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. Fantom (FTM)
Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.
FTM Price Analysis
At the time of writing, FTM is ranked the 29th cryptocurrency globally and the current price is US$2.49. Let’s take a look at the chart below for price analysis:
During early November, FTM broke several swing highs that could be the signal for a new bullish trend.
Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near $2.23 and may target the swing low and possible support near $2.10.
The swing low and possible support near $2.00 could be the second bearish target if the move down continues. The relatively equal lows near $1.95 and possible support underneath near $1.89 could provide more substantial support.
The last swing high near $2.55 gives a near-term target if bullish continuation continues. However, resistance beginning around $2.62 could cap this move. A break of this resistance might continue to probable resistance near $2.73 and reach above the cluster of relatively equal new monthly highs near $2.85 and $2.93.
2. 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 any danger of a hard fork. This is 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 44th cryptocurrency globally and the current price is US$4.67. Let’s take a look at the chart below for price analysis:
XTZ‘s 82% drop since late November saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.
The level near $4.89 is providing some resistance. However, continuation through the monthly high at $5.19 is not out of the question. Aggressive bulls might bid in the current region near $4.88.
If the price runs the recent swing low, bulls might bid in the gap near $4.60. A deeper retracement could reach near the mid-December level and a gap near $4.54. The region near $4.49 and $4.42 may also provide some support during a deeper retracement.
3. Ravencoin (RVN)
Ravencoin RVN is a digital peer-to-peer (P2P) network that aims to implement a use case-specific blockchain designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin aims to solve the problem of assets transfer and trading over the blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was created with. RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain.
RVN Price Analysis
At the time of writing, RVN is ranked the 92nd cryptocurrency globally and the current price is US$0.1035. Let’s take a look at the chart below for price analysis:
Since the November high, RVN‘s 75% drop marks the current range as a reasonable area to expect accumulation.
The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $0.09345 and $0.09038 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.
Last year’s long-term consolidation suggests that the areas near $0.1346 and $0.1478 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $0.1152, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $0.1295, the start of the bearish move.
If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $0.1326 might provide a ceiling for this impulse.
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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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