Top 3 Coins To Watch Today: DOGE, DENT, REN – October 6 Trading Analysis

October 06, 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. Dogecoin (DOGE)

Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu as its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme.

DOGE Price Analysis

At the time of writing, DOGE is ranked the 8th cryptocurrency globally and the current price is A$0.3591. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOGE marines continue pushing the price higher, printing nearly 35% gains during the first week of October.

The consolidation near A$0.3426 is likely to provide support as the price continues exploring new highs. However, a set of relatively equal lows near A$0.3259 provides a tempting target for a stop run into probable support near A$0.2938.

A decidedly bearish shift in the market could reach probable support near A$0.2750, near August’s monthly open.

Almost no resistance lies overhead, although low-timeframe traders can use the resistance below recent highs near A$0.3947 as a first target. Beyond this level, extensions near A$0.4267, A$0.4552 and A$0.4836 give reasonable higher-timeframe targets.

2. Dent (DENT)

DENT is a revolutionary digital mobile operator offering eSIM cards, mobile data plans, call minutes top-ups, and a roam-free experience. According to the company website, Dent employs blockchain technology’s powers to create a global marketplace for mobile data liberalisation. Dent has an ambitious roadmap ahead, with plans to expand its services to new markets by the end of 2021.

DENT Price Analysis

At the time of writing, DENT is ranked the 120th cryptocurrency globally and the current price is A$0.008118. Let’s take a look at the chart below for price analysis:

Source: TradingView

DENT retraced 55% during September before finding support near A$0.005347. The following bounce encountered resistance at the daily gap near A$0.006388.

Bulls might wait for a sweep of the local lows into support near A$0.007842 before stepping in. A move to this level could reach into the higher timeframe gap down to A$0.007120. 

In the most bearish scenario, a significant turn in the market could push the price down to consolidation near A$0.006712.

The local resistance near A$0.008941 and the relatively equal swing highs give a reasonable first target. Just above, layered resistance near A$0.009233 and A$0.009865 could slow bulls down as they push the price towards the significant swing high at A$0.01124.

3. 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 85th cryptocurrency globally and the current price is A$1.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

REN bulls have enjoyed over 350% returns since the July lows, with little resistance above to end the current price discovery.

The price may find support near A$1.42. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near A$1.33. The area around A$1.24 should provide strong support if the price reaches this low.

The air above the current price is thin, but the level near A$1.79 could potentially provide some resistance in the short term. Extensions reaching near A$1.92 and A$2.15 make reasonable take-profit zones if the bullish trend continues.

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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