Top 3 Coins to Watch Today: BNB, SOL, LRC – May 30 Trading Analysis

May 30, 2022, 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. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 5th cryptocurrency globally and the current price is US$303.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 45% decline from early May, BNB has ranged between $280 and $335. The recent price recovery was approaching probable resistance near $340 but could be aiming for stops above the relatively equal highs near $356. Continuation of the trend could target the daily gap near $374.

Aggressive bulls might add to positions near $301 and $294. Price action near $390 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $285 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $273.

2. 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 9th cryptocurrency globally and the current price is US$44.86. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 85% from its April highs and reached possible support last week near $40.34. Resistance might begin near $58.34, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $64.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $67.42 and $70.94. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $40.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $38.10 and $36.54. If the price reaches this zone, the Q1 2021 swing high near $33.12 might mark a more sensitive level.

3. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked the 68th cryptocurrency globally and the current price is US$0.4885. Let’s take a look at the chart below for price analysis:

Source: TradingView

LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $0.6534.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $0.5106 and $0.4650. A deeper retracement that fills the gap down to the monthly level at $0.4460 provides a better entry, with any quick drops near the monthly open at $0.4058 providing the most favourable entries.

Continuation through the current resistance around $0.6419 is likely to explode through the remaining daily highs stacked up to $0.7328. There’s no telling how far the price could go beyond these new monthly high prices.

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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.

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