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. ETNA Network (ETNA)
ETNA Network is a one-stop shop for all things DeFi, NFTs and gaming. ETNA’s NFT Factory is an all-in-one marketplace and factory, the first NFT marketplace that facilitates spot trading of supported assets. The factory allows creators to easily mint digital assets and showcase them to collectors.
ETNA Price Analysis
At the time of writing, ETNA is ranked the 1278th cryptocurrency globally and the current price is A$0.3007. Let’s take a look at the chart below for price analysis:
NOTE: this coin is charted against the BNB pair
After a stunning 92% drop since early May, ETNA seems to have entered an accumulation phase.
The last few days have found resistance in the weekly level near A0$.2223, which may continue to hold the price down. The daily chart also shows resistance near A$0.2689, while the swing high at A$0.3375 gives a likely target if this resistance fails. A run above this level may reach the weekly gap with a high near A$0.3781.
The consolidation around A$0.1723 has provided support and could do so again. However, relatively equal daily lows near A$0.1561 give a tempting target for bears. Below this level, little exists to provide explicit support on the chart.
2. Radix (EXRD)
Radix EXRD is the first layer-one protocol specifically built to serve DeFi. Decentralised finance applications are currently built on protocols that are not fit for purpose, leading to congestion, hacks and developer frustration. Radix changes this by introducing a scalable, secure-by-design, composable platform with a DeFi-specific build environment to make it easy to build and launch scalable DeFi.
EXRD Price Analysis
At the time of writing, EXRD is ranked the 274th cryptocurrency globally and the current price is A$0.1992. Let’s take a look at the chart below for price analysis:
EXRD‘s nearly 57% drop since late March found a low in late May, with price action now trending upward through a higher-timeframe range.
The area beginning near A$0.2155 has provided strong resistance and may do so again. However, relatively equal highs near A$0.2389 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near A$0.2437.
Aggressive bulls might add to their positions near A$0.1854. If the price breaks through this level, it may be reaching for the cluster of swing lows near A$0.1594 and A$0.1422. A more substantial move down may run stops below the relatively equal January and May lows, around A$0.1169, into the daily gap at this level.
3. Kava.io (KAVA)
Kava is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield. In addition to Kava’s USDX stablecoin, the Kava blockchain also includes the native KAVA token. This is a utility token used for voting on governance proposals and also functions as a reserve currency for when the system is undercollateralised.
KAVA Price Analysis
At the time of writing, KAVA is ranked the 114th cryptocurrency globally and the current price is A$6.12. Let’s take a look at the chart below for price analysis:
KAVA has been trading through a massive range since April, with the price showing mild bullishness during July.
Bulls bought at the level near A$4.28. The weekly level and daily gap near A$5.73 could prompt buyers to step in again as the price challenges the swing high and resistance around A$6.75. A strong move and acceptance above this level may reach for the swing highs at A$8.72 and A$9.99, which marks another area of resistance.
However, rejection from the current area may send the price down to retest support near A$4.81. Relatively equal lows around A$4.28 provide a rich target for a stop run. Sustained bearishness may reach the low near A$3.47 and possibly as low as A$2.86 into higher-timeframe support.
Where to Buy or Trade Altcoins?
These three 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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