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. Theta Network (THETA)
Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.
THETA Price Analysis
At the time of writing, THETA is ranked the 40th cryptocurrency globally and the current price is US$2.91. Let’s take a look at the chart below for price analysis:
THETA has formed a clean range between $4.388 and $2.274. The price is likely to run these equal highs and lows before the next significant move.
The price is currently near the low end of the range. On the monthly chart, an old, inefficiently traded area down to $2.784 could provide support. This support might create a bounce back up to the old range highs.
If this level breaks, a broad zone between $1.460 and $0.680 could be the next support. This area shows inefficient trading on the monthly and weekly charts.
Shorter-term traders might frame a short near $3.009. Here, an inefficiently traded area on the daily chart could provide resistance. Just above, $3.080 might also provide resistance. This level is near the current consolidation range’s highs.
Current price action makes it unclear where bulls are most likely to find the current range’s next resistance. A bullish reversal will likely draw to the relatively equal highs at $4.388. Bears might stop the price first at an area of old bullish rejection on the monthly, near $4.198.
2. Mines of Dalarnia (DAR)
Mines of Dalarnia DAR is an action-adventure game with a blockchain real-estate market. MoD is based on a simple and simultaneously captivating gameplay where users can mine and combine in-game items, then utilise them to upgrade their characters (skills and equipment), thereby increasing their rank in the game. Players can go in search of rare artifacts/relics/minerals, complete quests, team up with other players to defeat monsters, and unlock rewards.
DAR Price Analysis
At the time of writing, DAR is ranked the 256th cryptocurrency globally and the current price is US$1.05. Let’s take a look at the chart below for price analysis:
After a rapid 77% selloff in late December 2021, DAR has formed a range between approximately $1.30 and $0.60.
The price is currently testing an old inefficiently traded area near $0.9724. It is reasonable to expect a stop run below the old swing low at $0.9080.
If the price runs below this low, a small inefficiently traded area on the weekly chart at $0.8478 could be the target. These levels are between the 61.8% and 78.6% retracement of March and April’s rally.
A deeper move might target an old swing low and area of bullish rejection on the monthly chart, near $0.7906. Below this level, historical price action shows no support.
An area near $1.1053 offers the closest probable resistance. It is in the middle of the recent consolidation range and near the April monthly open.
Above this level, an old swing high and bottom of an inefficiently traded area on the monthly chart, near $1.3060, may offer the next resistance.
A larger rally could reach between $1.8168 and $1.585. This area shows inefficient trading on the monthly and weekly charts.
3. Tenset (10SET)
Tenset 10SET is an emerging blockchain project that envisions itself to be the bridge between crypto assets and the traditional stock market. It employs the new generation ETF 2.0 deflationary token as well as an intelligent staking method. Its goal is to speed up the adoption of cryptocurrencies and blockchain by the financial markets. According to its official website, it is capitalising on the current state of the economy as it approaches the fourth industrial revolution.
10SET Price Analysis
At the time of writing, 10SET is ranked the 3058th cryptocurrency globally and the current price is US$2.73. Let’s take a look at the chart below for price analysis:
10SET rallied 250% during February and March and is aggressively retracing this move after consolidating through April.
The price broke below an inefficiently traded area on the weekly chart between $2.750 and $2.863. This zone could provide resistance during a retest.
Above, the April monthly open, early April’s consolidation low, and the inefficiently traded area on the daily chart near $3.448 might also provide resistance.
The price may be seeking stops under the closest swing low near $2.250. This level could provide support. However, the current bearish market conditions might drag the price further down. Bears could next be targeting an inefficiently traded area on the daily chart near $1.744.
A move this low might reach into the range lows and accumulation area between $1.501 and $1.248. If bulls begin accumulating, the upper end of this range is more likely to provide support.
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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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