Top 3 Coins to Watch Today: AXS, REN, IOST – April 6 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. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 40^th cryptocurrency globally and the current price is US$62.28. Let’s take a look at the chart below for price analysis:

AXS‘s relatively small 30% range could suggest that a larger move is setting up in April.

Aggressive bulls could look for entries at the most recent area of support formed near $60.22. However, equal lows near $56.12 make a tempting target for a stop run into this support. This move could reach support near $53.67. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $50.23, possibly reaching support at an old swing high and a daily gap near $47.58.

A recent level near $69.84 provided resistance and caused a swing high to form near $75.88, offering first targets. A move through this high may arrive at new monthly high levels near $80.31 and $86.30.

2. Ren (REN)

REN is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes that power RenVM, known as Darknodes. REN aims to expand the interoperability, and hence accessibility, of decentralised finance (DeFi) by removing hurdles involved in liquidity between blockchains.

REN Price Analysis

At the time of writing, REN is ranked the 146^th cryptocurrency globally and the current price is US$0.4801. Let’s take a look at the chart below for price analysis:

REN bulls have enjoyed over 80% returns since Q1 2022, with little resistance above to end the current price discovery.

The price may find support near $0.4256. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near $0.4013. The area around $0.3750 should provide strong support if the price reaches this low.

The air above the current price is thin, but the level near $0.5326 could potentially provide some resistance in the short term. Extensions reaching near $0.5977 and $0.6492 make reasonable take-profit zones if the bullish trend continues.

3. Iost (IOST)

IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope that it will serve as the backbone for online services in the future. One of the biggest challenges that 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 118^th cryptocurrency globally and the current price is US$0.0355. Let’s take a look at the chart below for price analysis:

IOST rallied 95% during March and almost set new monthly highs before selling off 30% into its weekly low.

A retest of the monthly open, near $0.03625, started a new wave of selling in early April. The subsequent break of the weekly open created a new area of resistance between $0.04159 and $0.04363 – 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 $0.04074 and $0.04570. Any potential move through this resistance will likely find a ceiling near an inefficient higher-timeframe level at $0.04930.

Old support near $0.03289 created a sharp bullish reaction in late March. This region, down to $0.03074, could provide support again. 

However, a longer-term bottom is more likely to be found between $0.02827 and $0.02690, where higher-timeframe charts show an inefficiently traded area.

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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.