Top 3 Coins to Watch Today: IOTX, QTUM, RUNE – March 22 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. IoTeX (IOTX)

IoTeX IOTX has built a decentralised platform with the aim of empowering the open economics for machines – an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. IoTeX is the decentralised backbone for machine economics, which serves machines ranging from smart home devices to autonomous vehicles.

IOTX Price Analysis

At the time of writing, IOTX is ranked the 96^th cryptocurrency globally and the current price is US$0.07691. Let’s take a look at the chart below for price analysis:

By late February, IOTX had retraced 76% from its November high as it created relatively equal lows near $0.06206.

Just above these lows, the price is testing possible support near $0.07245. This level saw accumulation in early March and could support at least a short move upward.

If this level instead breaks and the price drops, bears could be aiming for an inefficiently traded area between $0.05215 and $0.03327. This area is under multiple relatively equal lows that have been in place since late Q3 2021, providing an appealing target for bears. 

However, a move into probable resistance near $0.08318 could occur first, even if the price later breaks down. This level is a range high for a significant amount of trading during Q1 2022.

If this resistance breaks, the price could reach the next probable resistance near $0.09316, where it consolidated before mid-February’s breakdown.

2. Quantum (QTUM)

Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. QTUM is built on Bitcoin’s UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications. 

QTUM Price Analysis

At the time of writing, QTUM is ranked the 100^th cryptocurrency globally and the current price is US$6.76. Let’s take a look at the chart below for price analysis:

QTUM retraced 74% from its November high before forming a new low near a cluster of older relatively equal lows in late January.

Last week’s sharp rally reached probable resistance near $7.12. This level is near the 61.8% and 78.6% retracements of the last significant move upward.

Possible support rests just below the March open, near $6.27. This area saw significant consolidation in late February and early March. It remains to be seen whether this is a run on bears’ stops before a more substantial move down – or a bullish shift in market structure that could lead to a more significant rally.

With the overall market being bearish and significant numbers of equal lows enticing bears below, traders may want to watch possible support near $4.10. This area is inefficiently traded and borders the last accumulation before Q1 2021’s stunning rally.

Suppose this is the start of a more significant rally. In that case, bulls might target $10.18, where higher timeframes show an inefficiently traded area near multiple bearish rejections during December. A powerful bullish swing could reach up to $11.75, where early December saw inefficient trading and the bulk of Q3 2021’s trading took place.

3. THORChain (RUNE)

ThorChain RUNE is a decentralised liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem and is also used for platform governance and security as part of THORChain’s Sybil resistance mechanisms – since THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process.

RUNE Price Analysis

At the time of writing, RUNE is ranked the 47^th cryptocurrency globally and the current price is US$8.61. Let’s take a look at the chart below for price analysis:

RUNE abruptly rallied after retracing nearly 83% from its November high, climbing 218% from its late February low.

Bulls are currently taking profits in a contested area between $8.28 and $9.23. This area saw inefficient trading on higher timeframes. It could serve as support if the price trades through its high end and retests it – or as resistance if the price breaks back below.

The closest support rests just below, near $8.21. The old high at this level could support a rally into resistance near $9.50.

A move through the closest resistance might target the consolidation midpoint near $10.80, near the 27% extension of the current rally. If this level breaks, bulls might target an inefficient area near $12.89 and beyond.

If the price rejects from this level and breaks the closest support, it could find support near the midpoint of the current range and 2022 yearly open, near $6.09. The price might also find support slightly below near the 61.8% retracement level, around $5.98.

If these supports break, bears might be targeting four relatively equal lows near $3.10, under the March monthly open.

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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.