Top 3 Coins To Watch Today: CAKE, FTM, COTI – October 13 Trading Analysis

October 13, 2021, 8:00 AM AEST - 1 week 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. PancakeSwap (CAKE)

PancakeSwap CAKE is an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.

CAKE Price Analysis

At the time of writing, CAKE is ranked the 40th cryptocurrency globally and the current price is A$26.06. Let’s take a look at the chart below for price analysis:

Source: TradingView

CAKE‘s 71% decline during May created relatively equal lows near A$23.56 before bouncing over the local range’s midpoint near A$34.60. A bullish altcoin market could help CAKE bulls regain a stronger bullish trend.

Aggressive bulls could look for entries in the daily gap starting near A$23.77. The monthly open aligns with more probable support near A$22.84. 

A stop run below the monthly open near A$20.62 might provide a more favourable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near A$18.30, just above the equal lows.

Resistance rests just above, with the zone from A$27.59 to A$31.26 likely to provide a short-term ceiling. A break through this level might target resistance just under the cluster of relatively equal highs near A$33.47. 

Beyond these highs, resistance near A$38.15 provides a final challenge before attacking an old daily swing high near A$40.86.

2. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 35th cryptocurrency globally and the current price is A$2.82. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM continues to set new all-time highs in its chaotic upwards trend.

Support might be found in the daily gap above the October monthly open near A$2.15. A deeper retracement is likely to target the relatively equal lows into support near A$1.88. 

The daily gap near A$2.67 could also provide support. However, another gap inside the down candles, around A$2.54, provides the highest chances of solid support while offering a high risk-reward entry.

There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around A$2.97 and A$3.24 as reasonable take-profit zones.

3. Coti (COTI)

COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers. The ecosystem has a DAG-based blockchain, proof-of-trust consensus algorithm, multiDAG, GTS (Global Trust System), a universal payment solution, and a payment gateway.

COTI Price Analysis

At the time of writing, COTI is ranked the 140th cryptocurrency globally and the current price is A$0.6788. Let’s take a look at the chart below for price analysis:

Source: TradingView

COTI holders endured a wild September as the price rallied over 117% before running the month’s lows. This stop run could set the stage for another rally. However, the recent volatility means bulls should be extra cautious with stop placement. 

Bulls might find support around the current price near $0.6122. The next high probability support rests near A$0.5634, below the last two swing lows. A move this deep could sweep monthly lows into an area near A$0.5276.

The price is currently struggling with resistance near A$0.6933 at the monthly open. A strong move into this resistance is likely to target the swing high near A$0.7326. 

Above this swing high, a monthly high at A$0.8472 is the next likely target, which also marks another wide resistance zone. Volatility inside this resistance could tag a new all-time high at $1.00.

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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