For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Cosmos (ATOM)
In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains.
ATOM Price Analysis
At the time of writing, ATOM is ranked 30th cryptocurrency globally and the current price is $7.80 AUD. Let’s take a look at the chart below for price analysis.
During January, ATOM has consolidated under the January monthly open inside an approximately 35% range. This consolidation could point to accumulation.
Bulls immediately bought up dips to support at a weekly level near $5.52 AUD and the monthly level near $5.37 AUD, showing substantial buyer interest.
A cluster of relatively equal daily lows around $5.18 AUD provides an attractive target for a stop run, creating a potentially excellent entry for bulls. More aggressive bulls could enter on dips to the closer support beginning at $5.48 AUD.
If Bitcoin tumbles, a more pronounced dip could reach as low as the equal lows near $4.20 AUD, running stops into support beginning at $4.20 AUD. This move would give a good risk/reward entry for bulls targeting the high below resistance starting at $7.23 AUD, the relatively equal highs near $7.92 AUD, and the August high near $9.87 AUD.
2. Nem (XEM)
NEM (New Economy Movement) is an ecosystem of platforms that use blockchain and cryptography to provide solutions for businesses and individuals. XEM is the native cryptocurrency of NEM’s NIS1 public blockchain.
XEM Price Analysis
At the time of writing, XEM is ranked 18th cryptocurrency globally and the current price is $0.2839 AUD. Let’s take a look at the chart below for price analysis.
After accumulating under the January monthly open, XEM rallied +87% in a single day before retracing to support near $0.2276 AUD.
Buyers continue to snatch up dips under the monthly open, suggesting that accumulation is still taking place.
Bulls could look for entries in this region while being conscious of a potential stop run below the cluster of lows at $0.1667 AUD. Two areas of support, beginning near $0.1492 AUD and $0.1434 AUD, provide probable buys if the price dips this low.
The equal highs near $0.3142 AUD provide a first reasonable bullish target. If the price takes this target and penetrates the surrounding resistance, the next probable resistance begins near $0.4348 AUD. Possible targets include the old highs just above this resistance near $0.4544 AUD, $0.47 AUD, and $0.5318 AUD price levels.
3. Verge (XVG)
Verge 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 85th cryptocurrency globally and the current price is $0.0161 AUD. Let’s take a look at the chart below for price analysis.
XVG wasted no time during January, rocketing upward over +190% from the second day of the month into the resistance near $0.0151 AUD.
For the last several days, the price has consolidated sideways and appears to be flipping old resistance near $0.0143 AUD to support. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.0112 AUD.
Bulls entering at these levels could set their first target near the previous resistance near $0.0160 AUD. Beyond this level, probable targets include the old highs near $0.0204 AUD and the resistance above near $0.0229 AUD.
A break of this resistance, perhaps prompted by the halving coming later this month, could continue to the highs near $0.0249 AUD and $0.0287 AUD price levels.
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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