Top 3 Coins To Watch Today: BEAM, DSLA, ELA – October 19 Trading Analysis

By Malik Junaid October 19, 2021 In Crypto News, Market Analysis, Trading

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. Beam (BEAM)

BEAM is a confidential decentralised finance (DeFi) platform that runs on a combination of two blockchain protocols: LelantusMW and Mimblewimble. Beam allows financial counterparties to make safe, stable and reliable transactions. This helps eliminate the problem of user data mismanagement, keeping the system cleaner and more secure. User addresses are kept confidential at all times and are never disclosed to any third parties. Users have total access and control over their privacy, deciding who can access their information and what they are allowed to see.

BEAM Price Analysis

At the time of writing, BEAM is ranked the 428th cryptocurrency globally and the current price is A$1.24. Let’s take a look at the chart below for price analysis:

Source: TradingView

Last week, BEAM suggested a bullish trend as the 9, 18 and 40 EMAs flipped into a bullish stack.


Thursday’s governance token launch and staking launch could result in a local top near the current price as traders sell the news.

If this retracement occurs, possible support beginning near A$1.13 could hold the price up for the next rally. This area may have confluence with the 8 EMA and 16 EMA later this week.

However, aggressive bulls should be wary that the end of the month often sees sharp retracements. A retracement could reach possible support near A$0.90. This area has confluence with the approximate 61.8% retracement levels for the current short-term and intermediate-term price swings.

Measured moves suggest that A$1.66 could provide some resistance, which provides a reasonable area to take some profits. 

The origin of May’s breakdown near A$1.85 could also provide resistance, although chaotic price action in this region obscures exact levels. Just above, the consolidation below May’s high, near A$1.90, might also offer a speedbump on the way to new all-time highs.

2. DSLA Protocol (DSLA)

DSLA Protocol is a risk management framework that enables infrastructure operators and developers to reduce their users’ exposure to service delays, interruptions and financial losses, using self-executing service level agreements, bonus-malus insurance policies, and crowdfunded liquidity pools. DSLA Protocol’s flagship use case is to offset the financial losses of Proof-of-Stake delegators and DeFi users while incentivising the connectivity, performance, and availability of staking pool operators and DeFi service providers.

DSLA Price Analysis

At the time of writing, DSLA is ranked the 564th cryptocurrency globally and the current price is A$0.01233. Let’s take a look at the chart below for price analysis:

Source: TradingVIew

DSLA recently saw a bullish flip in the 9, 18 and 40 EMAs while spiking through September’s high.

Currently, the price is struggling in a contested area between A$0.01247 and A$0.01178. This region could provide support, especially if the price breaks last week’s high. Friday’s burn might also cause a short-term spike, although some retracement is likely during or after the event.

Slightly below, the 9 and 18 EMAs are converging with the 61.8% retracement level near the consolidation that preceded late September’s stop run. This area, near A$0.01023, could provide some support if the price experiences its typical late-month retracement.

Bulls might wait for a slightly higher risk-to-reward entry just below the 40 EMA at A$0.008649, near the origin of mid-October’s bullish impulse. However, there is no guarantee that the price will return to this level.

April’s swing low, near A$0.01986, could provide some resistance and trigger a retracement before a potential leg upward. Above this level, little apparent higher-timeframe resistance presents itself, although the consolidation low near A$0.02237 and bearish trend’s origin near A$0.02593 mark areas of probable resistance.

3. Elastos (ELA)

Elastos ELA aims to be a blockchain-powered version of the internet. The project originates all the way back to the year 2000; however, the current version that is based on blockchain technology and has been an inactive development by Elastos was founded in June 2017. The team behind the project genuinely believes that Ethereum, as well as DApp platforms, face limitations in scaling. While they are great for smart contracts, they are slow, not flexible at all, and inconvenient for full applications, according to Elastos. Elastos is a platform for decentralised apps, or DApps for short, that claims to solve many of these limitations.

ELA Price Analysis

At the time of writing, ELA is ranked the 457th cryptocurrency globally and the current price is A$5.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

ELA‘s mid-September bulls ran into resistance near A$11.46 before facing an abrupt sell-off below the 78.6% retracement level, near the low of June’s consolidation.

Currently, the price is unwilling to reach below this level. However, frequent upper wicks show that sellers are still suppressing the bulls as the 9, 18 and 40 EMAs continue to compress. Traders gradually unloading during this month’s multiple ELA events might be causing this selling pressure.

While this area could continue to provide support, the swing lows at A$5.29 and A$4.85 are more likely to mark the approximate lows of a new bullish trend. These areas are between the 61.8% and 78.6% retracement levels of the higher-timeframe bullish swing.

An abrupt sell-off, perhaps caused by a sharp retracement in Bitcoin, could reach close to the origin of the bullish move near A$3.55 and provide a higher risk-to-reward entry.

If the bullish trend resumes, the price will likely find its first significant resistance near A$7.92. A move to this level may have primed the 9, 18, and 40 EMAs for a bullish flip. 

This flip could bring new interest into the market for a second expansion move, reaching probable resistance near A$11.46 and beyond, as December’s halving creates a new hype cycle.

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. You can also buy these coins from different exchanges listed on Coinmarketcap.

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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