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. PancakeSwap (CAKE)
PancakeSwap CAKE is an automated market maker (AMM), a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds and receive liquidity provider (LP) tokens in return.
CAKE Price Analysis
At the time of writing, CAKE is ranked the 30th cryptocurrency globally and the current price is A$27.65. Let’s take a look at the chart below for price analysis:
In mid-August, CAKE suggested the possible start of a new longer-term uptrend as the 9, 18, and 40 EMAs spread. At the same time, the price climbed from its May through July consolidation lows.
Early September’s drop found some support around A$24.54, near the 78.6% retracement level, before creating a swing low and rallying over the 40 EMA. The nearby consolidation around the 61.8% retracement level could provide support if bulls add to their positions while the EMAs compress.
The price is currently testing old support that turned to resistance near A$32.34. If this resistance breaks, the price is likely to continue to, and possibly through, the last significant swing high and resistance beginning near A$36.08.
A larger zone between A$41.41 and A$47.00, which surrounds the Q3 bear trend’s 61.8% retracement, could mark the end of the bullish move. On the other hand, if bulls show strength in this region – perhaps fuelled by increased interest from Wednesday’s NFT marketplace launch – the old high at A$61.12 gives a logical target for continuation.
However, the weakening of the last bull trend could also lead to a steeper drop in the short term. These deeper retracements often occur around this time of the month and after a major news event such as Wednesday’s launch. If this drop occurs, the price could reach down to broken resistances that may give support near A$24.54 or as low as A$22.22.
2. Fetch.ai (FET)
Fetch.ai FET is a platform that aims to connect Internet of Things (IoT) devices and algorithms to enable collective learning. Fetch.ai is built on a high-throughput sharded ledger and offers smart contract capabilities to deploy machine learning and artificial intelligence solutions for decentralised problem-solving. These open-source tools are designed to help users create ecosystem infrastructure and deploy commercial models.
FET Price Analysis
At the time of writing, FET is ranked the 121st cryptocurrency globally and the current price is A$0.9653. Let’s take a look at the chart below for price analysis:
FET recently saw significant profit-taking after breaking its Q1 highs before dropping from its distribution range into the 40 EMA.
Aggressive bulls might add to their positions near possible support around A$0.9768, which has confluence with the 40 EMA, old highs, and is near the 78.6% retracement level. If this level holds, the price might find some resistance near A$1.09 – an area of broken support.
However, today’s airdrop could be a catalyst for a short-term selloff as holders release their tokens on the market. A decisive break of this potential support zone near A$0.9725 will likely reach or exceed A$0.8145 and A$0.6134.
These levels are old resistances that could turn to support. If so, they could cause a short-term bounce or start a new bullish trend targeting probable resistances beginning near A$1.92 and A$2.21.
3. Avalaunch (XAVA)
Avalaunch XAVA is a launchpad powered by the Avalanche platform, allowing new and innovative projects to seamlessly prepare for launch with an emphasis on fair and broad distribution. With its values deeply rooted in the early Avalanche community, they are able to offer projects confidently to informed users who are aligned with the long-term goals of the rapidly expanding application ecosystem.
XAVA Price Analysis
At the time of writing, XAVA is ranked the 2761st cryptocurrency globally and the current price is A$5.61. Let’s take a look at the chart below for price analysis:
XAVA‘s retracement of the bullish trend turned the corner in early September. Currently, it’s consolidating just under the A$7.59 high.
The last swing high near A$5.80 marks an area of possible support for aggressive bulls and has confluence with the previous leg’s 61.8% retracement level and the 9 EMA.
The 78.6% retracement level of the last leg up overlaps with another possible support near A$4.88 and could spark more interest from bulls looking for support just below the range EQ.
A deeper retracement – more probable during the last 10 days of the month – could reach A$4.24, which is approximately where the price re-entered the old range. This level is also just below the 40 EMA, which can sometimes mark accumulation before a significant move higher.
Investor excitement about Wednesday’s IDO could help propel price through the A$7.59 high and lay the foundation for further continuation to near A$9.39. Longer-term, a sustained bullish trend fuelled by more real-world use cases built on XAVA could continue climbing to projected resistances near A$11.66, A$17.32 and A$20.70.
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. You can buy XAVA coin from multiple exchanges listed on coinmarketcap.
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