Top 3 Coins to Watch Today: XLM, IOST, DOT – June 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. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another via blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 24th cryptocurrency globally and the current price is US$0.1164. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2357 in Q2 before retracing nearly 70% to find a low near $0.1058. The price consolidated around this level before the strong bullish impulse over the past several days.


Probable resistance near $0.1370 is slowing the bullish advance down. However, another leg might target the last swing high at $0.1424 and relatively equal highs at $0.1550. Resistance near $0.1759 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.1856.

A retracement before a move higher might find support in the daily gap near $0.1104, just above the weekly open. Relatively equal lows near $0.1035 could also provide support. Run-on stops at $0.0984 and $0.09174 might find support in the gap beginning near $0.08312.

2. Iost (IOST)

IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope it will serve as the backbone for online services in the future. One of the biggest challenges IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.

IOST Price Analysis

At the time of writing, IOST is ranked the 109th cryptocurrency globally and the current price is US$0.01418. Let’s take a look at the chart below for price analysis:

Source: TradingView

IOST rallied 95% during late March and almost set new monthly highs before selling off 45% into its weekly low.

A retest of the monthly open, near $0.02625, started a new wave of selling in early May. The subsequent break of the weekly open created a new area of resistance between $0.01959 and $0.01863 – an area that is also inefficiently traded and has confluence with the 9 and 18 EMAs.

If this resistance breaks, a move toward the monthly highs might find resistance between $0.02174 and $0.02270. Any potential move through this resistance will likely find a ceiling near an inefficient higher-timeframe level at $0.02730.

Old support near $0.01389 created a sharp bullish reaction in late June. This region, down to $0.01274, could provide support again. 

However, a longer-term bottom is more likely to be found between $0.01027 and $0.00963, where higher-timeframe charts show an inefficiently traded area.

3. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$7.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 70% after Q2, showing little sign of interest from buyers.

June’s consolidation at possible support from $9.85 to $7.10 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of Q2 consolidation range, near $8.70, and the monthly high near $10.58 may see profit-taking from bulls.

The first test of possible support near $7.10 has showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $6.80, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $6.15 to $5.70.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

Malik Junaid

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

You may also like