Top 3 Coins to Watch Today: EOS, FTM, OGN – April 18 Trading Analysis

April 18, 2022, 4:20 PM AEST (updated April 19, 2022)

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. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 47th cryptocurrency globally and the current price is US$2.55. Let’s take a look at the chart below for price analysis:

Source: TradingView

Q1 began a bearish trend for EOS, which dropped 70% before setting a low near $1.90 in early March.

After a several-week accumulation and running stops below the December 2021 swing low, late March began a bullish rally that climbed 38% by March 29, reaching the 2022 yearly open.

The old 2021 lows, near $3.20, could mark a resistance area. If this is the start of a larger bullish market cycle, bulls might take their next profits near $3.81 – an inefficient area near November’s breakdown. Another potential resistance is near $4.26, which saw multiple rejections during distribution before November’s breakdown.

An area of old consolidation from $2.75 to $2.97 could provide the next bullish setup before any continuation upward. This area contains the last swing high before late February’s stop run. A drop just below, near $2.30, is also reasonable. This level is near the March monthly open and 40 EMA.

If the bearish trend resumes, bulls might find the next higher-timeframe support between $2.10 and $1.90. This region, especially under $1.72, was inefficiently traded and has not been revisited since 2019.

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 42nd cryptocurrency globally and the current price is US$1.16. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce since March ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.65, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $1.92.

Currently, the price is testing possible support near the weekly open, around $1.07. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.9749 to $0.9130 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early December’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.8730, might mark an area of possible support as well as a bearish target.

3. Origin Protocol (OGN)

Origin Protocol OGN is a network that allows market participants to share goods and services through peer-to-peer (P2P) networks. The platform aims to create an extensive online marketplace leveraging the Ethereum (ETH) blockchain and Interplanetary File System (IPFS) in order to eliminate the need for middlemen.

OGN Price Analysis

At the time of writing, OGN is ranked the 190th cryptocurrency globally and the current price is US$0.6253. Let’s take a look at the chart below for price analysis:

Source: TradingView

OGN climbed just over 40% from March’s monthly open as it positioned itself to challenge two old swing highs.

The region between $0.4668 and $0.5447 has provided support for the past few days, making it a reasonable place for aggressive traders to take smaller-size positions. However, a better risk-reward entry might form at support between $0.4344 and $0.4372.

If the resistance between $0.7517 and $0.8130 breaks, the next resistance is between $0.8641 and the December swing high at $0.9568, which marks the first primary target for this trend.

Beyond this first target, traders could target a swing high from last year at $1.08, and possibly up to resistance between $1.15 and $1.22.

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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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