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. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 4th cryptocurrency globally and the current price is US$452.33. Let’s take a look at the chart below for price analysis:
After a 45% decline from December, BNB has ranged between $438 and $523.
The recent rally was approaching probable resistance near $470, but could be aiming for stops above the relatively equal highs near $485. Continuation of the bullish move could target the daily gap near $505.
Aggressive bulls might add to positions near $439 and $430. Price action near $421 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $411 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $390.
2. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 8th cryptocurrency globally and the current price is US$0.7379. Let’s take a look at the chart below for price analysis:
XRP‘s 35% climb retracement from December reached to the monthly open, sweeping lows several times down to $0.7122. Last week, the price bounced from the monthly open near $0.7443 again, creating possible support near $0.7055. A quick sweep of this recent swing low could reach into a support area near $0.6812, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.6525.
If the price breaks through the closest significant resistance near $0.7956, the swing high at $0.8434 is a likely target. This move could reach a daily gap of near $0.8932.
Strong bullish momentum could propel the price to resistance near $0.9425. If this move occurs, the significant swing high near $1.12 provides a reasonable goal.
3. Swipe (SXP)
Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.
SXP Price Analysis
At the time of writing, SXP is ranked the 170th cryptocurrency globally and the current price is US$1.47. Let’s take a look at the chart below for price analysis:
SXP has retraced over 60% from last month as the price consolidates near the weekly gap beginning near $1.50.
The equal lows at this weekly gap are likely to see a stop run before any further move up. The area near $1.42 at the top of a daily gap could provide support.
More probable support begins at the bottom of the gap, ranging from approximately $1.36 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near $1.30.
Impulses upward during retracement are likely, but the most substantial resistance is likely just below the swing high near $1.56. This swing high provides a clear first target, with extensions near $1.63, $1.70 and $1.78.
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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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