Top 3 Coins To Watch Today: IOTX, PUNDIX, WOO – October 12 Trading Analysis

October 12, 2021, 8:00 AM AEST - 6 days 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. IoTeX (IOTX)

IoTeX IOTX has built a decentralised platform whose aim is to empower the open economics for machines – an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. IoTeX is the decentralised backbone for machine economics which serves machines ranging from smart home devices to autonomous vehicles.

To this end, IoTeX has built and launched a fast, high-performance, and EVM-compatible blockchain that provides flexibility and scalability for various applications. Also, middlewares and Dapps are built on top of the blockchain to bring self-sovereign devices and real-world oracles into reality.

IOTX Price Analysis

At the time of writing, IOTX is ranked the 115th cryptocurrency globally and the current price is A$0.09626. Let’s take a look at the chart below for price analysis:

Source: TradingView

Early August’s stunning 600% rally retraced 68%, but IOTX may be setting up for its next bull cycle.

Late September’s consolidation around A$0.07655 broke out to the upside with an explosive move and retrace. This move supports the idea that the consolidation might have marked the bottom. This area could provide support again on a retest – perhaps after traders “sell the news” of Monday’s hardfork while waiting for the next event.

Closer to the current price, zones near A$0.08534 and A$0.09121 might also see interest from bulls during any sharp retracements – perhaps caused by any sudden moves in Bitcoin. These areas also have confluence with the 9, 18 and 40 EMAs, which flipped bullish last week.

If Bitcoin finds its top and performs its classic sudden drop, a relatively broad zone between A$0.06132 and A$0.05382 could support the price or mark a future accumulation zone. This area is near the 78.6% retracement level of the northern summer’s upward move.

The price is currently battling resistance near A$0.1025, where long wicks show that sellers are still unloading their supply. If this level breaks, the next probable resistance begins near A$0.1300, just above the current range high. A reclaim of this level might target potential resistance near A$0.1580, then continue to much higher prices.

2. Pundi X (PUNDIX)

PundiX is a leading developer of blockchain-powered devices with the aim of transforming retail businesses with its blockchain-based point of sale solution. The solution allows retail merchants and consumers to conduct instantaneous in-store transactions on its blockchain. The goal of the Pundi X project is to make cryptocurrency available to everyone. While other similar projects attempt to outperform the banking system, Pundi X looks to simplify transforming retail businesses to make this happen.

PUNDIX Price Analysis

At the time of writing, PUNDIX is ranked the 225th cryptocurrency globally and the current price is A$2.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

From mid-June to today, PUNDIX (formerly NPXS) has been consolidating in a wide range between A$3.05 and A$0.78 after its deep Q2 2021 retracement.

The 9, 18 and 40 EMAs are likely to flip bullish this week, which could grab the attention of bulls who can push it up from this range. These EMAs could provide at least short-term support near A$2.23. 

However, bulls with deep pockets may be waiting for a return further into the current range after the excitement from Wednesday’s chain launch wears off. Two areas where they might bid are near the October open, around A$1.88, and close to the range lows, near A$1.31.

Older pre-redenomination NPXS charts show significant upside potential. Still, bulls will likely be scaling out portions of their positions in logical areas to take profits. A zone between A$3.23 and A$2.98, near old lows, could provide some resistance. The upper half of this area, beginning near A$3.40, could be the most decisive level. 

If the price reclaims this resistance, old consolidations near A$4.49 and A$5.16 may provide some resistance. These zones could cause a top to form, leading to re-accumulation before the next leg up.

3. WOO Network (WOO)

WOO Network is a deep liquidity network connecting traders, exchanges, institutions and DeFi platforms with democratised access to the best-in-class liquidity and trading execution at lower or zero cost. WOO Token is used in the network’s CeFi and DeFi products for staking and fee discounts. Presently, a diverse set of products and services interfacing retail, institutions, CeFi and DeFi have been built: WOO X is a zero-fee trading platform providing professional and institutional traders with the best-in-class liquidity and execution. It features fully customisable modules for workspace customisation.

WOO Price Analysis

At the time of writing, WOO is ranked the 129th cryptocurrency globally and the current price is A$1.31. Let’s take a look at the chart below for price analysis:

Source: TradingView

Mid-May’s drop marked the start of a five-month trading range, with WOO recently climbing into the upper half of this range.

Resistance, beginning near A$1.47, continues to hold the price down. However, the consolidation and the 9 EMA around A$1.29, just above October’s monthly open, could provide some short-term support.

Bulls are more likely to wait and see if the price drops following Friday’s airdrop, then might buy support from A$0.9722 to A$0.8869. This zone has confluence with the 61.8% retracement.

If bulls instead break resistance from A$1.47 to A$1.56, the wicks near the range highs from A$1.70 to A$1.80 could be the next target.

Longer-term, a strong reclaim of these zones and measured moves could point at A$2.09 and A$2.37 as the following levels where bulls might take profits.

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. You can buy WOO coin from different exchanges listed on coinmarketcap.

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