Top 3 Coins to Watch Today: UNI, DOGE, ENJ – July 27 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. Uniswap (UNI)
Uniswap UNI is a popular decentralised trading protocol known for its role in facilitating the automated trading of decentralised finance (DeFi) tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems that plagued the first decentralised exchanges.
UNI Price Analysis
At the time of writing, UNI is ranked the 19th cryptocurrency globally and the current price is US$6.41. Let’s take a look at the chart below for price analysis:
UNI‘s 70% retracement from its Q2 highs set a low near $3.80 during its consolidation that began in early June.
Relatively equal highs near $6.80 could be the current target if the price breaks through resistance beginning near $6.97. Bullish continuation might reach through the next significant swing high near $7.20 into the daily gap near $7.50.
If bullish strength continues, the zones just below the monthly open near $7.88 and $8.23 could halt any retracement.
A bearish shift in the market might seek the relatively equal lows near $5.90 into possible support near $5.62. If this down move occurs, the swing low near $5.32 and possible support near $4.93 may be the primary objective.
2. Dogecoin (DOGE)
Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu as its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme.
DOGE Price Analysis
At the time of writing, DOGE is ranked the 10th cryptocurrency globally and the current price is US$0.06089. Let’s take a look at the chart below for price analysis:
DOGE marines continue holding the price, printing nearly 29% gains during June.
The consolidation near $0.06015 is likely to provide support as the price continues exploring new highs. However, a set of relatively equal lows near $0.05829 provides a tempting target for a stop run into probable support near $0.05460.
A decidedly bearish shift in the market could reach probable support near $0.05098, near the monthly open.
Almost no resistance lies overhead, although low-timeframe traders can use the resistance below recent highs near $0.06384 as a first target. Beyond this level, extensions near $0.06723, $0.07354 and $0.08169 give reasonable higher-timeframe targets.
3. Enjin Coin (ENJ)
Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).
ENJ Price Analysis
At the time of writing, ENJ is ranked the 70th cryptocurrency globally and the current price is US$0.5357. Let’s take a look at the chart below for price analysis:
ENJ spent Q2 ranging between 30% over and 20% below. The price is currently consolidating between adjacent resistance and support at $0.5145 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $0.6395.
This move would likely target the swing high at $0.6512 and relatively equal highs near $0.7049. A sustained bullish trend could reach up to the monthly high near $0.7432.
Bulls may see a sweep of the relatively equal lows near $0.4832 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $0.4435 and $0.4050.
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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.