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. Tezos (XTZ)
Tezos XTZ is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without there ever being a danger of a hard fork, something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
XTZ Price Analysis
At the time of writing, XTZ is ranked the 30th cryptocurrency globally and the current price is A$10.33. Let’s take a look at the chart below for price analysis:
XTZ‘s 255% rally since mid-July saw a second leg after last Tuesday’s market-wide drop ran the previous consolidation’s stops.
The level near A$10.29 is providing some resistance. However, continuation through the all-time high at A$11.44 is not out of the question. Aggressive bulls might bid in the current region near A$9.45.
If the price runs the recent swing low, bulls might bid in the gap near A$8.02. A deeper retracement could reach near the September monthly open and a gap near A$7.05. The region near A$5.29 and A$4.87 may also provide some support during a deeper retracement.
Beyond the May highs, little exists to frame probable bullish targets. Extensions suggest that the areas near A$12.91, A$14.27 and A$16.03 could provide some resistance.
2. Reserve Rights (RSR)
Reserve Rights RSR is a dual-token stablecoin platform that was launched in May 2019 following a successful initial exchange offering (IEO) on the Huobi Prime platform. Reserve Rights’ dual token setup includes a stablecoin known as the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts. The second token is the Reserve Rights token (RSR), which is used to keep the RSV stable at its $1.00 price target through a system of arbitrage opportunities
RSR Price Analysis
At the time of writing, RSR is ranked the 134th cryptocurrency globally and the current price is A$0.03483. Let’s take a look at the chart below for price analysis:
RSR‘s late-August rally has retraced approximately 42% as the price hovers over possible support beginning near A$0.047.
The significant number of lows in this area will likely see a stop run before any potential move higher. The gap at A$0.043 could provide support for a shallow stop run.
However, lows near A$0.039 also provide a tempting downside target if bitcoin begins a bearish trend. Under these lows, bulls might find support near A$0.036 – or as low as A$0.029 if the market sees a sustained bearish move.
The confluence of levels near A$0.058 that surround the September monthly open may provide some resistance, particularly if reached before a run of the lows near A$0.047.
Should the bullish trend resume, A$0.070 may provide some resistance before running the swing highs at A$0.073 and A$0.083. Looking higher, A$0.092 and A$0.12 may also provide resistance in the future.
3. Dydx (DYDX)
DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol. By enabling shared control of the protocol, DYDX allows traders, liquidity providers and partners of dYdX to work collectively towards an enhanced Protocol. DYDX enables a robust ecosystem around governance, rewards and staking, each designed to drive future growth and decentralisation of dYdX, resulting in a better experience for users.
DYDX Price Analysis
At the time of writing, DYDX is ranked the 224th cryptocurrency globally and the current price is A$13.72. Let’s take a look at the chart below for price analysis:
DYDX consolidates between A$22.32 and A$13.35 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.
Range traders will likely take profits or sell near A$16.53. A stop run and swift rejection above A$17.34 could provide a more favourable risk-to-reward entry for bears. An old 4h gap around A$18.34 might cap this stop run.
Bulls will likely accumulate more long positions on a run below the relatively equal lows near A$13.35. Little exists below the current range to identify precise support levels. However, the area between A$9.51 and A$10.87 could also give support during a deeper stop run.
If the price does break out decisively to the upside, the swing high at A$19.70 provides a reasonable target. The highs and daily resistance levels between A$21.47 and A$22.32 may provide a second 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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