Top 3 Coins to Watch Today: EGLD, DFI, ROSE – August 26 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. Elrond (EGLD)

Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, used for paying network fees, staking, and rewarding validators.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 42^nd cryptocurrency globally and the current price is US$57.54. Let’s take a look at the chart below for price analysis:

EGLD‘s 65% rally during Q1 reversed with many other coins in Q2, retracing nearly 50%. Just above the current price and near the June monthly open, $69.20 could provide resistance before a downward move. This level has confluence with the 18 EMA.

Bears may consider $74.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach $82.45 at the top of an inefficiently traded area before any future bearish breakdowns.

Resistance might also rest near $86.45, above the recent monthly open. However, the price is less likely to reach this level unless the overall market starts a bullish swing.

The price is finding support between $45.30 and $40.86. This zone may continue to hold, while overlapping higher-timeframe levels from $37.44 to $34.81 could provide the most substantial support inside this area. 

2. DeFiChain (DFI)

DeFiChain DFI is a blockchain platform built with the mission of maximising the full potential of DeFi within the Bitcoin (BTC) ecosystem. The software platform is supported by a distributed network of computers and is designed to facilitate fast and transparent transactions. The development team positions DeFiChain as an innovative blockchain project and offers solutions to problems like scalability, security, and decentralisation.

DFI Price Analysis

At the time of writing, DFI is ranked the 215^th cryptocurrency globally and the current price is US$0.9492. Let’s take a look at the chart below for price analysis:

DFI collapsed 80% from its April high before beginning an uptrend in early July.

Bulls broke the market structure to the upside across Q2. This break resulted in a 64% climb ending with a large spike during June. Inside this spike, $1.22 could provide the first resistance. It overlaps with a small area of inefficient trading in mid-June and is near the 40 EMA.

A move higher may retest July’s high, near $1.30. This area shows inefficient trading on the daily and weekly charts. It’s also near the top of inefficient trading on the monthly chart. 

If the rally continues, bulls should find support near $1.08. A narrow pocket under this level, from $1.06 to $1.02, could provide more sensitivity. This pocket shows inefficient trading on the daily and overlaps with old highs. It’s also near the 9 and 18 EMAs.

If the downtrend resumes, a wide area from $0.9133 to $0.07532 may spawn the following bullish setup. This zone shows inefficient trading on the monthly chart.

3. Oasis Network (ROSE)

The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.

ROSE Price Analysis

At the time of writing, ROSE is ranked the 100^th cryptocurrency globally and the current price is US$0.06918. Let’s take a look at the chart below for price analysis:

ROSE climbed 40% from its Q1 low, then dropped nearly 63% into support last month. The price is currently testing this resistance, near $0.1043. It may also provide support again and has confluence with the 61.8% and 78.6% retracements.

Resistance begins just above, at $0.09537. This inefficiently traded area, which reaches slightly beyond $0.1186, contains the previous monthly highs, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs. 

These confluences often provide strong resistance. Since this resistance is close to the $0.1215 support, the price may enter consolidation before breaking out to the next move.

If the price breaks this resistance, bulls could eye an area of old rejection, near $0.1320, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0.1359 to $0.1387.

A more significant bearish turn in the market may reach for bulls’ stops under the Q2 lows, down to an area of old support in an inefficiently traded area between $0.06341 and $0.05217.

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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.