Top 3 Coins to Watch Today: LUNA, DYDX, SCRT – April 29 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. 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 8^th cryptocurrency globally and the current price is US$88.83. 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 105% during Q1.

The price is currently retracing from resistance near $116.90, just below the all-time high. Bulls might begin eyeing entries near $85.00, 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 $82.44 and $79.10. 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 $74.41.

While the price is retracing, $96.44 offers the closest probable resistance at the yearly open. Just above, near the March monthly open, the consolidation lows near $102.69 are also a reasonable candidate for resistance.

If the price breaks through these resistances, the significant resistance at $108.69 might also break and allow LUNA to set new monthly highs. However, bulls should keep in mind that the overall market is mostly bearish, decreasing the chances of a massive bullish breakout. If the price does break the all-time high and enter discovery, overlapping extensions near $123.40 offer a possible significant target.

2. Dydx (DYDX)

DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol. By enabling shared control of the protocol, DYDX allows traders, liquidity providers, and partners of dYdX to work collectively towards an enhanced protocol. DYDX enables a robust ecosystem around governance, rewards, and staking, each designed to drive future growth and decentralisation of dYdX, resulting in a better experience for users.

DYDX Price Analysis

At the time of writing, DYDX is ranked the 165^th cryptocurrency globally and the current price is US$4.50. Let’s take a look at the chart below for price analysis:

DYDX consolidated between $4.18 and $6.26 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.

Range traders will likely take profits or sell near $4.92. A stop run and swift rejection above $5.34 could provide a more favorable risk-to-reward entry for bears. An old 4h gap around $5.85 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $4.38. Little exists below the current range to identify precise support levels. However, the area between $4.30 and $4.25 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $6.10 provides a reasonable target. The highs and daily resistance levels between $6.27 and $6.40 may provide a second target.

3. Secret (SCRT)

Secret SCRT is the native coin of the Secret Network, a decentralised network for private/secure computation. Nodes on the network (known as secret nodes) can perform generalisable computations over encrypted data, which allows smart contracts (known as secret contracts) to use private and sensitive data as inputs. Our focus is on computational privacy, not just transactional privacy. Developers can build decentralised, privacy-preserving “Secret Apps” on the network. The privacy functionality of the Secret Network is critical for many fields, including decentralised finance, Web3, machine learning, access control, and many more.

SCRT Price Analysis

At the time of writing, SCRT is ranked the 95^th cryptocurrency globally and the current price is US$4.57. Let’s take a look at the chart below for price analysis:

SCRT‘s 109% rally from its late December lows has retraced 70% and is entering higher-timeframe support.

An area from $4.45 to $4.10, near the low of Q4’s bullish leg and highs of early 2021’s consolidation, could provide some support.

However, relentless selling suggests that the price may continue dropping into a thinly traded area between $3.92 and $3.67, which has confluence with the 78.6% retracement of the previous Q3-Q4 rally.

Any retracement upward might meet resistance near $5.12, which has confluence with the 18 EMA and old resistance.

A stronger push through the probable resistance near $5.34 could reach $6.10, where the price consolidated over an old high. However, this may not happen until the next bullish cycle. 

Close above, a zone beginning near $6.28 may provide some resistance, with more sensitivity near $6.80.

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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.