Top 3 Coins to Watch Today: GALA, BAL, ALPHA – June 8 Trading Analysis

June 08, 2022, 8:00 AM AEST - 3 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. Gala (GALA)

GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change how players can spend hundreds of dollars on in-game assets and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking by giving players control of the games and in-game assets with the help of blockchain technology.

GALA Price Analysis

At the time of writing, GALA is ranked the 78th cryptocurrency globally and the current price is US$0.08352. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, GALA turned into a recovery trend to make the new monthly highs.

The following 78% plummet found support near $0.06439, sweeping under the 40 EMA into the 60.8% retracement level before bouncing to resistance beginning at $0.07920.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.08612, where aggressive bulls might begin bidding. The level near $0.09154, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.09985. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.06380 could provide at least a short-term bounce. If this level fails, the old highs near $0.05835 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Balancer (BAL)

Balancer BAL is an automated market maker (AMM) that was developed on the Ethereum blockchain and launched in March 2020. It was able to raise a $3 million seed round by Placeholder and Accomplice. Balancer protocol functions as a self-balancing weighted portfolio, price sensor, and liquidity provider. It allows users to earn profits through its recently introduced token, BAL, by contributing to customisable liquidity pools.

BAL Price Analysis

At the time of writing, BAL is ranked the 414th cryptocurrency globally and the current price is US$7.11. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of Q2, BAL has retraced 70% – a relatively high amount compared to many other altcoins. However, it continues to creep to monthly lows, suggesting that the consolidation period may be near its end.

Aggressive bulls could look for entries in new possible support between $6.90 and $6.78. A dip below this area might also find support near $6.70. However, a daily close near $7.25 brings bullish strength into question. 

A sudden drop in the market is likely to test possible support beginning near $7.00. This retracement would create extensions suggesting $6.55-$6.13 as a potential target for bulls. 

Currently, extensions indicate a reasonable take-profit zone near $7.36 to $7.63, with $7.95 having the most confluence. If bulls can maintain strength, confluent extensions point to $8.32-$9.00 as a reasonable next target.

3. Alpha Finance (ALPHA)

Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.

ALPHA Price Analysis

At the time of writing, ALPHA is ranked the 346th cryptocurrency globally and the current price is US$0.1522. Let’s take a look at the chart below for price analysis:

Source: TradingView

ALPHA‘s 65% rally from its Q1 lows met resistance near $0.5995, before creating a new range for Q2.

After a bearish flip of the 9, 18 and 40 EMAs, the price broke below $0.2110. This area, which has confluence with multiple swing lows and the May monthly open, may provide resistance on any future retest.

The price might find support near $0.1475 to $0.1408 if the overall market’s conditions turn more bullish. This zone has confluence with the 61.8% to 78.6% retracements and accumulation zone for Q1’s rally.

Suppose the price does rally through the probable resistance near the monthly open. In this case, the Q2 swing highs and above, near $0.2561, could provide resistance again. A shift back to more bullish market conditions could push the price to the 50% extension of the summer’s swing, near $0.2834.

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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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