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. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
SAND Price Analysis
At the time of writing, SAND is ranked the 34th cryptocurrency globally and the current price is US$3.19. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during February halted at $5.04 before retracing 68% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $3.68 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.89. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $3.11 and $3.02 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of 2021 Q4’s parabolic move.
Inside this zone, the consolidation high near $2.90 to $2.82 might see more sensitivity and mark the bearish target.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $2.67.
2. 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 50th cryptocurrency globally and the current price is US$2.07. Let’s take a look at the chart below for price analysis:
EOS has been in an overall decline for the last 10 months and has reached 87% below its mid-May 2021 high.
Just above the current price, near $2.12, might be the bears’ first line of resistance in the upcoming weeks. This level is near the 9 EMA and consolidation highs that formed after the low sweep at $1.98.
Resistance could be found between $2.23 and $2.39, with the lower half of this range possibly proving stronger. This range has confluence with the 40 EMA and accumulation area for the early February run on bears’ stops.
While less likely, a more extended rally might reach probable resistance near $2.57. This area is in the upper half of a significant consolidation area on higher-timeframe charts.
Bulls might find support beginning near $1.79. However, $1.63 to $1.48 could offer a higher probability of a short-term bottom before a more substantial bounce. Higher timeframes show inefficient trading in this zone, as well as in another possible support beginning near $1.35.
3. Linear (LINA)
Linear LINA is a decentralised delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices, and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids”, Linear’s synthetic asset tokens. LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr), and for community governance of the protocol.
LINA Price Analysis
At the time of writing, LINA is ranked the 454th cryptocurrency globally and the current price is US$0.02014. Let’s take a look at the chart below for price analysis:
During Q1, LINA retraced almost 58%, breaking key swing lows early to mid-month. This could provide a solid support for swing traders.
The swing high near $0.02836 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.03657.
Even if the bearish trend continues, a stop run at the recent swing low near $0.01812 into possible support beginning near $0.01645 is reasonable. If the price reaches further down, the swing low and possible support near $0.01410 might provide another downside target.
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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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