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. Dogecoin (DOGE)
Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk has posted several tweets on social media that Dogecoin is his favourite coin.
DOGE Price Analysis
At the time of writing, DOGE is ranked the 7th cryptocurrency globally and the current price is A$0.4403. Let’s take a look at the chart below for price analysis:
DOGE formed relatively equal lows near A$0.3468 after dropping over 75% during May. These lows could provide the target for another leg down, possibly finding support in the monthly gap of around A$0.3257.
If this sweep of the A$0.3200 swing lows occurs, more aggressive bulls might begin bidding the weekly level near the swing low around A$0.3144. Should the market take a more bullish turn, the level just below near A$0.3027 could provide some short-term support.
The steep drop left large areas of inefficient price action, making the daily gap up to A$0.4962 likely to be touched or filled. A sustained move through this resistance could visit a significant area on the monthly and weekly chart near A$0.5422.
2. Chiliz (CHZ)
Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company’s vision is to bridge the gap between the active and passive fan, providing millions of sports fanatics with a fan token thath acts as a tokenised share of influence.
CHZ Price Analysis
At the time of writing, CHZ is ranked the 59th cryptocurrency globally and the current price is A$0.4709. Let’s take a look at the chart below for price analysis:
CHZ’s stunning rally to A$0.9941 plummeted over 60% during May to sweep consolidation lows at A$0.2955. This could set the stage for a new bullish cycle to begin.
The price is currently balancing around the June monthly open. A quick stop run into support beginning near A$0.3682 could set the stage for a move into the daily gap beginning near A$0.3465, potentially reaching resistance near A$0.3544.
A sweep of the highs near A$0.4822, followed by a sharp sell-off, could hint that bulls are preparing to run the swing high near A$0.5127. This run could find the next resistance around A$0.5366 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near A$0.5938.
3. 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. The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchain, and can be used as a preparatory network before launching on Polkadot, though many projects opt to stick with Kusama for their final product.
KSM Price Analysis
At the time of writing, KSM is ranked the 50th cryptocurrency globally and the current price is A$414.67. Let’s take a look at the chart below for price analysis:
May started a gradual 77% decline in KSM‘s price. The move into June swing high saw a sharp jump in price, showing that some support exists near A$231.
A sweep of the most recent swing lows into possible support beginning near A$398 could lead to a rally over the monthly open. This rally would likely sweep the swing high into the resistance near A$428.
This potential bullish move could continue through the relatively equal swing highs near A$439 – but is likely to find some resistance in the weekly level around A$453.
Continued bearishness in the crypto markets might push the price to fill the weekly gap down to A$401. This drop would sweep the stops under the monthly low and potentially mark a new accumulation zone for the next bullish cycle.
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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