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. Zilliqa (ZIL)
Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and as of October 2020 it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.
ZIL Price Analysis
At the time of writing, ZIL is ranked the 85th cryptocurrency globally and the current price is A$0.1492. Let’s take a look at the chart below for price analysis:
ZIL‘s nearly 83% drop from its May highs found a low near A$0.09538 in July before closing over a short-term high around A$0.1237.
This daily close over the high could signal a shift in market structure that might reach probable resistance near A$0.1533. A sustained bullish move may target the swing high at A$0.1647. If this stop run occurs, a run beyond the high into probable resistance near A$0.1788 and A$0.1950 is possible.
Bulls could buy a retracement to possible support near A$0.1389, just above the August monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$0.1236.
However, relatively equal lows near A$0.1194 and A$0.1124 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$0.1015 and A$0.1066.
2. Celer Network (CELR)
The Celer Network CELR is a smartly designed layer-2 scaling solution that provides off-chain transaction handling. The Celer platform offers fast, simple and secure off-chain transactions for both payments and smart contracts. The project was among the first to be developed using the Substrate framework and is part of the Polkadot ecosystem. As to the overall goal of the network, its founders envisioned unleashing the full potential of blockchain and revolutionising Dapps with more efficient and productive outputs.
CELR Price Analysis
At the time of writing, CELR is ranked the 125th cryptocurrency globally and the current price is A$0.1249. Let’s take a look at the chart below for price analysis:
CELR‘s massive May spike retraced near A$0.03841 into the consolidation that began the impulse before bouncing to A$0.04266.
This consolidation could provide support again, although bears would first have to push the price through possible support near A$0.1045. The market’s structure may be shifting bearish, with A$0.09365 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$0.08973 before finding support near A$0.08456.
However, the bullish higher-timeframe trend may prevail, with relatively equal highs near A$0.1290 potentially providing an attractive target to lure the price over the September monthly high. If so, the price could reach for the midpoint of the massive wick near A$0.1377.
3. Eos (EOS)
EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.
EOS Price Analysis
At the time of writing, EOS is ranked the 38th cryptocurrency globally and the current price is A$6.70. Let’s take a look at the chart below for price analysis:
EOS set a high near A$18.34 in May before retracing nearly 93% to find a low near A$6.10. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near A$6.90 is slowing the bullish advance down. However, another leg might target the last swing high at A$7.24 and relatively equal highs at A$7.86. Resistance near A$8.15 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$8.94.
A retracement before a move higher might find support in the daily gap near A$6.05, just above the August monthly open. Relatively equal lows near A$5.83 could also provide support. Run-on stops at A$5.32 and A$5.08 might find support in the gap beginning near A$4.91 or a high-timeframe level near A$4.56.
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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