Top 3 Coins To Watch Today: CLV, THETA, CAKE August 16 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. Clover Finance (CLV)

Clover CLV is a Polkadot parachain, committed to providing easy-to-use blockchain infrastructure and creating a one-stop EVM compatible framework for substrate-based applications. The CLV token is used to pay for Clover transactions and to vote for network upgrades. Clover also aims to enable interoperability between Bitcoin and other blockchains.

CLV Price Analysis

At the time of writing, CLV is ranked the 256^th cryptocurrency globally and the current price is A$2.06. Let’s take a look at the chart below for price analysis:

After climbing nearly 65% since the August monthly open, a 15% range has trapped CLV between A$1.80 and A$2.25.

A consolidation near A$1.95, visible on the chart, provided support on the last touch. This level could provide support again on a stop run under A$1.87. 

A deeper run-on stop at A$2.07 might reach the top of a higher-timeframe gap at the same level. However, a push this low reduces the chance of a new all-time high soon. Below, little significant support exists until A$2.00.

Higher-timeframe levels overlapping with a daily gap beginning at A$2.16 are likely to provide resistance, perhaps on a sweep of the equal highs near A$2.24. Breaking this resistance makes the relatively equal highs near A$2.30 and the all-time high at A$2.37 the next probable targets.

2. Theta Network (THETA)

Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.

THETA Price Analysis

At the time of writing, THETA is ranked the 22^nd cryptocurrency globally and the current price is A$9.55. Let’s take a look at the chart below for price analysis:

THETA’s euphoric early-June pump turned into a late-July dump, with little higher-timeframe support for bulls to justify entries.

Currently, the price is distributing at the 52% retracement level. A small consolidation near A$9.12 is visible on the daily chart. This area does have some confluence with the retracement level and could offer some support in the future. 

The daily gap’s midpoint near A$9.85 has suppressed the price, although a push through this level could fill the daily gap up to A$12.76. A lack of sensitivity at this resistance could suggest a minor retracement before a possible move to new monthly highs.

3. PancakeSwap (CAKE)

PancakeSwap CAKE is an automated market maker AMM – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. It launched in September 2020 and is a decentralised exchange for swapping BEP20 tokens on Binance Smart Chain. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return.

CAKE Price Analysis

At the time of writing, CAKE is ranked the 34^th cryptocurrency globally and the current price is A$27.71. Let’s take a look at the chart below for price analysis:

CAKE’s 315% pump during Q2 ran into resistance near A$22.36 on June 10. Since then, the price has been consolidating in a 120% range between A$16.21 and $25.14.

Just below the August open, A$19.58 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near A$18.00 might cap a run on the lows near A$17.66 and $16.98.

The higher-timeframe analysis points to the area near A$31.79 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near A$36.44 and A$40.37 may be the next targets.

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.