Top 3 Coins To Watch Today: IOTA, DOT, FIL – September 9 Trading Analysis

September 09, 2021, 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. IOTA (MIOTA)

IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.

IOTA Price Analysis

At the time of writing, IOTA is ranked the 36th cryptocurrency globally and the current price is A$2.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of June, IOTA 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$1.33, which is the daily high of the last swing low. The high of the wick beginning near A$1.78 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at A$1.89 likely to be the next bearish target.

Just above, the daily gap beginning near A$2.28 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$2.39 – perhaps running to probable resistance near A$2.47. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. This interoperability seeks to establish a fully decentralised and private web, controlled by its users, and simplify the creation of new applications, institutions and services. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 10th cryptocurrency globally and the current price is A$37.95. Let’s take a look at the chart below for price analysis:

Source: TradingView

Bulls are buying DOT at each drop into support near A$36.77, with higher lows forming each time. However, the equal lows near A$32.41 can create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at A$28.13.

Just over the June monthly open, A$40.24 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near A$42.67 before running into possible resistance near A$44.76.

A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near A$48.13 before encountering probable resistance near A$51.63.

3. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 19th cryptocurrency globally and the current price is A$122.82. Let’s take a look at the chart below for price analysis:

Source: TradingView

During five days in May, FIL dumped over 86% before finding support near A$81.34. 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$98.24 before running the swing high at A$105.14. If this bullish move occurs, the price could reach resistance near the June monthly open around A$135.56 – and even sweep the swing high near A$141.72.

Some support might exist at the daily gap near A$113.45. 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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