Altcoins Trading Analysis – 3 Coins that Might Breakout this Week: DOT, HBAR, LRC

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

1. PolkaDot (DOT)

Polkadot is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. The Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked 6th cryptocurrency globally and the current price is $11.95 AUD. Let’s take a look at the chart below for price analysis.

Last week, DOT exploded over 100% and cleared the early September high at $8.86 AUD price levels. Bulls quickly bought up the drop to the previous leg’s 62% retracement, suggesting that the price may run further.

A strong move away from the current consolidation could create support between $10.45 AUD and $11.42 AUD, giving aggressive traders a chance to join the Bullrun. A deeper retracement could meet probable support at $9.67 AUD. If the Bullrun continues, most entries below the monthly open at $11.26 AUD should offer an acceptable risk-to-reward ratio.

Since the price is climbing through thin air, the final destination is impossible to predict. However, extensions provide take-profit zones, with the areas around $14.17, $14.96, $16.62, and $17.63 AUD providing the first series of targets.

2. Hedera Hashgraph (HBAR)

Hedera describes itself as a decentralized public network where developers can build secure, fair applications with near real-time consensus. The platform is owned and governed by a council of global members including Avery Dennison, Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.

HBAR Price Analysis

At the time of writing, HBAR is ranked 72nd cryptocurrency globally and the current price is $0.0485 AUD. Let’s take a look at the chart below for price analysis.

HBAR’s 50% late November run has fully retraced. Near the end of December, the price took out a series of swing lows, potentially paving the way for upside expansion.

Support near $0.0314 AUD provides the safest buy. Still, most entries below the monthly open at $0.0378 AUD are likely to be favorable if Q1 brings an HBAR Bullrun. Traders can also look for entries in support between $0.0397 AUD and $0.0338 AUD since the price often retraces below the monthly open before a bullrun.

The cluster of relatively equal highs at $0.0453 AUD provides a reasonable first target, with resistance around $0.0526 AUD potentially providing a barrier to the second target at the $0.0545 AUD high. The highs at $0.0594, $0.0604, and $0.0715 AUD provide the next targets if the price breaks the resistance just below each high.

3. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges. Loopring’s purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked 50th cryptocurrency globally and the current price is $0.5514 AUD. Let’s take a look at the chart below for price analysis.

LRC lifted off last Sunday, with the impulse sweeping the swing highs into resistance up to $0.498 AUD.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken highs between $0.4569 AUD and $0.4340 AUD. A deeper retracement that fills the gap down to the monthly level at $0.3918 AUD provides a better entry, with any quick drops below the monthly open at $0.3550 AUD providing the most favorable entries.

Continuation through the current resistance around $0.5704 AUD is likely to explode through the remaining daily highs stacked up to $0.6082 AUD. There’s no telling how far the price could go beyond this high, but the plethora of daily swing highs from 2018’s bear market provides additional take-profit zones.

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.