Top 3 Coins to Watch Today: SLP, EGLD, SRM – February 9 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. 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 460^th cryptocurrency globally and the current price is US$0.01962. Let’s take a look at the chart below for price analysis:

SLP‘s 85% rally during last week ran into 25% retracement near $0.01915. Since then, the price has been consolidating in a 40% range between $0.02024 and $0.02445.

Just below the late-December low, $0.01897 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 $0.01504 and $0.01435.

The higher-timeframe analysis points to the area near $0.02651 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03047 and $0.03240 may be the next targets.

2. Elrond (EGLD)

Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 44^th cryptocurrency globally and the current price is US$170.99. Let’s take a look at the chart below for price analysis:

EGLD‘s 55% retracement from its December highs set a low near $135.23 during its consolidation that began in early February.

Relatively equal highs near $187.44 could be the current target if the price breaks through resistance beginning near $205.45. Bullish continuation might reach through the next significant swing high near $220.71 into the daily gap near $231.16.

If bullish strength continues, the zones just below the previous monthly open near $240.69 and $247.87 could halt any retracement. 

A bearish shift in the market might seek the relatively equal lows near $160.19 into possible support near $155.43. If this down move occurs, the swing low near $149.22 and possible support near $142.70 may be the primary objective.

3. Serum (SRM)

Serum SRM is a decentralised exchange DEX and ecosystem that brings unprecedented speed and low transaction costs to decentralised finance. Serum is the only high-performant DEX designed around a fully on-chain central limit order book and matching engine. Ecosystem partners can compose with Serum’s on-chain orderbook to share liquidity and power their trading features for institutional and retail users.

SRM Price Analysis

At the time of writing, SRM is ranked the 166^th cryptocurrency globally and the current price is US$2.47. Let’s take a look at the chart below for price analysis:

SRM‘s December spike retraced near $2.11 into the consolidation that began the impulse before bouncing to $2.50. 

This consolidation could provide support again, although bears would first have to push the price through possible support near $2.42. The market’s structure may be shifting bearish, with $2.37 likely to provide some support if this is the case. A sustained bearish move could reach the swing low near $2.30 before finding support near $2.24.

However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $2.67 potentially providing an attractive target to lure the price over the September monthly high. If so, the price could reach for the midpoint of the massive wick near $2.90.

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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.