3 Coins that Might Breakout this Week: AVAX, EGLD, MRPH – Altcoins Trading Analysis

April 06, 2021, 6:00 PM AEST (updated April 07, 2021)

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

1. Avalanche (AVAX)

Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading, and other services. Avalanche provides decentralized asset trading which anyone can launch and use, and does so with a network that is unique in the digital realm in providing subsecond transaction confirmations.

The AVAX token forms the in-house payment method for Avalanche and is used for fee collection during transactions, as well as for incentives and related purposes. Users can also earn passive income by staking their coins on the network.

Avalanche Price Analysis

At the time of writing, AVAX is ranked 33rd cryptocurrency globally and the current price is $44.72 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

AVAX followed February’s +380% move with a slower March, consolidating in a +68% range.

Aggressive bulls could look for entries near support and the April monthly open around $39.14 AUD. A significant downturn in the market would likely hunt stops near the weekly level around $34.32 AUD, with a more substantial drop to sweep stops and find support near $30.08 AUD.

Traders could look for first profits between the last swing high near $41.55 AUD and probable resistance beginning near $44.20 AUD. Bulls could propel the price to the swing high near $50.30 AUD, possibly reaching resistance near $57.96 AUD.

A solid bullish move could sweep the highs cluster around $52.98 AUD into probable resistance near $60.75 AUD. The final resistance before price discovery seems to wait near $68.37 AUD.

2. Elrond (EGLD)

Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost.

Elrond Price Analysis

At the time of writing, EGLD is ranked 42nd cryptocurrency globally and the current price is $217.33 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

Similar to AVAX, EGLD’s explosive February rally retraced into consolidation through most of March.

Bulls look strong as they break through highs and create new support. The daily gap beginning near $215.26 AUD might offer an aggressive entry just above possible support near $202.30 AUD. 

A more decisive move to the downside might sweep stops into support near $190.58 AUD, while a sharp downturn in the market could reach stops near the monthly gap around $175.32 AUD.

Price seems to be consolidating under resistance near $220.73 AUD, making the swing high at $235.62 AUD a first target for the bulls. Breaking this high might test resistance at $250.33 AUD, possibly followed by a move to the swing high near $290.95 AUD and into price discovery.

3. Morpheus.Network (MRPH)

Morpheus.Network optimizes supply chains. This is accomplished with their SaaS middleware platform seamlessly integrating legacy and emerging technologies while providing supply chain managers with a Digital Footprint, providing shipment and item visibility for automating safe and secure supply chains, saving time and money.

The platform creates a digital representation of a supply chain by turning information into actionable data and notarizing the actions and events and completion of supply chain processes using distributed ledger technology.

MRPH Price Analysis

At the time of writing, MRPH is ranked 357th cryptocurrency globally and the current price is $3.80 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

Following the pattern of AVAX and EGLD, MRPH seens retracing from a test of resistance near $3.82 AUD.

Monday’s sweep of the last swing low into support near $3.35 AUD could set the stage for the next leg higher. A safer entry might be found near $3.10 AUD, although this move could reach down as far as $2.90 AUD. The cluster of multiple lows near $2.40 AUD looks like an appealing target for a stop run into support around $2.35 AUD.

Bulls could target the $4.28 AUD swing high, with a break likely reaching into the next resistance near $4.47 AUD. The swing high around $5.23 AUD provides the last target before the next stage of price discovery.

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.

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