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. Algorand (ALGO)
Algorand ALGO is a self-sustaining, decentralised, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.
ALGO Price Analysis
At the time of writing, ALGO is ranked the 36th cryptocurrency globally and the current price is A$1.93. Let’s take a look at the chart below for price analysis:
After creating a second equal low in mid-July, ALGO has rallied nearly 100% into resistance that starts near A$1.78.
Aggressive bulls looking for continuation to the nearest cluster of relatively equal highs around A$2.09 might look for bids near A$1.70. More significant resistance rests above near A$2.10. A group of significant swing highs at A$2.28, A$2.42 and A$2.48 provide possible targets if this resistance breaks.
A stop run on the recent low at A$1.59 into possible support beginning near A$1.59 might see stronger bidding. This area also has a confluence with the September monthly open.
A bearish market shift could reach the swing low at A$1.29 into possible support beginning near A$1.27.
2. Kusama (KSM)
Kusama KSM is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers. Kusama is built on Substrate, a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot, one of the most successful interoperable blockchains.
KSM Price Analysis
At the time of writing, KSM is ranked the 48th cryptocurrency globally and the current price is A$522.80. Let’s take a look at the chart below for price analysis:
After rallying over 200% from its July low, KSM is encountering resistance near A$560.70. This resistance and the September monthly open at A$531.51 currently have the price trapped. The swing high and resistance near A$604.83 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for shortstops and resistance near A$728.46.
The daily gap at A$493.71 could provide support, while the area beginning near A$458.73 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near A$349.77, possibly finding a floor at possible support beginning near A$303.49.
3. Raydium (RAY)
Raydium RAY is an automated market maker AMM and liquidity provider built on the Solana blockchain for the Serum decentralised exchange DEX. Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook, meaning that funds deposited into Raydium are converted into limit orders that sit on Serum’s orderbooks. This gives Raydium LPs access to all of Serum’s order flow as well as their existing liquidity.
RAY Price Analysis
At the time of writing, RAY is ranked the 220th cryptocurrency globally and the current price is A$16.24. Let’s take a look at the chart below for price analysis:
RAY continued its rally through the daily gap between A$15.88 and A$15.10, turning this region into an area of possible support.
However, a stop run under the relatively equal lows at A$15.17 could form a wick below this level, potentially reaching an untapped daily gap beginning near A$14.20.
Resistance beginning at A$17.25 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at A$20.31, continue into probable resistance just above, and possibly set new all-time highs at A$21.92.
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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