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. Avalanche (AVAX)
Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche.
AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.
AVAX Price Analysis
At the time of writing, AVAX is ranked the 16th cryptocurrency globally and the current price is US$17.88. Let’s take a look at the chart below for price analysis:
AVAX‘s gains in Q2 ended with an almost 80% retracement as the rest of the altcoin market dropped from early last month. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $25.30.
With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.
Near the 40 EMA, a broad zone from $18.35 to $17.00 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $16.10, and potentially lower to a higher-timeframe support zone between $15.60 and $14.32.
If the higher-timeframe recovery trend resumes and the current resistance near $23.64 breaks, the wicks near $27.14 and the new monthly highs may see profit-taking.
2. Voyager Token (VGX)
Voyager Token VGX is a cryptocurrency broker that provides investors with a trusted and secure access point to crypto asset trading. Voyager is built to serve both retail and institutional investors with a nigh-instant solution for trading crypto assets. The native token of the brokerage, Voyager Token VGX, is used to reward users within the Voyager ecosystem. VGX also generates interest when held in the Voyager app, and offers cashback rewards and other services exclusive to Voyager users.
VGX Price Analysis
At the time of writing, VGX is ranked the 116th cryptocurrency globally and the current price is US$0.8333. Let’s take a look at the chart below for price analysis:
VGX set a high near $2.30 in Q1 before retracing nearly 83% to find a low near $0.4584. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.9771 is slowing the bullish advance down. However, another leg might target the last swing high at $1.24 and relatively equal highs at $1.36. Resistance near $1.55 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $1.84.
A retracement before a move higher might find support in the daily gap near $0.7064, just above the monthly open. Relatively equal lows near $0.6295 could also provide support. A run-on stop at $0.5709 and $0.5084 might find support in the gap beginning near $0.4859 or a high-timeframe level near $0.4215.
3. Aave (AAVE)
AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token, giving owners a say in the future development of the protocol.
AAVE Price Analysis
At the time of writing, AAVE is ranked the 44th cryptocurrency globally and the current price is US$76.70. Let’s take a look at the chart below for price analysis:
AAVE‘s strong downtrend that began during early April has retraced most of its Q2 move, recently sweeping lows near $66.25.
A sweep of the relatively equal lows near $62.87 into possible support around $58.12, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $50.45.
The swing high near $82.10 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $96.82, potentially reaching up to the new monthly highs near $110 and $123.
Learn How to Trade Live!
Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.
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.
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.