Top 3 Coins To Watch Today: DOT, ENJ, SLP – August 18 Trading Analysis

August 18, 2021, 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. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. The Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 9th cryptocurrency globally and the current price is A$34.70. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT’s 77% climb during early May returned to the monthly open, sweeping lows several times down to A$23.55.

Last week, the price bounced from the monthly open near A$29.46 again, creating possible support near A$31.87. A quick sweep of this recent swing low could reach into a support area near A$27.95, while a sharp downturn in the market is likely to run for the relatively equal lows near A$25.47.

If the price breaks through the closest significant resistance near A$36.25, the swing high at A$40.73 is a likely target. This move could reach the daily gap near A$42.69.

Strong bullish momentum could propel the price to resistance near A$45.22. If this move occurs, the significant swing high near A$48.31 provides a reasonable goal.

2. Enjin Coin (ENJ)

Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).

ENJ Price Analysis

At the time of writing, ENJ is ranked the 74th cryptocurrency globally and the current price is A$2.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

ENJ spent July ranging across the monthly open, reaching 28% over and 35% below. The price is currently consolidating between adjacent resistance and support at A$1.98 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near A$2.36. 

This move would likely target the swing high at A$2.40 and relatively equal highs near A$2.44. A sustained bullish trend could reach up to the May mid-high near A$2.57.

Bulls might see a sweep of the relatively equal lows near A$2.14 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around A$1.89.

3. Small Love Potion (SLP)

Small Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP is unique because of how it has become one of the few in-game tokens to be listed by Binance in its Innovation Zone. The exchange has reserved this trading category for assets “that are likely to have higher volatility and pose a higher risk than other tokens”.

SLP Price Analysis

At the time of writing, SLP is ranked the 182nd cryptocurrency globally and the current price is A$0.2392. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s strong downtrend that began in mid-July has retraced most of its Q3 move, recently sweeping lows near A$0.1998 but struggling to find strong support.

A sweep of the relatively equal lows near A$0.1845 into possible support around A$0.1762, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near A$0.1655.

The swing low near A$0.2144 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near A$0.2647, potentially reaching up to the August monthly open near A$0.2938.

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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