Top 3 Coins to Watch Today: ADA, AVAX, SLP – November 22 Trading Analysis

November 22, 2021, 8:00 AM AEST - 6 days ago

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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 6th cryptocurrency globally and the current price is US$1.88. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 56% drop from its August highs found a low near $1.60 during last week before closing over a short-term high around $1.90.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.98. A sustained bullish move may target the swing high at $2.19. If this stop run occurs, a run beyond the high into probable resistance near $2.37 and $2.45 is possible.

Bulls could buy a retracement to possible support near $1.70, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.64. 

However, relatively equal lows near $1.60 and $1.54 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.48 and $1.40.

2. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 10th cryptocurrency globally and the current price is US$136.48. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX continued its rally through the daily gap between $98.45 and $96.25, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at $93.34 could form a wick below this level, potentially reaching an untapped daily gap beginning near $88.14.

Resistance starting at $144 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant new swing high at $155, continue into probable resistance just above, and possibly set new all-time highs at $163.

3. Smooth Love Potion (SLP)

Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

SLP Price Analysis

At the time of writing, SLP is ranked the 327th cryptocurrency globally and the current price is US$0.06923. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 160% pump during early July ran into 85% retracement near $0.05983 in late September. Since then, the price has been consolidating in a 120% range between $0.06124 and $0.07655.

Just below the mid-September low, $0.06327 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.06122 might cap a run on the lows near $0.05914 and $0.05793.

The higher-timeframe analysis points to the area near $0.07795 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.083367 and $0.08620 may be the next targets.

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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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