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. Tranchess (CHESS)
Tranchess CHESS is a yield-enhancing asset tracker with varied risk-return solutions. Tranchess provides a different risk/return matrix out of a single main fund that tracks a specific underlying asset. The name Tranchess was inspired by the game of chess, as well as the French word “Tranche”, which is often associated with tranche funds that cater to a different class of investors with varying risk appetite. Tranchess was launched on June 24, 2021. The project leverages on smart contracts, making it transparent and automated across processes.
CHESS Price Analysis
At the time of writing, CHESS is ranked the 548th cryptocurrency globally and the current price is US$0.2954. Let’s take a look at the chart below for price analysis:
CHESS dropped 85% from its early April swing high before beginning a consolidation range in mid-May.
Most trading occurred between the June monthly open and $0.2650. Here, relatively equal lows have formed under the oldest historical low, around $0.3570.
These lows might serve as a magnet for a stop run reaching near the last swing low, between $0.2162 and $0.2270. A continued move down could run more bulls’ stops below May’s low at $0.1840.
No historical price action exists under May’s low to pinpoint possible support. Round numbers suggest that $0.1535 could offer some support on an initial stop run under May’s low.
Below this level, the 50% and 100% extensions (projected from two swings in the current range) overlap near $0.09240. This confluence could offer a weak hint at another possible support. Bulls should be highly cautious given the bearish chart and market conditions.
2. 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 28th cryptocurrency globally and the current price is US$0.3259. Let’s take a look at the chart below for price analysis:
After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.4522.
Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.5312 might look for bids near $0.5736. More significant resistance rests above, near $0.6125. A group of significant swing highs at $0.6510 and $.6718 give possible targets if this resistance breaks.
A stop run on the recent low at $0.3033 into possible support beginning near $0.2630 might see stronger bidding. This area also has a confluence with the recent monthly lows.
3. Fantom (FTM)
Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.
FTM Price Analysis
At the time of writing, FTM is ranked the 63rd cryptocurrency globally and the current price is US$0.2499. Let’s take a look at the chart below for price analysis:
FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.4167, possibly forming the next bullish leg’s target.
Currently, the price is testing possible support near the weekly open, around $0.2165. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs.
If this level fails to provide support, a zone from $0.1854 to $0.1723 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.
A more bearish tone in the market could propel the price lower. The lows, near $0.1470, may mark an area of possible support as well as a bearish target.
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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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