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. Ethereum (ETH)
Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.
ETH Price Analysis
At the time of writing, ETH is ranked the 2nd cryptocurrency globally and the current price is A$3,578. Let’s take a look at the chart below for price analysis:
After a 61% decline from May to June, ETH has ranged between A$3956 and A$2308.
The recent rally is approaching probable resistance near A$3679 but could be aiming for stops above the relatively equal highs near A$3956 Continuation of the bullish move could target the daily gap near A$4073.
Aggressive bulls might add to positions near A$3410 and A$3288. Price action near A$3152 may be more likely to provide support – if the price reaches it – during any retracements.
Relatively equal lows clustered around A$2300 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near A$1930.
2. The Graph (GRT)
The Graph GRT is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. GRT is a work token that is locked up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.
GRT Price Analysis
At the time of writing, GRT is ranked the 34th cryptocurrency globally and the current price is A$0.9129. Let’s take a look at the chart below for price analysis:
GRT‘s 85% retracement from its February highs set a low near A$0.5847 during its consolidation that began in mid-May.
Relatively equal highs near A$1.09 could be the current target if the price breaks through resistance beginning near A$0.9958. Bullish continuation might reach through the next significant swing high near A$1.32 into the daily gap near A$1.33.
If bullish strength continues, the zones just below the monthly open near A$0.84 and A$0.8124 could halt any retracement.
A bearish shift in the market might seek the relatively equal lows near A$0.7136 into possible support near A$0.6982. If this down move occurs, the swing low near A$0.5433 and possible support near A$0.5214 may be the primary objective.
3. Hedera Hashgraph (HBAR)
Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face, such as slow performance and instability. Unlike most other cryptocurrency platforms, Hedera Hashgraph isn’t built on top of a conventional blockchain. Instead, it introduces a completely novel type of distributed ledger technology known as a Hashgraph.
HBAR Price Analysis
At the time of writing, HBAR is ranked the 50th cryptocurrency globally and the current price is A$0.2966. Let’s take a look at the chart below for price analysis:
After retracing nearly 70% from its March high, HBAR set a low near A$0.1982 as it formed its current range.
Last week, the price swept highs near A$0.2936, which now also marks the August monthly open. Relatively equal daily highs near A$0.3085 provide a reasonable target, although resistance beginning near A$0.3155 could cap the move. A break of this resistance is likely to target the swing high near A$0.3524 into higher-timeframe resistance beginning near A$0.3769.
The current area near A$0.2652 could provide support, although bulls may be more likely to buy near the price fractal near A$0.2437 if a retracement reaches this level. A break of this area could continue down to sweep the June low near A$0.2048 into possible support beginning near A$0.1874.
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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.
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