a service via which managers, brokers, traders, exchanges, and other financial instruments can access a diverse range of assets via one interface.

GVT Price Analysis

At the time of writing, GVT is ranked 585th cryptocurrency globally and the current price is $15.24 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

GVT’s 71% decline during April created relatively equal lows near $6.98 AUD before bouncing over the local range’s midpoint near $11.60 AUD. A bullish altcoin market could help GVT bulls regain a stronger bullish trend, especially with May’s upcoming events.

Aggressive bulls could look for entries in the daily gap starting near $12.75 AUD. The May monthly open aligns with more probable support near $11.30 AUD.

A stop run below the monthly open near $10.59 AUD might give a more favorable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $8.67 AUD, just above the equal lows.

Resistance rests just above, with the zone from $13.97 AUD to $16.24 AUD likely to provide a short-term ceiling. A breakthrough at this level might target resistance just under the cluster of relatively equal highs near $19.85 AUD.

Beyond these highs, resistance near $23.46 AUD provides a final challenge before attacking an old daily swing high near $28.15 AUD.

2. UniSwap (UNI)

Uniswap (UNI) is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized 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.

UNI Price Analysis

At the time of writing, UNI is ranked 9th cryptocurrency globally and the current price is $56.01 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

UNI continues to set new all-time highs in its chaotic upwards trend.

Support might be found in the daily gap above the May monthly open near $48.50 AUD. A deeper retracement is likely to target the relatively equal lows into support near $39.70 AUD.

The daily gap near $37.80 AUD could also provide support. However, another gap inside the down candles, around $33.80 AUD, seems to provide the highest chances of solid support while offering a high risk-reward entry.

There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around $68.22 AUD and $75.24 AUD as possible take-profit zones.

3. 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 (BTC) blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called vergePay, and providing the option of sending transactions to stealth addresses.

XVG Price Analysis

At the time of writing, XVG is ranked 105th cryptocurrency globally and the current price is $0.0695 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

XVG holders endured a wild April as the price rallied over 116% before running the month’s lows. This stop run could set the stage for another rally. However, the recent volatility means bulls should be extra cautious with stop placement.

Bulls might find support around the current price near $0.0582 AUD. The next possible support rests near $0.0493 AUD, below the last two swing lows. A move this deep could sweep April’s low into an area near $0.0448 AUD.

The price is currently struggling with resistance near $0.0682 AUD at the May monthly open. A strong move into this resistance could target the swing high near $0.0793 AUD.

Above this swing high, April’s monthly high at $0.0881 AUD seems the next target, which also marks another wide resistance zone. Volatility inside this resistance could tag an old monthly high at $0.0972 AUD.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

Join in the conversation on this article's Twitter thread.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.