Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. 1inch (1INCH)
1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1inch has launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralised autonomous organisation (DAO).
1INCH Price Analysis
At the time of writing, 1INCH is ranked the 88th cryptocurrency globally and the current price is US$2.44. Let’s take a look at the chart below for price analysis:
After breaking its Q3 highs, 1INCH began a range that has been whiplashing both bulls and bears.
Resistance beginning near $2.80 has held the price down for the second half of December, although bulls have shown some strength near the 9 and 18 EMAs.
A quick push to $2.58, or into the zone beginning near $2.60, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $2.77 provides a reasonable target.
A break of this level could move further into uncharted territory with the nearest probable resistances projected around $2.89 and $3.10.
More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 45% retracement, near $2.13.
2. Neo (NEO)
NEO bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as creating a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.
NEO Price Analysis
At the time of writing, NEO is ranked the 70th cryptocurrency globally and the current price is US$24.59. Let’s take a look at the chart below for price analysis:
After creating a second equal low during late December, NEO has gained nearly 30% into resistance that starts near $36.12.
Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $34.33 might look for bids near $39.86. More significant resistance rests above, near $42.15. A group of significant swing highs at $44.36, $46.55 and $47.23 give possible targets if this resistance breaks.
A stop run on the recent low at $22.00 into possible support beginning near $20.13 might see stronger bidding. This area also has a confluence with the August monthly open.
A bearish market shift could reach the swing low at $19.68 into possible support beginning near $17.84.
3. Algorand (ALGO)
The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.
ALGO Price Analysis
At the time of writing, ALGO is ranked the 23rd cryptocurrency globally and the current price is US$1.47. Let’s take a look at the chart below for price analysis:
After creating a second equal low in December, ALGO gained nearly 36% into resistance that starts near $1.75.
Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.44 might look for bids near $1.36. More significant resistance rests above, near $1.58. A group of significant swing highs at $1.64 and $1.73 give possible targets if this resistance breaks.
A stop run on the recent low at $1.34 into possible support beginning near $1.30 might see stronger bidding. This area also has a confluence with the recent monthly lows.
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Where to Buy or Trade Altcoins?
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
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