3 Coins that Might Breakout this Week: ADA, DUSK, KAVA – Altcoins Trading Analysis

Wednesday 03 March 2021, 9:00 AM AEST - 1 month ago

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

1. Cardano (ADA)

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.

The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent, and fair.

Cardano Price Analysis

At the time of writing, ADA is ranked 3rd cryptocurrency globally and the current price is $1.60 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

February provided respectable +348% gains for bulls who bought at the monthly open, with the price finding resistance near $1.58 AUD last Saturday.

If bulls take back control this week, the top of the former gap beginning at $1.36 AUD may provide support for at least a short-term bounce. The top of the consolidation range starting near $1.25 AUD is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $1.12 AUD and $0.95 AUD, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $1.46 AUD 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 $2.28 AUD and the 2.0 extension near $2.86 AUD may provide the next primary targets.

2. Dusk Network (DUSK)

Dusk Network describes itself as a blockchain for programmable and confidential securities, powered by Zero-Knowledge proofs and novel Private PoS leader extraction-based consensus protocol. Dusk Network is a privacy blockchain for financial applications. It is a layer-1 blockchain that powers the Confidential Security Contract (XSC) standard and supports native confidential smart contracts.

Dusk Network aims to address the requirements and needs of financial markets. Central to its design is a scalable public infrastructure, direct settlement finality of transactions, and strict data privacy.

DUSK Price Analysis

At the time of writing, DUSK is ranked 292nd cryptocurrency globally and the current price is $0.3312 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

Last month’s bulls enjoyed +300% gains at DUSK’s peak before the price confirmed stiff resistance beginning at $0.2876 AUD.

The four-hour chart shows that support may be forming between $0.2263 AUD and $0.2498 AUD, near the monthly open.

Aggressive bulls could enter in this area, although safer entries may be found much further below near $0.1670 AUD and $0.1473 AUD after a sweep of the current consolidation’s swing lows.

The last swing high near $0.3288 AUD provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $0.5824 AUD and the 2.0 extension near $0.7957 AUD may provide the next major targets.

3. Kava.io (KAVA)

Kava is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield.

The Kava DeFi hub operates as a decentralized bank for digital assets, allowing users to access a range of decentralized financial services, including its native USD-pegged stablecoin USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto-assets.

KAVA Price Analysis

At the time of writing, KAVA is ranked 128th cryptocurrency globally and the current price is $5.26 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

KAVA’s +161% February run retraced almost to its origin, narrowly missing probable support near $3.98 AUD before bears swatted down the bounce near resistance around $4.85 AUD.

With the daily gap between $3.66 AUD and $3.75 AUD below this level. However, the safer entry is still in probable support between $3.90 AUD and $3.83 AUD, which would also sweep the lows of last week’s bounce.

The relatively equal highs near $5.45 AUD provide a likely first target on lower timeframes. However, the resistance beginning at $5.33 AUD may initially suppress a further move up.

A clean breakthrough this resistance will need to contend with the next resistance near $5.40 AUD, under the last swing high. This swing high at $5.80 AUD gives a reasonable take-profit area before a possible move to the 1.0 extension near $8.55 AUD.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

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