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 US$3,034.89. Let’s take a look at the chart below for price analysis:
ETH‘s long-term range from Q1 highs could be coming to an end. The 9, 18 and 40 EMAs flipped bullish at the beginning of April after late March’s retracement, showing strength as BTC recovered. Currently, the price is hovering just under the monthly high as bulls take some profits.
Two swing highs and the 9 EMA could mark $3010.87 to $2940.72 as an area of possible support. A deeper retracement will likely find some buyers around the 61.8% retracement near $2760.59.
The monthly high will likely see some profit-taking, but the area near the 27% extension, at $3560.12, could also provide some resistance. The 61.8% extensions of the last two swings converge near $3820.54, which could be the target for a monthly high break before a new setup emerges.
2. Chainlink (LINK)
The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
LINK Price Analysis
At the time of writing, LINK is ranked the 24th cryptocurrency globally and the current price is US$13.64. Let’s take a look at the chart below for price analysis:
LINK‘s early March spike retraced near $13.00 into the consolidation that began the impulse before bouncing to $16.90.
This consolidation could provide support again, although bears would first have to push the price through possible support near $12.85. The market’s structure may be shifting bearish, with $12.32 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $11.70 before finding support near $11.23.
However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $17.78 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the December wick near $20.58.
3. WOO Network (WOO)
WOO Network is a deep liquidity network connecting traders, exchanges, institutions and DeFi platforms with democratised access to best-in-class liquidity and trading execution at lower or zero cost. WOO Token is used in the network’s CeFi and DeFi products for staking and fee discounts. Presently, a diverse set of products and services interfacing retail, institutions, CeFi and DeFi have been built. WOO X is a zero-fee trading platform providing professional and institutional traders with best-in-class liquidity and execution. It features fully customisable modules for workspace customisation.
WOO Price Analysis
At the time of writing, WOO is ranked the 127th cryptocurrency globally and the current price is US$0.4826. Let’s take a look at the chart below for price analysis:
WOO has retraced 80% from its January highs and is currently challenging possible support near $0.4540, between the 61.8% and 78.6% retracement levels.
If this level fails to provide support, the 78.6% retracement, near $0.4301, offers a strong draw for shorts with multiple daily swing lows and an inefficient area.
Continued bearish conditions may cause this level to break, running all swing lows since Q2 2021 into the upper portion of an inefficient region starting near $0.3700. Near the midpoint and bottom of this region, lower timeframes show that $0.3520 and $0.3240 could also provide some sensitivity.
The low of early December’s consolidation, near $0.5817, and the 9 EMA may provide some resistance on any retracements. A continued rally – unlikely unless the overall market’s catalysts drastically shift – could reach over the 2021 open to $0.6427 and possibly $0.7100, where the daily chart shows a head-and-shoulders formation.
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.