Top 3 Coins to Watch Today: KAVA, LUNA, XVG – March 8 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. Kava.io (KAVA)

KAVA is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield. The Kava DeFi hub operates as a decentralised bank for digital assets, allowing users to access a range of decentralised financial services, including its native USD-pegged stablecoin, USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto assets.

KAVA Price Analysis

At the time of writing, KAVA is ranked the 118^th cryptocurrency globally and the current price is US$3.14. Let’s take a look at the chart below for price analysis:

The last year saw KAVA travel through a massive range from approximately $8 to $2.66. Currently, it is trending downward into the range lows.

Resistance might be found just above the current price, beginning near $3.148. This area has confluence with the 9 and 18 EMAs. 

A stronger retracement against the bearish trend could reach the 40 EMA and the March monthly open, near $3.407.

Although unlikely in the current bearish market conditions, a more significant rally might reach over the 2022 yearly open to test an inefficiently traded area from $4.198 to $4.486.

In late February, the price bounced from the support between $2.819 to $2.734 while wicking just under a narrow support zone at $2.594. These two levels could provide support again. 

However, the price has been consolidating on higher timeframes since late January. Given the current bearish market conditions, it seems likely that a retest of these two support levels may fail. 

Bears might take profits near $1.827 at Q4 2021’s consolidation, which could offer support. However, if the price reaches this far, it’s reasonable to expect continuation through the swing low at $1.123 into an inefficiently traded area on higher timeframes.

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 7^th cryptocurrency globally and the current price is US$81.77. Let’s take a look at the chart below for price analysis:

LUNA showed significant strength in the face of a mostly-bearish altcoin market, rallying over 100% in late February after raising funds to help stabilise its peg.

The price is currently retracing from resistance near $98.90, just below the all-time high. Bulls might begin eyeing entries near $79.00, which will soon be near the 18 EMA and between the 61.8% and 78.6% retracement levels of the last leg upward.

A deeper retracement might reach an inefficient zone and the 40 EMA under the last daily swing low, between $70.44 and $66.07. A move below this low suggests a more bearish shift in market structure. If this shift occurs, it could create a short setup to target possible support at the upmove’s accumulation zone, near $59.41.

While the price is retracing, $83.44 offers the closest probable resistance at the 2022 yearly open. Just above, near the March monthly open, the consolidation lows near $89.69 are also a reasonable candidate for resistance.

If the price breaks through these resistances, the significant resistance at $89.69 might also break and allow LUNA to set new all-time highs. However, bulls should keep in mind that the overall market is bearish, decreasing the chances of a massive bullish breakout. If the price does break the all-time high and enter discovery, overlapping extensions near $130 offer a possible significant target.

3. Verge (XVG)

Verge XVG is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralised payments network that improves on the original Bitcoin blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called Verge Pay, and providing the option of sending transactions to stealth addresses. The project describes itself as community-driven, relying on volunteers and priding itself on being open-source.

XVG Price Analysis

At the time of writing, XVG is ranked the 278^th cryptocurrency globally and the current price is US$0.009039. Let’s take a look at the chart below for price analysis:

XVG has retraced nearly 80% from its November 2021 highs and appears poised to continue its downtrend.

If Monday’s trading fails to reach $0.009471, resistance might begin just above the current price at $0.009235. 

Just above this level rests higher-timeframe resistance from $0.009599 to $0.011032. Inside this broad zone, $0.009709 (an inefficiently traded area) and $0.010175 (the March monthly open) might offer the most sensitivity.

A more significant rally would likely find resistance between $0.013500 and $0.015655, where the monthly chart shows inefficient trading. However, the current bear market decreases the probability of a rally reaching this far.

The quarterly chart shows a broad zone of possible support near $0.006907. Inside this zone, $0.005756 – near the 100% extension of the last retracement upward – offers a higher probability for a bounce or bottom. This level is near the midpoint of November 2020’s massive rally. 

However, the swing low at $0.003552 and an inefficiently traded area below inside late 2019’s consolidation offers an attractive target for bears. Bulls should be cautious with entries until the trend flips bullish.

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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.