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. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other kind of infra required by the developer. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 18th cryptocurrency globally and the current price is A$1.93. Let’s take a look at the chart below for price analysis:
After a stunning 85% drop since early June, MATIC seems to have entered an accumulation phase.
The last few days have found resistance in the weekly level near A$2.28, which may continue to hold the price down. The daily chart also shows resistance near A$2.21, while the swing high at A$2.13 gives a likely target if this resistance fails. A run above this level may reach the weekly gap with a high near A$2.06.
The consolidation around A$1.84 has provided support and could do so again. However, relatively equal daily lows near A$1.77 are a tempting target for bears. Below this level, little exists to provide explicit support on the chart.
2. Coti (COTI)
COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers.
COTI Price Analysis
At the time of writing, COTI is ranked the 150th cryptocurrency globally and the current price is A$0.5541. Let’s take a look at the chart below for price analysis:
COTI‘s nearly 57% drop since May found a low in late July, with price action now trending upward through a higher-timeframe range reaching its all-time high.
The area beginning near A$0.6439 has provided strong resistance and may do so again. However, relatively equal highs near A$0.6682 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near A$0.7055.
Aggressive bulls might add to their positions near A$0.5147. If the price breaks through this level, it may be reaching for the cluster of swing lows near A$0.4835 and A$0.4701. A more substantial move down may run stops below the relatively equal May lows, around A$0.4255, into the daily gap at this level.
3. KuCoin Token (KCS)
KCS is the native token of KuCoin, which was launched in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralised trading solution goes live, KCS will be the native asset of KuCoin’s decentralised financial services as well as the governance token of the KuCoin community in the future.
KCS Price Analysis
At the time of writing, KCS is ranked the 89th cryptocurrency globally and the current price is A$16.72. Let’s take a look at the chart below for price analysis:
KCS has been trading through a massive range since July, with the price showing mild bullishness during August.
Bulls bought near A$14.26. The weekly level and daily gap near A$15.20 could prompt buyers to step in again as the price challenges the swing high and resistance around A$16.32. A strong move and acceptance above this level may reach for the swing highs at A$18.75 and A$20.66, which marks another area of resistance.
However, rejection from the current area may send the price down to retest support near A$14.05. Relatively equal lows around A$13.48 provide a rich target for a stop run. Sustained bearishness may reach the low near A$11.96 and possibly as low as A$10.53 into higher-timeframe support.
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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