Top 3 Coins to Watch Today: UNFI, SFUND, LUFFY – August 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. Unifi Protocol DAO (UNFI)

Unifi Protocol UNFI is a revolutionary approach to decentralised finance (DeFi). Launched in 2020, the network aims to bring modern technology to the financial world. By employing the innate security and decentralisation features of blockchain technology, and the automation of smart contracts, Unifi Protocol DAO offers users the ability to develop DeFi solutions for their enterprise. This project combines the power of several blockchains and relies on the foundation of Ethereum DApp and DeFi development.

UNFI Price Analysis

At the time of writing, UNFI is ranked the 386^th cryptocurrency globally and the current price is US$12.82. Let’s take a look at the chart below for price analysis:

UNFI has been in a massive consolidation for the past year. Something prompted a 1,595% gain within two days on June 6 yet the price completely retraced this abnormal move, making it less significant when studying the chart.

The 9 and 18 EMAs are near $10.405, which may offer the closest support. This area shows inefficient trading on the daily chart and saw distribution last December on the weekly chart.

A stronger drop could reach the base of the most recent rally, near $7.423 or $6.569. This move would sweep bulls’ stops under early August’s consolidation into the upper part of high-timeframe accumulation. If this move occurs, it may signal an end to the current bullish trend and require waiting for the start of a new trend.

Relative equal swing highs near $13.500 provide the first target and may act as resistance. It’s also at the high point of the current range’s candle bodies. Just above, $15.500 to $16.723 may also draw the price over these highs. It shows previous inefficient trading on the daily, weekly, and monthly charts.

A more sustained bullish trend may reach near $19.014. Bears rejected early June’s massive price spike here. It also shows inefficient trading on the weekly chart and was the origin of a late April 2021 rally.

2. Seedify.fund (SFUND)

Seedify.fund is a blockchain innovation ecosystem, with a community-driven Seed Stage Fund, Decentralised Incubator, and Launchpad. Seedify.fund cross-bridges a community-driven DAO with an incubator/seed fund to provide seed investments to projects selected by community votings.

SFUND Price Analysis

At the time of writing, SFUND is ranked the 290^th cryptocurrency globally and the current price is US$2.68. Let’s take a look at the chart below for price analysis.

SFUND has had a long, steady downtrend since late December 2021. It created a bullish market structure break in late July on the weekly chart and is now retracing part of its previous downtrend.

The price is dropping into an area of inefficient trading on the daily chart. This area, down to $2.3204, may offer support. It overlaps with the August monthly open and may soon contain the 40 EMA.

A sharper drop could sweep the nearest swing low into another area of inefficient trading, from approximately $2.0278 to $1.8307. This level has confluences with previous and new regions of inefficient trading on the weekly chart. 

The nearest resistance has shown itself at $2.9766. This level is just above the high of inefficient trading on the monthly chart and may not hold on a retest.

If it breaks, bulls may target the swing high at $3.2930. The weekly chart shows inefficient trading from this level up to $3.4504.

Continuation could reach further into an area from approximately $3.6165 to $3.9400. This zone is in the upper half of inefficient trading on the monthly chart. It also shows inefficient trading on the weekly chart and distribution on the daily chart.

3. Luffy (LUFFY)

LUFFY is a community-driven token that was first built on the most secure and well-established blockchain, “The Ethereum Network”, allowing investors and fans to stay decentralised. Due to the growth of the BNB Chain, Luffy Team has decided to develop the ETH/BNB Bridge. Luffy is creating a safe and exciting space for investors and fans alike with modernised tooling, advanced DeFi platforms, education, P2E gaming, metaverse innovations and world-class artwork, as well as helping underpaid anime and manga artists.

LUFFY Price Analysis

At the time of writing, LUFFY is ranked the 2780^th cryptocurrency globally and the current price is US$0.000004456. Let’s take a look at the chart below for price analysis:

LUFFY has been consolidating inside a range it formed in mid-June. During August, it made an aggressive move toward this range’s high.

The price is testing what may become the closest support at $0.000004347, near the 18 EMA. Here, August 9 saw a partial rebalance of inefficient trading on the daily chart. The price could rally after retesting this range. If so, it may sweep August 9’s swing low first.

A sweep of the August 9 low could reach slightly lower, near $0.000003781. This area also shows inefficient trading, is the origin of the last rally, and has confluence with the July and August monthly opens. Should the market turn significantly more bearish, it may revisit the range lows near $0.000002910.

If today’s high doesn’t reach past $0.000004785, this area could offer the closest resistance. It would show inefficient trading on the daily chart. It also overlaps with the 9 EMA.

A more significant resistance may rest near $0.000005380. Bears have rejected bulls here multiple times. It also shows inefficient trading on the weekly chart. Since the swing highs in this area offer a tempting target for bulls, this weekend’s VC announcement could help propel the price to or beyond this level.

If the rally continues, $0.000006800 is the next higher-timeframe point of interest. Bears rejected bulls here on the monthly chart. The weekly and daily charts show distribution here, and the daily chart shows inefficient trading.

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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.