Top 3 Coins To Watch Today: ICX, RAY, ZIL – August 31 Trading Analysis

August 31, 2021, 8:00 AM AEST - 4 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. ICON (ICX)

ICON ICX is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer such as ICON. The ICON blockchain is powered by loopchain, a blockchain engine designed by ICONLOOP.

ICX Price Analysis

At the time of writing, ICX is ranked the 104th cryptocurrency globally and the current price is A$1.85. Let’s take a look at the chart below for price analysis:

Source: TradingView

During August, ICX broke several swing highs that could be the signal for a new bullish trend.

Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near A$1.93 and may target the swing low and possible support near A$1.72.

The swing low and possible support near A$1.48 could be the second bearish target if the move down continues. The relatively equal lows near A$1.38 and possible support underneath, near A$1.29, could provide more substantial support.

The last swing high near A$2.21 gives a near-term target if bullish continuation continues. However, resistance beginning around A$2.24 could cap this move. A break of this resistance might continue to probable resistance near A$2.93 and reach above the cluster of relatively equal highs near A$3.13.

2. Raydium (RAY)

Raydium RAY is an automated market maker AMM and liquidity provider built on the Solana blockchain for the Serum decentralised exchange DEX. Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook, meaning that funds deposited into Raydium are converted into limit orders which sit on Serum’s orderbooks. This gives Raydium LPs access to all of Serum’s order flow as well as their existing liquidity.

RAY Price Analysis

At the time of writing, RAY is ranked the 220th cryptocurrency globally and the current price is A$16.46. Let’s take a look at the chart below for price analysis:

Source: TradingView

Mid-July marked a turning point for RAY, with the price rocketing up almost 425% from its lows to probable resistance beginning near A$17.58.

The price is currently struggling with the area between A$11.75 and A$15.39. This region could provide support after a close above, or resistance after a close below. 

A retracement could reach into the daily gap and possible support around A$13.94. A more bearish shift in the marketplace will likely aim for the relatively equal lows near A$9.17, and the potential support just below that begins around A$8.88.

Continuation to the upside will likely target the all-time high near A$22.34. However, probable resistance beginning at A$17.58 and A$20.82 could cap or slow down this move.

3. Zilliqa (ZIL)

Zilliqa ZIL is a public, permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and Yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

ZIL Price Analysis

At the time of writing, ZIL is ranked the 84th cryptocurrency globally and the current price is A$0.1489. Let’s take a look at the chart below for price analysis:

Source: TradingView

In mid-July, ZIL also turned the corner, breaking a key swing high in early August. This move could suggest a longer-term bullish trend.

The swing high near A$0.2155 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near A$0.2603.

Even if the bullish trend continues, a stop run at the recent swing low near A$0.1473 into possible support beginning near A$0.1496 is reasonable. If the price reaches further down, the swing low and possible support near A$0.1154 might provide another downside target. 

The area near A$0.08936 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near A$0.07142 into possible support beginning around A$0.06199.

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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