Top 3 Coins to Watch Today: EOS, SOL, SYS – March 1 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. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 47^th cryptocurrency globally and the current price is US$2.19. Let’s take a look at the chart below for price analysis:

EOS has been in an overall decline for the last 10 months and has reached 87% below its mid-May 2021 high.

Just above the current price, near $2.1364, might be the bears’ first line of resistance in the upcoming weeks. This level is near the 9 EMA and consolidation highs that formed after the low sweep at $1.9940.

A slightly larger rally toward the February open is possible. Resistance could be found between $2.2760 and $2.4306, with the lower half of this range possibly proving stronger. This range has confluence with the 40 EMA and accumulation area for the early February run on bears’ stops.

While less likely, a more extended rally might reach probable resistance near $3.2716. This area is in the upper half of a significant consolidation area on higher-timeframe charts.

Bulls might find support beginning near $1.7000 – perhaps if traders “sell the news” of the Mandel 3.0 release. However, $1.4200 to $1.2142 could offer a higher probability of a short-term bottom before a more substantial bounce. Higher timeframes show inefficient trading in this zone, as well as in another possible support beginning near $0.9000.

2. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 9^th cryptocurrency globally and the current price is US$95.27. Let’s take a look at the chart below for price analysis:

SOL has retraced 71% from its November all-time high and reached possible support last week near $75.3450. Resistance might begin near $89.2450, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $105.9075 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $122.0000 and $147.9425. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $75.3450, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $66.1000 and $54.7225. If the price reaches this zone, the May 2021 swing high near $58.4425 might mark a more sensitive level.

An eventual break of this support might target $42.8725, where the price consolidated during the summer before beginning its last bull run.

3. Syscoin (SYS)

Syscoin SYS is a full Layer-1 and Layer-2 blockchain solution built to combine industry-proven technology to support cutting-edge applications all in one network. The project’s goal is to build a protocol that transforms the blockchain experience and combines the best of Bitcoin and Ethereum. Through Bitcoin merge-mining, Syscoin transforms Bitcoin’s Proof-of-Work security and decentralisation into a functional and scalable solution. Syscoin’s token platform currently features custom notary API, Fungible Tokens, NFTs, and Fractionalised NFTs.

SYS Price Analysis

At the time of writing, SYS is ranked the 138^th cryptocurrency globally and the current price is US$0.6116. Let’s take a look at the chart below for price analysis:

Early January 2022 created the all-time high in SYS before its retracement, which reached 70% by last week.

A sharp weekly rally might have formed possible resistance near $0.688700, where higher timeframes show a small inefficient area. 

Slightly lower, an area from $0.596187 to $0.629302 might also provide resistance. This area shows significant rejection of bulls by bears and has confluence with the 18 EMA.

While less probable in the current market conditions, a more significant rally could reach the February monthly open near $0.596187. This area saw consolidation before the recent drop and shows signs of inefficient trading.

From $0.528137 to $0.471303, price structures near the recent swing low could offer some support and perhaps form the lower end of an upcoming consolidation range. 

A break through this support might be targeting the midpoint of Q2 2022’s accumulation near $0.309023, where higher timeframes suggest bulls’ stops might provide an attractive target for bears.

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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.