3 Coins that Might Breakout this Week: ETH, RLC, TOMO – Altcoins Trading Analysis

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

1. 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 was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014 and officially launched the blockchain on July 30, 2015.

ETH Price Analysis

At the time of writing, ETH is ranked 2nd cryptocurrency globally and the current price is $1,812 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

ETH’s bullrun met resistance near the beginning of January, with a brief spike above its all-time high being forced back down into support on January 25th.

The current support between $1,492 AUD and $1,407 AUD could form a higher low before a surge above the all-time high, offering aggressive bulls an entry in the current region.

However, a deeper retracement across the crypto market could drop the price to support near $1,330 AUD, possibly creating a wick to fill the gap between $1,090 AUD and $987 AUD and giving longer-term bulls an excellent entry.

If the price breaks resistance between $1,848 AUD and $1,939 AUD, it’s likely to take out the high at $1,975 AUD. The extension near $1,985 AUD provides a reasonable first target, with the extensions at $1,894 AUD, $2,202 AUD, and $2,417 AUD providing reasonable take profit zones.

2. iExec Rlc (RLC)

iExec RLC claims to have developed the first decentralized marketplace for cloud computing resources. Blockchain technology is used to organize a market network where users can monetize their computing power, applications, and datasets. By providing on-demand access to cloud computing resources, iExec is reportedly able to support compute-intensive applications in fields such as AI, big data, healthcare, rendering, or FinTech.

RLC Price Analysis

At the time of writing, RLC is ranked 142nd cryptocurrency globally and the current price is $1.66 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

RLC printed nearly +164% gains by January 25th. After this move, the price has been consolidating for the last week around a monthly level near $1.55 AUD.

Overlapping support zones should provide bullish strength, with the current region beginning at $1.38 AUD providing a reasonable entry accompanied by a wide stop. Relatively equal daily lows near $1.15 AUD could prompt a stop run that provides a better entry, maybe as low as the next overlapping support area near $0.95 AUD.

January’s high near $1.82 AUD provides the highest probability target, with the next swing high inside resistance at $1.73 AUD giving another target and potential short-term reversal area.

A strong move through this level into resistance beginning at $1.97 AUD is likely to target the monthly high at $2.29 AUD, potentially reaching the next monthly high near $2.95 AUD.

3. TomoChain (TOMO)

TomoChain is a scalable blockchain-powered via Proof-of-Stake Voting consensus which is used commercially by companies globally. Its mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits. TomoChain’s technology and DeFi-focused flagship products include: Fast & Near-Zero Fees: 2000 TPS, 2-second blocktime, ~$0 gas fees, and EVM compatible. An array of original features and protocols is designed to support speed, privacy, usability, and liquidity needs all in one platform.

TOMO Price Analysis

At the time of writing, TOMO is ranked 135th cryptocurrency globally and the current price is $1.78 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

January brought a +125% pump at TOMO’s price, almost filling in the bowl-shaped structure between the current price and August’s high.

Bulls can look for entries to form in the current region to ride a parabolic run beyond August’s highs. The previous swing high near $1.52 AUD provided support, although a deeper market-wide retracement could drop the price into the weekly gap between $1.25 AUD and $1.34 AUD.

This region has confluence with a structure from mid-October, making it a highly probable support zone. If January’s move retraces, a similar scenario could appear at the daily gap beginning at $0.92 AUD and support structure near $0.99 AUD.

The resistance beginning at $1.98 AUD contains two swing highs at $2.10 AUD and $2.18 AUD, which provide the first probable targets. Beyond this level, the extension at $2.26 AUD provides a reasonable target for this leg of the move. The extensions at $2.45 AUD and $2.60 AUD also provide rational take-profit 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.

Malik Junaid

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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