Top 3 Coins To Watch Today: ADA, AXS, KEY August 5 Trading Analysis

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. 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 5^th cryptocurrency globally and the current price is A$1.86. Let’s take a look at the chart below for price analysis:

Mid-May’s 115% explosion retraced ADA into support at the 62% retracement and daily gap beginning near A$1.66 before spending the rest of the month inside this range.

Aggressive bulls could look for entries in potential support near A$1.63 and A$1.60. However, a more probable and higher-risk reward entry could present itself in support near A$1.57 and A$1.53 after a sweep of the relatively equal lows near A$1.49.

The last swing high near A$2.07 provides resistance. Breaking this resistance creates likely targets at the next high, near A$2.11, and June’s high, near A$2.35. 

Beyond these highs, overlapping extensions near A$2.42, A$2.48 and A$2.55 provide reasonable take-profit zones.

2. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 39^th cryptocurrency globally and the current price is A$59.90. Let’s take a look at the chart below for price analysis:

AXS’s relatively small 50% range could suggest that a much larger move is setting up in August.

Aggressive bulls could look for entries at the most recent area of support formed near A$53.41. However, equal lows near A$50.27 make a tempting target for a stop run into this support. This move could reach support near A$48.67. 

A decisive move to the downside could run stops below the second set of relatively equal lows near A$44.21, possibly reaching support at an old swing high and a daily gap near A$41.83.

A recent level near A$62.55 provided resistance and caused a recent swing high to form near A$66.38, offering first targets. A move through this high may arrive at new high levels near A$74.65 and A$82.93.

3. Selfkey (KEY)

SelfKey KEY is a blockchain-based identity platform. The technology provides individuals, companies, exchanges, fintech startups and banks with a platform to manage identity data (oftentimes KYC). SelfKey aims to revolutionise the KYC on-boarding process and remain true to the ethos of Self-Sovereign Identity where individuals should be able to own and control their identity.

KEY Price Analysis

At the time of writing, KEY is ranked the 536^th cryptocurrency globally and the current price is A$0.00956. Let’s take a look at the chart below for price analysis:

June gave KEY another 69% leg into resistance, beginning near A$0.01602. The retracement through the second half of the month to 52% may be setting the stage for the next significant move upward.

A sweep of relatively equal lows near A$0.008654 into the daily gap and support down to A$0.008241 may offer a favourable risk-reward entry. More aggressive bulls could begin positions at potential support near A$0.007862.

Resistance near A$0.01097 is framed by relatively equal highs just above, which provides a reasonable first profit objective. The last swing high near A$0.01346 provides the next target on a break of this resistance. 

Overlapping extensions near A$0.01577, A$0.01739 and A$0.01957 may also be sources of resistance.

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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.