3 Coins that Might Breakout this Week: GRT, SHIB, SXP – Altcoins Trading Analysis

Tuesday 27 April 2021, 11:00 AM AEST - 1 month 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. The Graph (GRT)

The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. There is a hosted service in production that makes it easy for developers to get started building on. The Graph currently supports indexing data from Ethereum, IPFS, and POA, with more networks.

GRT Price Analysis

At the time of writing, GRT is ranked 60th cryptocurrency globally and the current price is $1.88 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

After its early Q1 bullrun, GRT has been ranging between approximately $3.00 AUD and $1.50 AUD.

Last week’s sharp decline ran equal lows into a gap on the daily chart. This down move could set the stage for an attack on the relatively equal highs near $2.23 AUD if the price was to break through resistance possibly near $1.90 AUD and $1.98 AUD. 

Above these highs, resistance near $2.44 AUD could halt a bullish move, although reaching the all-time high at $2.88 AUD is possible.

Aggressive bulls might look for entries in possible support near $1.55 AUD and $1.35 AUD, just below the current price. If the price sweeps last week’s low, the levels near $1.20 AUD and $1.05 AUD may also provide support.

2. Shiba Inu (SHIB)

Shiba Inu is an experiment in decentralized spontaneous community building. Nicknamed the Dogecoin Killer, SHIB is a ERC-20 only token which has been listed and incentivized on decentralized exchange ShibaSwap.

SHIB Price Analysis

At the time of writing, SHIB is ranked 2438th cryptocurrency globally and the current price is $0.000001513 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

SHIB’s spectacular April pump has retraced most of its gains as it finds support near $0.000001325 AUD.

Stops under the relatively equal lows near $0.00001113 AUD might be swept, along with the swing low near $0.00000908 AUD. If this sweep happens, the price could find support near $0.00000850 AUD. A move further down could find more support near $0.00000730 AUD.

Spikes upward are likely to encounter resistance beginning near $0.000001630. If the bullish trend resumes after re-accumulation, some traders might take profits as the price approaches possible resistance starting around $0.00002404 AUD and $0.000003187 AUD.

The all-time high near 0.000005348 AUD looks like a primary target. Any moves beyond this level are challenging to predict from current price action.

3. Swipe (SXP)

Swipe is a platform that tries to form a bridge between the fiat and cryptocurrency worlds with its three main existing products: the Swipe multi-asset mobile wallet, the Swipe cryptocurrency-funded debit card, and the Swipe Token (SXP). The Swipe wallet acts as the main access point to the Swipe ecosystem and can be used to store and manage a wide variety of assets — including both cryptocurrencies and fiat currencies. The wallet can also be used to manage Swipe’s second product — the Swipe debit card. This debit allows users to spend their cryptocurrencies at Visa payment terminals and comes in a variety of flavors, each of which offers increasing perks and benefits.

SXP Price Analysis

At the time of writing, SXP is ranked 158th cryptocurrency globally and the current price is $4.53 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

The second half of April punished SXP bulls with a nearly 50% drop before the price found support near an old swing low around $3.35 AUD.

Aggressive bulls might look for entries at possible support beginning near $3.98 AUD. However, stops under equal lows near $3.30 AUD could be swept.

The area near $3.20 AUD provides a possible target for this stop run if it occurs. A more sustained bearish trend could reach down to the broad zone of possible support between $2.80 AUD and $2.65 AUD.

The price is currently challenging resistance at a gap beginning near $4.53 AUD. If this level breaks, bulls could find more resistance near $4.87 AUD while targeting the highs up to $4.70 AUD.

A sweep of these highs is likely to find resistance by the time price reaches the area near $4.90 AUD. The next reasonable targets would be the swing highs and resistance near $5.15 AUD and $5.80 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.

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