Top 3 Coins to Watch Today: FTM, LUNA, SLP – February 24 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. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 34^th cryptocurrency globally and the current price is US$1.69. Let’s take a look at the chart below for price analysis:

FTM‘s bounce since mid-December ran into resistance near the old all-time highs. This rejection created a set of relatively equal highs near $3.29, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $2.10.

Currently, the price is testing possible support near the weekly open, around $1.60. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $1.49 to $1.40 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of December’s swing.

A more bearish tone in the market could propel the price lower. The December lows, near $1.37, might mark an area of possible support as well as a bearish target.

2. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin, and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

LUNA Price Analysis

At the time of writing, LUNA is ranked the 9^th cryptocurrency globally and the current price is US$60.44. Let’s take a look at the chart below for price analysis:

After breaking its monthly lows last week, LUNA began a range that has been whiplashing both bulls and bears.

Resistance beginning near $62.23 held the price down for the weekly opening, although bulls have shown some strength near the 9 and 18 EMAs. 

A quick drop to $53.37, or into the zone beginning near $49.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $69.47 provides a reasonable target. 

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $74.28 and $80.57.

More patient bulls might be waiting far below the 40 EMA with bids close to the higher-timeframe range’s 61.8% retracement, near $46.59.

3. Smooth Love Potion (SLP)

Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

SLP Price Analysis

At the time of writing, SLP is ranked the 346^th cryptocurrency globally and the current price is US$0.02164. Let’s take a look at the chart below for price analysis:

SLP‘s 135% rally during February ran into 30% retracement near $0.01815. Since then, the price has been consolidating in a 40% range between $0.02024 and $0.02445.

Just below the late-December low, $0.01797 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.01678 might cap a run on the lows near $0.01524 and $0.01435.

The higher-timeframe analysis points to the area near $0.02751 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03147 and $0.03340 may be the next targets.

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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.