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. Decentraland (MANA)
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 33rd cryptocurrency globally and the current price is US$3.08. Let’s take a look at the chart below for price analysis:
Like many other altcoins, MANA set a new all-time high during late November before retracing 45% to the low at $2.95 last week.
Price broke through resistance near $3.22, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.93. However, a drop this far increases the chances of a stop run to $2.85 and possibly into support near $2.80. For now, continuing bullish market conditions could help $2.71 become support.
The swing high around $3.26 gives bulls a reasonable first target, with $3.35 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.41 or $3.46 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs near $3.60.
2. Curve DAO Token (CRV)
Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.
CRV Price Analysis
At the time of writing, CRV is ranked the 58th cryptocurrency globally and the current price is US$5.14. Let’s take a look at the chart below for price analysis:
Last week, bulls enjoyed 25% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $5.44.
The 4-Hour chart shows that support may be forming between $5.00 and $4.85, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $4.69 and $4.56 after a sweep of the current consolidation’s swing lows.
The last swing high near $5.36 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $5.49 and the 2.0 extension near $5.70 and $5.94 may provide the next major targets.
3. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 5th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:
ADA‘s nearly 75% drop from its November highs found a low near $1.12 last week before closing over a short-term high.
This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.50. A sustained bullish move may target the swing high at $1.59. If this stop run occurs, a run beyond the high into probable resistance near $1.66 and $1.82 is possible.
Bulls could buy a retracement to possible support near $1.32, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.25.
However, relatively equal lows near $1.18 and $1.12 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.07 and $1.02.
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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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