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 32nd cryptocurrency globally and the current price is A$8.68. Let’s take a look at the chart below for price analysis:
THETA‘s euphoric early-June pump turned into a late-July dump, with little higher-timeframe support for bulls to justify entries.
Currently, the price is distributing at the 60% retracement level. A small consolidation near A$8.60 is visible on the daily chart. This area does have some confluence with the retracement level and could offer some support in the future.
The daily gap’s midpoint near A$9.55 has suppressed the price, although a push through this level could fill the daily gap up to A$11.62. A lack of sensitivity at this resistance could suggest a minor retracement before a possible move to new monthly highs.
2. Shiba Inu (SHIB)
Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
SHIB Price Analysis
At the time of writing, SHIB is ranked the 11th cryptocurrency globally and the current price is A$0.00005787. Let’s take a look at the chart below for price analysis:
SHIB wasted no time during October, rocketing upward over 465% from the first week of the month into the resistance near A$0.00005982.
For the past several days, the price has been moving in a rising wedge and appears to be flipping old resistance near A$0.00005542 to support. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near A$0.00004829.
Bulls entering at these levels could set their first target near the previous resistance near A$0.00005980. Beyond this level, probable targets include the new highs near A$0.00006124 and the resistance above near A$0.00006492.
A break of this resistance later this month could continue to the new all-time highs near A$0.00006822 and A$0.00007154.
3. Monero (XMR)
Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.
XMR Price Analysis
At the time of writing, XMR is ranked the 38th cryptocurrency globally and the current price is A$370.75. Let’s take a look at the chart below for price analysis:
XMR‘s 235% pump during Q2 ran into resistance near A$620 on April 10. Since then, the price has been consolidating in a 120% range between A$345 and A$420.
Just below the monthly open, A$347 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near A$336 might cap a run on the lows near A$325 and A$308.
The higher-timeframe analysis points to the area near A$384 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near A$398 and A$417 may be the next target.
Where to Buy or Trade Altcoins?
These three 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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