Top 3 Coins To Watch Today: ADA, LINK, XLM – October 20 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. 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 4^th cryptocurrency globally and the current price is A$2.84. Let’s take a look at the chart below for price analysis:

ADA‘s nearly 56% drop from its August highs found a low near A$2.45 in September before closing over a short-term high around A$2.94 last week.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$3.12. A sustained bullish move may target the swing high at A$3.21. If this stop run occurs, a run beyond the high into probable resistance near A$3.28 and A$3.34 is possible.

Bulls could buy a retracement to possible support near A$2.75, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$2.70. 

However, relatively equal lows near A$2.67 and A$2.64 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$2.60 and A$2.55.

2. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 17^th cryptocurrency globally and the current price is A$34.10. Let’s take a look at the chart below for price analysis:

LINK‘s massive late-July spike retraced near A$25.46 into the consolidation that began the impulse before bouncing to A$26.77. 

This consolidation could provide support again, although bears would first have to push the price through possible support near A$32.65. The market’s structure may be shifting bearish, with A$30.12 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$28.44 before finding support near A$26.91.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$38.09 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the August wick near A$44.58.

3. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 22^nd cryptocurrency globally and the current price is A$0.4944. Let’s take a look at the chart below for price analysis:

XLM set a high near A$0.8697 in May before retracing nearly 83% to find a low near A$0.3244. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near A$0.5378 is slowing the bullish advance down. However, another leg might target the last swing high at A$0.5682 and relatively equal highs at A$0.6034. Resistance near A$0.6359 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$0.6649.

A retracement before a move higher might find support in the daily gap near A$0.4723, just above the monthly open. Relatively equal lows near A$0.4475 could also provide support. A run on stops at A$0.4216 and A$0.4055 might find support in the gap beginning near A$0.3826 or a high-timeframe level near A$0.3582.

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.