Top 3 Coins to Watch Today: FTM, ICP, NEAR – May 2 Trading Analysis

May 02, 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. 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 50th cryptocurrency globally and the current price is US$0.7426. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q1 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.60, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.6911. 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 $0.6534 to $0.6230 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early August’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.5930, might mark an area of possible support as well as a bearish target.

2. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 37th cryptocurrency globally and the current price is US$13.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q1, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $20.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $23.12.

Even if the bearish trend continues, a stop run at the recent swing low near $13.01 into possible support beginning near $12.75 is reasonable. If the price reaches further down, the swing low and possible support near $12.13 might provide another downside target. 

The area near $11.95 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $11.40 into possible support beginning around $10.88.

3. Near Protocol (NEAR)

NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.

NEAR Price Analysis

At the time of writing, NEAR is ranked the 19th cryptocurrency globally and the current price is US$11.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its uptrend during Q1, NEAR has retraced 45% from its highs to support at the retracement of around $10.15.

The price shifted market structure to run to the consolidation lows near $12.11, just under the monthly open. A continued bearish trend in the market may create support just below, between $11.84 and $11.25.  

On the other hand, if the current resistance breaks, the price might find resistance near $17.98, whereas mid-January buyers may still be trapped in longs.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

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.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.