Top 3 Coins to Watch Today: MANA, LRC, DYDX – February 16 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. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 31^st cryptocurrency globally and the current price is US$3.18. Let’s take a look at the chart below for price analysis:

Like many other altcoins, MANA set a new all-time high during November 2021 before retracing 45% to the low at $2.50 last week.

Price broke through resistance near $2.88, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.79. However, a drop this far increases the chances of a stop run to $2.70 and possibly into support near $2.65. For now, continuing bullish market conditions could help $2.90 become support.

The swing high around $3.25 gives bulls a reasonable first target, with $3.34 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.42 or $3.45 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.50.

2. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked the 70th cryptocurrency globally and the current price is US$0.983. Let’s take a look at the chart below for price analysis:

LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $1.16.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $0.9324 and $0.9150. A deeper retracement that fills the gap down to the monthly level at $0.8740 provides a better entry, with any quick drops near the monthly open at $0.8558 providing the most favourable entries.

Continuation through the current resistance around $1.18 is likely to explode through the remaining daily highs stacked up to $1.26. There’s no telling how far the price could go beyond these new monthly high prices.

3. 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 134^th cryptocurrency globally and the current price is US$7.39. Let’s take a look at the chart below for price analysis:

DYDX consolidates between $5.96 and $7.85 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 $8.12. A stop run and swift rejection above $8.34 could provide a more favourable risk-to-reward entry for bears. An old 4h gap around $8.70 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $7.20. Little exists below the current range to identify precise support levels. However, the area between $7.00 and $6.80 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $7.90 provides a reasonable target. The highs and daily resistance levels between $8.57 and $9.10 may provide a second target.

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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.