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. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, and driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 13th cryptocurrency globally and the current price is US$0.07827. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the Q2 drop, falling nearly 45% from early May until it found a low last week.
Price action formed a weekly support level near $0.06654, which has so far held up the price. The most recent swing low inside this range, near $0.06249, might be the target for any future stop runs. After this low, the swing low near $0.05789 and the gap beginning near $0.05126 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.08892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09535, but could reach as high as $0.1173.
2. Neo (NEO)
NEO bills itself as a “rapidly growing and developing” ecosystem with the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as drawing a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.
NEO Price Analysis
At the time of writing, NEO is ranked the 54th cryptocurrency globally and the current price is US$12.54. Let’s take a look at the chart below for price analysis:
After creating a second equal low during May, NEO has gained nearly 20% into resistance that starts near $13.24.
Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $14.33 might look for bids near $13.86. More significant resistance rests above, near $14.85. A group of significant swing highs at $15.36 and $17.29 give possible targets if this resistance breaks.
A stop run on the recent low at $12.09 into possible support beginning near $11.63 might see stronger bidding. This area also has a confluence with the previous monthly low.
A bearish market shift could reach the swing low at $10.30 into possible support beginning near $9.84.
3. Shiba Inu (SHIB)
Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained traction and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities including Elon Musk and Vitalik Buterin.
SHIB Price Analysis
At the time of writing, SHIB is ranked the 17th cryptocurrency globally and the current price is US$0.000009129. Let’s take a look at the chart below for price analysis:
SHIB performed well during Q1, reaching over 45% from the first week of February into the resistance near $0.00002542.
For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.000009042 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.000008329.
Bulls entering at these levels could set their first target near the previous resistance near $0.00001280. Beyond this level, probable targets include the new monthly highs near $0.00001324 and the resistance above near $0.00001452.
A break of this resistance later this month could continue to the new highs near $0.00001682 and $0.00001824.
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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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