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 25th cryptocurrency globally and the current price is US$2.42. Let’s take a look at the chart below for price analysis:
FTM‘s bounce since mid-December ran into resistance near the old all-time highs. This rejection created a set of relatively equal highs near $3.35, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $2.76.
Currently, the price is testing possible support near the January open, around $2.19. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs.
If this level fails to provide support, a zone from $1.95 to $1.82 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 78.6% retracement of December’s swing.
A more bearish tone in the market could propel the price lower. The December lows, near $1.60, might mark an area of possible support as well as a bearish target.
2. Near Protocol (NEAR)
NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism called “Doomslug.”
NEAR Price Analysis
At the time of writing, NEAR is ranked 24th cryptocurrency globally and the current price is US$11.60. Let’s take a look at the chart below for price analysis.
NEAR tore upward into price discovery during January before pausing at resistance near the main move’s 0.68 extension.
The price range beginning at $10.57 provides the first potential support for an early-week dip. Just below this range, the previous swing high and accumulation near $9.84 could provide more substantial support.
A significant market drop could reach as low as the consolidation range beginning at $8.79, supported by mid-December.
It’s impossible to predict where the price in discovery will go, but the last high at $14.89 provides the first probable target. Extensions from the primary move hint at $15.15, and $16.85 as probable take-profit zones.
3. Ren (REN)
REN is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes that power RenVM, known as Darknodes. REN aims to expand the interoperability, and hence accessibility, of decentralised finance (DeFi) by removing hurdles involved in liquidity between blockchains.
REN Price Analysis
At the time of writing, REN is ranked the 146th cryptocurrency globally and the current price is US$0.2962. Let’s take a look at the chart below for price analysis:
REN bulls have enjoyed over 120% returns since Q3 2021, with little resistance above to end the current price discovery.
The price may find support near $0.2644. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near $0.2413. The area around $0.2250 should provide strong support if the price reaches this low.
The air above the current price is thin, but the level near $0.3026 could potentially provide some resistance in the short term. Extensions reaching near $0.3277 and $0.3492 make reasonable take-profit zones if the bullish trend continues.
Learn How to Trade Live!
Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.
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. You can also buy these coins from different exchanges listed on CoinMarketCap.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Discussion about this post