Top 3 Coins To Watch Today: HOT, DENT, DASH – August 20 Trading Analysis

August 20, 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. Holo (HOT)

Holo HOT is a peer-to-peer distributed platform for hosting decentralised applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants.

HOT Price Analysis

At the time of writing, HOT is ranked the 65th cryptocurrency globally and the current price is A$0.01431. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of April, HOT has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.

A retracement might uncover support near A$0.01146, which is the daily high of the last swing low. The high of the wick beginning near A$0.009244 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at A$0.008369 likely to be the next bearish target.

Just above, the daily gap beginning near A$0.01613 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near A$0.01799 – perhaps running to probable resistance near A$0.01955. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. Dent (DENT)

Dent is a revolutionary digital mobile operator offering eSIM cards, mobile data plans, call minutes top-ups, and a roaming-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 112th cryptocurrency globally and the current price is A$0.008959. Let’s take a look at the chart below for price analysis:

Source: TradingView

April’s 250% bullish candle has since bled near 85%, with the DENT finding a low near A$0.003175 in mid-July.

Bulls are buying each drop into support near A$0.008241, with higher lows forming each time. However, the equal lows near A$0.007624 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at A$0.006955.

Just over the mid-August weekly open, A$0.009548 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near A$0.01186 before running into possible resistance near A$0.01293.

A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near A$0.01388 before encountering probable resistance near A$0.01499.

3. Dash (DASH)

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralised in nature. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.

DASH Price Analysis

At the time of writing, DASH is ranked the 57th cryptocurrency globally and the current price is A$290.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

During May, DASH dumped over 83% before finding support near A$168. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins. 

In the shorter term, the price might establish support near A$259 before running the swing high at A$315. If this bullish move occurs, the price could reach resistance near the August monthly open around A$245, and may even sweep the swing high near A$238.

Some support might exist at the daily gap near A$230. A move this low would also fill the June monthly gap and set the stage for a possible bullish reversal.

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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