Top 3 Coins to Watch Today: EGLD, DFI, ROSE – August 26 Trading Analysis
Let us take a closer look today’s altcoins that are showing breakout signals. We’ll first explain the coin, then we’ll dive into the charts and provide some analysis to help us make our decision.
1. Elrond (EGLD )
Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project is described as a technology ecosystem that will enable the internet to be a new one. It includes fintech and decentralised finance. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0. 001 transaction cost. The native token of the blockchain is eGold or EGLD. It can be used to pay network fees, staking and reward validators.
EGLD Price Analysis
At the time of writing, EGLD is ranked the 42nd cryptocurrency globally and the current price is US$57.54. Let’s take look at the below chart for price analysis:
EGLD‘s 65% rally during Q1 reversed with many other coins in Q2, retracing nearly 50%. Just above the current price and near the June monthly open, $69. 20 could provide resistance before a downward move. This level has confluence with the 18 EMA.
Bears may consider $74. 94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach $82. 45 at the top of an inefficiently traded area before any future bearish breakdowns.
Resistance might also rest near $86. 45, above the recent monthly open. The price is unlikely to reach this level unless there is a bullish swing in the overall market.
The price is finding support between $45. 30 and $40.86. This zone may continue to hold, while overlapping higher-timeframe levels from $37. 44 to $34. 81 could provide the most substantial support inside this area.
2. DeFiChain (DFI )
DeFiChain DFI is a blockchain platform built with the mission of maximising the full potential of DeFi within the Bitcoin (BTC) ecosystem. The software platform is supported and operated by a distributed network computers. It is designed to facilitate transparent and fast transactions. DeFiChain is positioned by the development team as an innovative blockchain project that offers solutions to problems such as security, scalability and decentralisation.
DFI Price Analysis
At the time of writing, DFI is ranked the 215th cryptocurrency globally and the current price is US$0.9492. Let’s take look at the chart below to see price analysis:
DFI collapsed 80% from its April high before beginning an uptrend in early July.
Bulls flipped the market structure to the upside in Q2. This break resulted in a 64% climb ending with a large spike during June. This spike cost $1. 22 could provide the first resistance. It overlaps with a small area of inefficient trading in mid-June and is near the 40 EMA.
A move higher may retest July’s high, near $1.30. This area is prone to inefficient trading on both the weekly and daily charts. It is also near the top for inefficient trading on a monthly chart.
If the rally continues, bulls should find support near $1.08. This level is a narrow pocket, starting at $1. 06 to $1. 02, could provide more sensitivity. This pocket is inefficient and overlaps with the old highs. It’s also near the 9 and 18 EMAs.
If the downtrend continues, a large area of $0. 9133 to $0. 07532 may spawn the following bullish setup. This zone is inefficient on the monthly chart.
3. Oasis Network (ROSE )
The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. The Oasis Network’s high throughput and secure architecture allow it to power private, scalable DeFi. This will revolutionize Open Finance and expand it beyond traders and early adopters to a wider market. Its privacy features allow users to not only redefine DeFi, but also create a new type digital asset called Tokenised Data. This allows users to take control over the data they generate and receive rewards for staking it with other applications. This is the first ever responsible data economy.
ROSE Price Analysis
At the time of writing, ROSE is ranked the 100th cryptocurrency globally and the current price is US$0.06918. Let’s take look at the chart below to see price analysis:
ROSE climbed 40% from its Q1 low, then dropped nearly 63% into support last month. The price is currently testing this resistance, near $0.1043. It may also provide support again and has confluence with the 61.8% and 78.6% retracements.
Resistance begins just above, at $0.09537. This inefficiently traded area is slightly higher than $0. 1186, contains the previous monthly highs, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs.
These confluences often offer strong resistance. This resistance is close to $0. 1215 support, the price may enter consolidation before breaking out to the next move.
Bulls may be tempted to look for an area of old rejection near $0. 1320, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0. 1359 to $0.1387.
A more severe bearish turn in market could lead to bulls’ stops below the Q2 lows. This would allow them to stop at an area of old support that is inefficiently traded between $0. and $0. 06341 and $0.05217.
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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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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.