Top 3 Coins To Watch Today: C98, SAND, KAVA – October 4 Trading Analysis

October 04, 2021, 8:00 AM AEST - 2 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. Coin98 (C98)

Coin98 C98 is a decentralised finance (DeFi) solution that allows users access to cross-chain swaps, staking, and yield farming. The Coin98 exchange describes itself as a multi-chain liquidity aggregator that supports assets across a variety of blockchains, including but not limited to Ethereum, Binance Smart Chain, Solana, Avalanche, and Tron. Coin98 also has a wallet among its offerings which supports more than 25 networks on both its mobile and desktop platforms.

C98 Price Analysis

At the time of writing, C98 is ranked the 219th cryptocurrency globally and the current price is A$5.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

C98 retraced nearly 83% 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$5.18, although a sweep of the stops near A$4.96 could reach below the next swing low into possible support near A$4.82. A continued downtrend might run into the weekly gap near A$4.69.

Some bears might add more shorts near A$5.25, although a push to A$5.54 is reasonable. A daily candle close over the swing high near A$5.74 could suggest that a longer-term trend reversal may be in play, with bulls possibly entering on a retracement near A$6.15.

2. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 114th cryptocurrency globally and the current price is A$1.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s nearly 55% retracement continues to make lower lows while showing no definitive signs of bullish reversal.

Stops below the swing low near A$1.03 mark the next likely bearish target, with the daily gap near A$0.9533 providing some chance of a short-term bounce. Swing lows near A$0.8741 and A$0.8566 are the next likely targets if this gap fails, with both lows marking areas of possible support.

A sweep of the most recent swing highs near A$1.25 might find resistance beginning near A$1.23, with a more substantial move reaching up to A$1.35. Closing above this level could hint at a longer-term trend reversal and form the range high of any following consolidation.

3. (KAVA)

KAVA is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield. The Kava DeFi hub operates as a decentralised bank for digital assets, allowing users to access a range of decentralised financial services, including its native USD-pegged stablecoin, USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto assets.

KAVA Price Analysis

At the time of writing, KAVA is ranked the 120th cryptocurrency globally and the current price is A$8.89. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping almost 65% from its highs, KAVA has been consolidating in a range for the second half of Q3.

The recent sweep of the lows near A$8.29 could set the stage for at least a short rally higher, with bulls possibly buying near A$8.70 for a move toward the relatively equal highs near A$9.07. A close over these highs might hint at a longer-term move toward probable resistance near A$9.46, likely following a retracement.

Rejection from possible resistance near A$9.15, potentially including a sweep of the highs around A$8.75, could signal a run to the swing low near A$8.17. If this move occurs, bears might target the swing low and support near A$7.88.

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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