For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. BitTorrent (BTT)
BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years. According to its official literature, BitTorrent is currently the “largest decentralized P2P communications protocol” in the world.
The platform has seen multiple legal battles, with Cohen maintaining that it does not break copyright laws in allowing users to share files such as music and movies among themselves.
BTT Price Analysis
At the time of writing, BTT is ranked 27th cryptocurrency globally and the current price is $0.0104 AUD. Let’s take a look at the chart below for price analysis.
BTT’s explosive March climbing over +1,100% retraced nearly half of the move within a week.
While the price possibly needs to cool off before any significant move higher, stubborn bulls could look for entries in possible support beginning near $0.0093 AUD.
A break below $0.0084 AUD might to continue to an area near $0.0068 AUD. Strong bearish momentum might push the price through April’s monthly open to possible support near $0.0049 AUD.
In both bullish and bearish scenarios, it seems reasonable (but not guaranteed) to anticipate a retest of resistance near $0.0125 AUD, which would sweep a cluster of relatively equal highs near $0.0128 AUD.
Continued strength above this area could continue to resistance near $0.0144 AUD and the high near $0.0155 AUD.
2. Ethereum (ETH)
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.
Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.
Ethereum Price Analysis
At the time of writing, ETH is ranked 2nd cryptocurrency globally and the current price is $2,843 AUD. Let’s take a look at the chart below for price analysis.
Since the beginning of March, ETH has climbed +70%, a relatively small amount compared to many other altcoins. However, the price continues to creep to new all-time highs, suggesting that the consolidation period may be near its end.
Aggressive bulls could look for entries in new possible support between $2,796 AUD and $2,683 AUD. A dip below this area might also find support near $2,583 AUD. However, a daily close near $2,605 AUD brings bullish strength into question.
A sudden drop in the market could test possible support beginning near $2,410 AUD. This retracement would create extensions suggesting $3,987 AUD to 3,998 AUD as a potential target for bulls.
Currently, extensions indicate a reasonable take-profit zone near $3,388 AUD to $3,684 AUD with $3,652 AUD having the most confluence. If bulls can maintain strength, confluent extensions point to $4,225 AUD – $4,300 AUD as a possible next target.
3. PundiX (NPXS)
PundiX is a leading developer of blockchain-powered devices with the aim of transforming retail businesses with its blockchain-based point of sale solution. The solution allows retail merchants and consumers to conduct instantaneous in-store transactions on its blockchain.
NPXS Price Analysis
At the time of writing, NPXS is ranked 88th cryptocurrency globally and the current price is $0.006301 AUD. Let’s take a look at the chart below for price analysis.
March 1st spawned a bullish move in NPXS, reaching over +430%. Chaotic price action near the top of this move resolved into a nearly 50% retracement.
Multiple breaks of swing lows between sweeps of swing highs suggest that the market structure has turned bearish for the immediate future. If the overall market’s conditions remain bullish, this could result in consolidation somewhere below the current price.
Possible support for the start of consolidation rests near $0.005967 AUD. A set of equal lows below this level might be swept into possible support, beginning near $0.005038 AUD.
Another spike upward is possible, but not guaranteed, as the price retraces. The area just under the April monthly open, beginning near $0.009644 AUD, seems a reasonable target. Above this resistance, the last swing high near $0.01254 AUD provides active uptrend.
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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