Top 3 Coins to Watch Today: ADA, SOL, QTUM – November 4 Trading Analysis

November 04, 2021, 8:00 AM AEST - 3 weeks ago

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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair.

Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 5th cryptocurrency globally and the current price is A$2.78. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 56% drop from its August highs found a low near A$2.38 in September before closing over a short-term high around A$2.94.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$3.14. A sustained bullish move may target the swing high at A$3.25. If this stop run occurs, a run beyond the high into probable resistance near A$3.29 and A$3.36 is possible.

Bulls could buy a retracement to possible support near A$2.73, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$2.68. 

However, relatively equal lows near A$2.65 and A$2.60 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$2.57 and A$2.52.

1. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 6th cryptocurrency globally and the current price is A$301.55. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL retraced nearly 65% from its high before finding a low in late September. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.

Aggressive bulls might bid near A$276, although a sweep of the stops near A$270 could reach below the next swing low into possible support near A$262. A continued downtrend might run into the weekly gap near A$245.

Some bears might add more shorts near A$290, although a push to A$315 is reasonable. A daily candle close over the swing high near A$339 could suggest that a longer-term trend reversal may be in play, with bulls possibly entering on a retracement near A$354.

3. Quantum (QTUM)

Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. QTUM is built on Bitcoin’s UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications.

QTUM Price Analysis

At the time of writing, QTUM is ranked the 80th cryptocurrency globally and the current price is A$21.33. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping almost 85% from its highs, QTUM has been consolidating in a range for the second half of Q3.

The recent sweep of the lows near A$16.45 could set the stage for at least a short rally higher, with bulls possibly buying near A$19.22 for a move toward the relatively equal highs near $24.68. A close over these highs might hint at a longer-term move toward probable resistance near A$28.30, likely following a retracement.

Rejection from possible resistance near A$23.12, potentially including a sweep of the highs around A$22.96, could signal a run to the swing low near A$18.35. If this move occurs, bears might target the swing low and support near A$17.44 and A$16.89.

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.

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