Top 3 Coins To Watch Today: ATOM, CRV, HBAR – October 28 Trading Analysis

October 28, 2021, 8:00 AM AEST - 1 month 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. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm, and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 22nd cryptocurrency globally and the current price is A$49.80. Let’s take a look at the chart below for price analysis:

Source: TradingView

September provided respectable 128% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near A$62.34.

If bulls take back control this week, the top of the former gap beginning at A$47.05 may provide support for at least a short-term bounce. The top of the consolidation range starting near A$45.22 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between A$43.75 and A$41.88, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately A$55.61 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up. 

If this high breaks, the 1.0 extension near A$58.12 and the 2.0 extension near A$65.34 may provide the next primary targets.

2. Curve DAO Token (CRV)

Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.

CRV Price Analysis

At the time of writing, CRV is ranked the 70th cryptocurrency globally and the current price is A$5.69. Let’s take a look at the chart below for price analysis:

Source: TradingView

This month, bulls enjoyed 118% gains at CRV‘s peak before the price confirmed stiff resistance beginning at A$6.40.

The 1-Day chart shows that support may be forming between A$5.34 and A$5.22, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near A$5.10 and A$4.93 after a sweep of the current consolidation’s swing lows.

The last swing high near A$5.85 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near A$5.99 and the 2.0 extension near A$6.32 may provide the next major targets.

3. Hedera Hashgraph (HBAR)

Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face, such as slow performance and instability. The HBAR token has a dual role within the Hedera public network.

HBAR Price Analysis

At the time of writing, HBAR is ranked the 36th cryptocurrency globally and the current price is A$0.4836. Let’s take a look at the chart below for price analysis:

Source: TradingView

HBAR‘s 109% September run retraced almost to its origin, narrowly missing probable support near A$0.4122 before bears swatted down the bounce near resistance around A$0.5536.

With the daily gap between A$0.4678 and A$0.4514 almost filled in a single wick, the price may not need to revisit areas below this level. However, the safer entry is still in probable support between A$0.4155 and A$0.3826, which would also sweep the lows of last week’s bounce.

The relatively equal highs near A$0.5422 provide a likely first target on lower timeframes. However, the resistance beginning at A$0.6035 may initially suppress a further move up.

A clean break through this resistance will need to contend with the next resistance near A$0.6392, under the last swing high. This swing high at A$0.6570 gives a reasonable take-profit area before a possible move to the 1.0 extension near A$0.7044.

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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