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. Ocean Protocol (OCEAN)
Ocean Protocol OCEAN is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetise it through the use of ERC-20 based data tokens. OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.
OCEAN Price Analysis
At the time of writing, OCEAN is ranked the 136th cryptocurrency globally and the current price is A$0.8690. Let’s take a look at the chart below for price analysis:
During August, OCEAN broke several swing highs that could be the signal for a new bullish trend.
Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near A$0.8223 and may target the swing low and possible support near A$0.7965.
The swing low and possible support near A$0.7734 could be the second bearish target if the move down continues. The relatively equal lows near A$0.7655 and possible support underneath near A$0.7590 could provide more substantial support.
The last swing high near A$0.9822 gives a near-term target if bullish conditions continue. However, resistance beginning around A$1.15 could cap this move. A break of this resistance might continue to probable resistance near A$1.28 and reach above the cluster of relatively equal highs near A$1.35.
2. Quant (QNT)
Quant QNT launched with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system. The main aim of Quant – using Overledger – is to bridge the gap that exists between different blockchains. The backbone of the project is the Overledger network, which Quant bills as the ecosystem on which the future digital economy ecosystem will be built.
QNT Price Analysis
At the time of writing, QNT is ranked the 43rd cryptocurrency globally and the current price is A$395.14. Let’s take a look at the chart below for price analysis:
Mid-August marked a turning point for QNT, with the price rocketing up almost 130% from its lows to probable resistance beginning near A$476.30.
The price is currently struggling with the area between A$415.80 and A$369.33. This region could provide support after a close above, or resistance after a close below.
A retracement could reach into the daily gap and possible support around A$382.41. A more bearish shift in the marketplace will likely aim for the relatively equal lows near A$376.65, and the potential support just below that begins around A$360.12.
Continuation to the upside will likely target the monthly high near A$426.19. However, probable resistance beginning at A$439.77 and A$458.30 could cap or slow down this move.
3. VeChain (VET)
VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VET Price Analysis
At the time of writing, VET is ranked the 29th cryptocurrency globally and the current price is A$0.1244. Let’s take a look at the chart below for price analysis:
In July, VET also turned the corner, breaking a key swing high during mid-August. This move could suggest a longer-term bullish trend.
The swing high near A$0.1846 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near A$0.2464.
Even if the bullish trend continues, a stop run at the recent swing low near A$0.1017 into possible support beginning near A$0.09942 is reasonable. If the price reaches further down, the swing low and possible support near A$0.08150 might provide another downside target.
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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