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. IOTA (MIOTA)
IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind the platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.
IOTA Price Analysis
At the time of writing, IOTA is ranked the 40th cryptocurrency globally and the current price is A$1.53. Let’s take a look at the chart below for price analysis:
After a 61% decline from May to June, IOTA has ranged between A$1.24 and A$1.03.
The recent rally is approaching probable resistance near A$1.72 – but could be aiming for stops above the relatively equal highs near A$1.79. Continuation of the bullish move could target the daily gap near A$1.87.
Aggressive bulls might add to positions near A$1.47 and A$1.44. Price action near A$1.40 may be more likely to provide support – if the price reaches it – during any retracements.
Relatively equal lows clustered around A$1.38 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$1.32.
2. Harmony (ONE)
Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Focusing on processing speed and validation, the Harmony mainnet aims to revolutionise block creation. By introducing the sharding process, the company reduced node validation times significantly.
ONE Price Analysis
At the time of writing, ONE is ranked the 67th cryptocurrency globally and the current price is A$0.1728. Let’s take a look at the chart below for price analysis:
ONE‘s 85% retracement from its May highs set a low near A$0.0922 during its consolidation that began in July.
Relatively equal highs near A$0.1855 could be the current target if the price breaks through resistance beginning near A$0.1903. Bullish continuation might reach through the next significant swing high near A$0.2158 into the daily gap near A$0.2496.
If bullish strength continues, the zones just below the monthly open near A$0.2530 and A$0.2614 could halt any retracement.
A bearish shift in the market might seek the relatively equal lows near A$0.1624 into possible support near A$0.1588. If this down move occurs, the swing low near A$0.1436 and possible support near A$0.1369 may be the primary objective.
3. Wanchain (WAN)
Wanchain WAN is a distributed ledger that allows for cross-chain transactions and the interoperability of multiple chains. Although Wanchain facilitates transactions between blockchains, it is also a stand-alone blockchain that runs autonomously. The protocol acts as a distributed ledger that processes and maintains records of cross-chain transactions.
WAN Price Analysis
At the time of writing, WAN is ranked the 294th cryptocurrency globally and the current price is A$1.27. Let’s take a look at the chart below for price analysis:
After retracing nearly 70% from its May high, WAN set a low near A$0.9542 as it formed its current range.
Last week, the price swept highs near A$1.53, which now also marks the September monthly high. Relatively equal daily highs near A$1.35 provide a reasonable target, although resistance beginning near $1.37 could cap the move. A break of this resistance is likely to target the swing high near A$1.45 into higher-timeframe resistance beginning near A$1.42.
The current area near A$1.25 could provide support, although bulls may be more likely to buy near the price fractal near A$1.20 if a retracement reaches this level. A break of this area could continue down to sweep the July low near A$1.17 into possible support beginning near A$1.13.
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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