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. NuCypher (NU)
NuCypher NU is a decentralised encryption, access control and key management system (KMS) encryption service for public blockchains. NuCypher offers end-to-end encrypted data sharing on public blockchains and decentralised storage solutions, allowing users to share private data among a number of participants in public consensus networks using proxy re-encryption (PRE) technology. This decryption technology makes NuCypher much more secure and protected than traditional blockchain projects based on public-key encryption, according to NuCypher.
NU Price Analysis
At the time of writing, NU is ranked the 98th cryptocurrency globally and the current price is A$1.98. Let’s take a look at the chart below for price analysis:
After rallying over 410% from its September low, NU is encountering resistance near $2.19. This resistance and the monthly open at A$2.00 currently have the price trapped. The swing high and resistance near A$2.13 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for short stops and resistance near A$2.34.
The daily gap at A$1.89 could provide support, while the area beginning near A$1.84 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near A$1.78, possibly finding a floor at possible support beginning near A$1.73.
2. Request (REQ)
The Request REQ utility token ensures the performance and stability of the Request Network. The Request Network itself is an Ethereum-based decentralised payment system where anyone can request a payment and receive money through secure means. It removes the requirement for third parties in order to provide a cheaper, more secure payment solution that works with all global currencies.
REQ Price Analysis
At the time of writing, REQ is ranked the 196th cryptocurrency globally and the current price is A$0.3275. Let’s take a look at the chart below for price analysis:
REQ has continued its rally through the daily gap between A$0.4133 and A$0.3657, turning this region into an area of possible support.
However, a stop run under the relatively equal lows at A$0.2983 could form a wick below this level, potentially reaching an untapped daily gap beginning near A$0.2514.
Resistance beginning at A$0.4072 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at A$0.4607, continue into probable resistance just above, and possibly set a new monthly high at A$0.5233.
3. Algorand (ALGO)
The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.
ALGO Price Analysis
At the time of writing, ALGO is ranked the 19th cryptocurrency globally and the current price is A$2.44. Let’s take a look at the chart below for price analysis:
After creating a second equal low in mid-July, ALGO has rallied nearly 100% into resistance that starts near A$1.90.
Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around A$2.45 might look for bids near A$2.39. More significant resistance rests above near A$2.56. A group of significant swing highs at A$2.63, A$2.65 and A$2.69 give possible targets if this resistance breaks.
A stop run on the recent low at A$2.34 into possible support beginning near A$2.30 might see stronger bidding. This area also has a confluence with the September monthly open.
A bearish market shift could reach the swing low at A$2.27 into possible support beginning near A$2.25.
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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