Top 3 Coins to Watch Today: DASH, CHESS, SUSHI – July 28 Trading Analysis

July 28, 2022, 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. Dash (DASH)

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap and decentralised global payments network. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.

DASH Price Analysis

At the time of writing, DASH is ranked the 76th cryptocurrency globally and the current price is US$44.57. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q2, DASH retraced over 70% before finding support near $43.10. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins. 

In the shorter term, the price might establish support near $40.25 before running the swing high at $49.88. If this bullish move occurs, the price could reach resistance near the weekly open around $54.12, and may even sweep the swing high near $58.22.

Some support might exist at the daily gap near $43.12. A move this low would also fill the monthly gap and set the stage for a possible bullish reversal.

2. Tranchess (CHESS)

Tranchess CHESS is a yield-enhancing asset tracker with varied risk-return solutions. Tranchess provides a different risk/return matrix out of a single main fund that tracks a specific underlying asset. The name Tranchess was inspired by the game of chess, as well as the French word “Tranche”, which is often associated with tranche funds that cater to a different class of investors with varying risk appetite. Tranchess was launched on June 24, 2021. The project leverages on smart contracts, making it transparent and automated across processes.

CHESS Price Analysis

At the time of writing, CHESS is ranked the 504th cryptocurrency globally and the current price is US$0.3555. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHESS dropped 80% from its early Q2 highs before beginning a consolidation range in June. Most trading occurred between the June monthly open and $0.3150. Here, relatively equal lows have formed under the oldest historical low, around $0.2870.

These lows might serve as a magnet for a stop run reaching near the last swing low, between $0.2562 and $0.2470. A continued move down could run more bulls’ stops below May’s low at $0.2140.

No historical price action exists under May’s low to pinpoint possible support. Round numbers suggest that $0.1935 could offer some support on an initial stop run under May’s low. 

Below this level, the 50% and 100% extensions (projected from two swings in the current range) overlap near $0.1840. This confluence could offer a weak hint at another possible support. Bulls should be highly cautious given the bearish chart and market conditions.

3. SushiSwap (SUSHI)

SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.

SUSHI Price Analysis

At the time of writing, SUSHI is ranked the 148th cryptocurrency globally and the current price is US$1.27. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 80% from its Q2 highs, SUSHI set a low near $0.9410 as it formed its current range.

Last week, the price swept highs near $1.48, which now also marks the previous monthly high. Relatively equal daily highs near $1.50 provide a reasonable target, although resistance beginning near $1.56 could cap the move. A break of this resistance is likely to target the swing high near $1.66 into higher-timeframe resistance beginning near $1.74.

The current area near $1.19 could provide support, although bulls may be more likely to buy around the price fractal near $1.12 if a retracement reaches this level. A break of this area could continue down to sweep the low near $1.00 into possible support beginning near $0.9012.

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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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