Top 3 Coins to Watch Today: GMT, SOL, RLC – August 29 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. STEPN (GMT )
Stepn GMT is a self-styled “Web3 lifestyle app” with GameFi elements on the Solana blockchain. It combines elements of a game-to-earn and a fitness app to create a new category called, “move-to earnn”. NFT sneakers can be purchased by users, which they can use to gain in-game currency when running, walking, or jogging. STEPN aims at revolutionizing the fitness market by encouraging millions of people to live a healthier lifestyle. The app solves many problems, including “proof of movement” (proving that users exercise) and a functioning GPS system. STEPN also incentivizes users financially and plans social rewards elements to help contribute to carbon neutrality.
GMT Price Analysis
At the time of writing, GMT is ranked the 82nd cryptocurrency globally and the current price is US$0.6884. Let’s take look at the chart below to see price analysis:
GMT has retraced much of 2022’s parabolic run. It dropped 85% from its April high before rallying in mid-June.
Bulls testing $0. 6718 to see if it can hold as support. This area is indicative of inefficient trading on the daily charts. It is also close to the top of early July accumulation before the latest rally.
Even if the price eventually moves higher, it may first drop under the July monthly open to an area near $0.6029. In July, bears were rejected by bulls at this level. It also overlaps with an accumulation area in late June.
If the market considers it bearish, a retest at $0. 7614 could prove this level as resistance. This level has been rejected by bulls before. This level also contains the 40 EMA and is inefficiently traded on the daily chart.
A break through this resistance could retest an old area of inefficient trading, near $0.8432. Bulls’ stops at $0.02 would be the target. 8830 and $0.9517.
If the price reaches this level, it may go one step further and retest the June monthly open near $1.10. This level is the lowest point of inefficient trading on a monthly chart. This level is also responsible for early June’s sudden collapse.
Traders may be more interested in bearish scenarios, even though the market is bearish. Rejection from any resistance might reach near $0.5813. This area is indicative of inefficient trading on a daily chart. Before June’s rally, bulls rejected bears in this area on the weekly chart.
Below this level, $0. 5146 may be the next target if the bearish trend continues. This area is inefficient on both the weekly and daily charts. It is also just below the mid-June relative equal lows. Bears will be attracted to bulls’ stops below these lows.
2. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol was created to facilitate the creation of decentralised apps (DApps). It is designed to increase scalability by introducing a Proof-of-history consensus (PoH), in conjunction with the underlying Proof-of-stake consensus (PoS), of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$31.79. Let’s take look at the chart below to see price analysis:
SOL has retraced 87% from its Q2 highs and reached possible support near $28.34. Resistance might begin near $37. 64, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $44. 23 and the 40 EMA. If bears plan on continuing the downtrend, this high is less likely than a longer consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $48. 12 and $52.94. This is the area where the last movement of accumulated positions before breaking down.
Possible support rests near $30. 54, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $26. 10 and $23.54. If the price reaches this zone, the Q1 2021 swing high near $20. 87 may mark a more sensitive level.
3. iExec Rlc (RLC)
iExec RLC claims to have developed the first decentralised marketplace for cloud computing resources. Blockchain technology is used for organising a market network that allows users to monetise their computing power and applications. iExec reportedly has the ability to support compute-intensive applications such as AI, big-data, healthcare, rendering, and FinTech by providing access on-demand to cloud computing resources.
RLC Price Analysis
At the time of writing, RLC is ranked 183rd cryptocurrency globally and the current price is US$1.27. Let’s take look at the chart below to see price analysis:
RLC printed nearly 50% gains during Q1. After this move, the price has been consolidating for the past few weeks around a monthly level near $1.12.
Overlapping support areas should provide bullish power, with the current region starting at $1. 25 providing a reasonable entry accompanied by a wide stop. Daily lows are close to $1. 15 could prompt a stop run that provides a better entry, maybe as low as the next overlapping support area near $1.03.
Last month’s high close to $1. 38 provides the highest probability target, with the next swing high inside resistance at $1. 45 giving another target and potential short-term reversal area.
A strong move through this level to resistance at $1. 52 is likely to target the monthly high at $1. 60, potentially reaching the next monthly high near $1.85.
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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.