Top 3 Coins to Watch Today: KAVA, SCRT, XEC – May 10 Trading Analysis

May 10, 2022, 8:00 AM AEST - 1 week 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. Kava.io (KAVA)

KAVA is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield. The Kava DeFi hub operates as a decentralised bank for digital assets, allowing users to access a range of decentralised financial services, including its native USD-pegged stablecoin, USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto assets.

KAVA Price Analysis

At the time of writing, KAVA is ranked the 94th cryptocurrency globally and the current price is US$3.06. Let’s take a look at the chart below for price analysis:

Source: TradingView

KAVA retraced nearly 40% from its April high during the past 10 days. The price is now testing possible support near $3.260. Bulls accumulated near this level during February and March before the last significant rally. 

If this level breaks, relatively equal lows near $2.924 provide an attractive target for bears. Bulls have rejected bears below this level multiple times, near $2.744. This level could provide support again.

A more significant downward move could reach an inefficiently traded area and old accumulation on the monthly chart between $2.135 and $1.678. The upper half of this zone may be the primary bearish target.

If Tuesday’s high cannot reach $3.534, then the high may provide the closest resistance. A break through this level will likely encounter resistance near the 2022 yearly open, near $3.863. This level also has confluence with the 9 EMA and April’s range lows.

A more significant rally might reach above the May monthly open into a pocket of inefficient trading on the daily near $4.510. This level is at the midpoint of April’s distribution range and bearish rejection of bulls on the monthly.

2. Secret (SCRT)

Secret SCRT is the native coin of the Secret Network, a decentralised network for private/secure computation. Nodes on the network (known as secret nodes) can perform generalisable computations over encrypted data, which allows smart contracts (known as secret contracts) to use private and sensitive data as inputs. Our focus is on computational privacy, not just transactional privacy. Developers can build decentralised, privacy-preserving “Secret Apps” on the network. The privacy functionality of the Secret Network is critical for many fields, including decentralised finance, Web3, machine learning, access control, and many more.

SCRT Price Analysis

At the time of writing, SCRT is ranked the 102nd cryptocurrency globally and the current price is US$2.93. Let’s take a look at the chart below for price analysis:

Source: TradingView

SCRT has retraced 54% since its early April high, potentially dropping this much again before finding a bottom.

An old swing high near $2.879 could provide a tradable bounce, although bulls should be cautious about overstaying their welcome. The inefficiently traded areas below, near $2.550 and $2.287, provide attractive targets for bears. 

Near $1.169, an inefficiently traded area on the monthly chart may be the next bearish target if these levels break. Reaching this zone would run the stops of most bulls and retest last summer’s accumulation area. 

A retest of these closer resistances could reach up to $3.860. This level is near the 18 EMA, shows consolidation before last week’s breakdown, and has confluence with December’s swing low.

If markets become more bullish, the price could reach above the May open to $4.304. This area is near the 40 EMA, shows consolidation before a breakdown, and would run the stops of aggressive bears. A rally this high with daily candle closes in the region could lead to a more significant bullish movement.

3. eCash (XEC)

eCash XEC follows through on key blockchain scaling promises. An innovative Avalanche consensus layer and its own token layer are unique technical highlights of eCash, which also aims to introduce features never before seen in a Bitcoin project such as staking, fork-free network upgrades, and subchains. Built by an experienced team of bitcoin developers who founded Bitcoin Cash, eCash is a fork of bitcoin with a more aggressive technical roadmap.


XEC Price Analysis

At the time of writing, XEC is ranked the 61st cryptocurrency globally and the current price is US$0.00006294. Let’s take a look at the chart below for price analysis:

Source: TradingView

XEC has retraced 60% from its April high and is testing an old support area for the third time.

Bulls’ stops under relatively equal lows near $0.00006205 provide a tempting target for bears. The small pocket of inefficiently traded price action bordering these lows could provide a tradable bounce. 

However, if the price reaches this level, bulls should be cautious. Traders “selling the news” could push the price down to other potential supports. If this happens, relatively equal lows near $0.00004869 may be the next bearish target. This level shows a bearish rejection of bulls on the weekly chart in May 2021 and could become support.

Below, a large zone of inefficient trading on the monthly chart starts near $0.00004107. This area offers a reasonable bearish target and could see a longer-term bullish reversal. However, this is a wide range, and the price could reach below the inefficiently traded area to $0.00002624.

Bears might see the upper half of the recent consolidation, near $0.00007134, as a place to hunt short setups. This level has confluence with the 9 EMA and soon the 18 EMA.

If bulls can run bears’ stops above this resistance, $0.00007904 could provide the next resistance. This area has confluence with the 40 EMA and started late April’s selloff.

A more significant rally might reach as high as $0.00009274, where the last consolidation before April’s high took place. Bears have rejected bulls at this level before on the monthly chart.

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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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