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. Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc, with the advantages of Ethereum’s security, vibrant ecosystem and openness.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is A$2.25. Let’s take a look at the chart below for price analysis:
MATIC‘s stunning – nearly 315% – climb in Q2 has since retraced 75%, finding some support near A$1.80.
Retracements toward the monthly open, possibly running stops near A$1.74 and A$1.70, are likely to be capped between A$1.65 and A$1.77. A break through this level may find another area of resistance near the gap and old swing lows near A$1.63, possibly spiking up to A$1.55.
The price appears to be struggling to maintain resistance between A$2.30 and A$2.49, making the swing highs near A$2.56, A$2.61 and A$2.70 likely shorter-term targets.
A run on these highs could find another area of resistance near A$2.74. If this area fails to break, a drop to the lower end of the monthly gap of around A$2.50 may be on the cards, with A$2.44 offering some hope of support.
2. Iost (IOST)
IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope that it will serve as the backbone for online services in the future. One of the biggest challenges that IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.
IOST Price Analysis
At the time of writing, IOST is ranked the 120th cryptocurrency globally and the current price is A$0.05076. Let’s take a look at the chart below for price analysis:
IOST has continued its steady downtrend. Meanwhile, the chart offers bulls no strong support for long entries.
The recent low at A$0.02587 is likely to be swept – a region that offers a glimmer of hope for support based on some methods of measuring moves. However, bulls are likely to wait for more signs of support and a market structure shift before entering long positions.
Resistance rests just overhead between A$0.06355 and A$0.06957. The gap at A$0.07015 offers a high probability target for any potential down-trend retracements.
A more substantial bullish shift in the markets could help the price run the stops near A$0.07344 into resistance beginning near A$0.07562. Any move upward is likely to find a cap near A$0.08149, although the current chart offers no hints that a movement this large should occur anytime soon.
3. Burger Swap (BURGER)
BurgerSwap BURGER is one of the first democratised, decentralised automated market makers (AMMs) on the Binance Smart Chain (BSC). It was built without the control of any centralised authorities through the use of smart contracts. BURGER token staking allows any user to create proposals and influence the adjustment of transaction fees, block rewards and other system parameters of the Burger Swap exchange via voting.
BURGER Price Analysis
At the time of writing, BURGER is ranked the 411th cryptocurrency globally and the current price is A$8.19. Let’s take a look at the chart below for price analysis:
After an 85% retracement from its May highs, BURGER found a temporary low near A$4.82. A recent move above A$9.40 could be the first sign of a bullish shift but could also be a stop run before the next drop lower.
If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near A$10.23, possibly reaching up to A$12.74.
However, a move below the closest support near A$6.45 makes stop runs on the swing lows near A$5.65 and A$4.82 likely. A confluence of several levels near A$4.20 could provide a temporary bounce. Still, a sustained bearish market will likely target A$3.90 and even A$3.28.
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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