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. Solana (SOL)
Solana SOL is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. While the idea and initial work on the project began in 2017, The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 6th cryptocurrency globally and the current price is A$239.20. Let’s take a look at the chart below for price analysis:
SOL formed relatively equal lows near A$89.56 after dropping over 61% during August. These lows could provide the target for another leg down, possibly finding support in the monthly gap of around A$75.21.
If this sweep of the A$224.31 swing lows occurs, more aggressive bulls might begin bidding the weekly level near the swing low around A$215.43. Should the market take a more bullish turn, the level just below near A$206.77 could provide some short-term support.
The steep drop left large areas of inefficient price action, making the daily gap up to A$262.99 likely to be touched or filled. A sustained move through this resistance could visit a significant area on the monthly and weekly chart near A$287.09.
2. Oasis Network (ROSE)
The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.
ROSE Price Analysis
At the time of writing, ROSE is ranked the 154th cryptocurrency globally and the current price is A$0.3523. Let’s take a look at the chart below for price analysis:
ROSE has dropped nearly 77% since late March and found a low in late May, with price action now trending upward through a higher-timeframe range.
The area beginning near A$0.3944 has provided strong resistance and may do so again. However, relatively equal highs near A$0.3712 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near A$0.3814.
Aggressive bulls might add to their positions near A$0.3178. If the price breaks through this level, it may be reaching for the cluster of swing lows near A$0.2954 and A$0.2605. A more substantial move down may run stops below the relatively equal June and July lows, around A$0.2466, into the daily gap at this level.
3. Terra (LUNA)
Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals.
LUNA Price Analysis
At the time of writing, LUNA is ranked the 11th cryptocurrency globally and the current price is A$53.15. Let’s take a look at the chart below for price analysis:
LUNA has been trading through a massive range since August, with the price showing mild bullishness during September.
Bulls bought at a price level near A$43.75. The weekly level and daily gap near A$48.33 could prompt buyers to step in again as the price challenges the swing high and resistance around A$56.19. A strong move and acceptance above this level may reach for the swing highs at A$58.14 and $61.34, which marks another area of resistance.
However, rejection from the current area may send the price down to retest support near A$48.63. Relatively equal lows around A$47.00 provide a rich target for a stop run. Sustained bearishness may reach a low near A$45.97 and possibly as low as A$42.85 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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