Top 3 Coins to Watch Today: AVAX, ZIL, RUNE – May 13 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. 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 13th cryptocurrency globally and the current price is US$29.82. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 70% gains during Q1 ended with an almost 49% retracement as the rest of the altcoin market dropped from last week. Bulls stepped in near the 52.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $44.35.

With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion. 

Near the 40 EMA, a broad zone from $38.15 to $30.45 could see interest from bulls before further expansion. If this level fails, bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 70% retracement, at $27.70, and potentially lower to a higher-timeframe support zone between $25.42 and $23.80.

If the higher-timeframe recovery trend resumes and the current resistance near $44.35 breaks, the wicks near $48.84 and the new monthly highs may see profit-taking.

2. Zilliqa (ZIL)

Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

ZIL Price Analysis

At the time of writing, ZIL is ranked the 77th cryptocurrency globally and the current price is US$0.04601. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s 80% drop found a low near $0.04238 before closing over a weekly high around $0.05082. This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.05732.

A sustained bullish move may target the swing high at $0.05960. If this stop run occurs, a run beyond the high into probable resistance near $0.06288 and $0.06445 is possible.

Bulls could buy a retracement to possible support near $0.04018, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.03876. 

However, relatively equal lows near $0.03734 and $0.03624 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.03415 and $0.03266.

3. THORChain (RUNE)

ThorChain RUNE is a decentralised liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem and is also used for platform governance and security as part of THORChain’s Sybil resistance mechanisms – since THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process.

RUNE Price Analysis

At the time of writing, RUNE is ranked the 55th cryptocurrency globally and the current price is US$2.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE abruptly rallied after retracing nearly 60% from its November highs, climbing 90% during early March.

Bears are currently taking shorts in a contested area between $2.70 and $3.23. This area saw inefficient trading on higher timeframes. It could serve as support if the price trades through its high end and retests it – or as resistance if the price breaks back below.

The closest support rests just below, near $2.63. The old high at this level could support a rally into resistance near $2.95.

A move through the closest resistance might target the consolidation midpoint near $3.25, near the 29% extension of the current rally. If this level breaks, bulls might target an inefficient area near $3.45 and beyond.

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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.

Malik Junaid

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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