Top 3 Coins to Watch Today: KCS, XMR, GALA – May 19 Trading Analysis

May 19, 2022, 8:00 AM AEST (updated May 20, 2022)

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. KuCoin Token (KCS)

KCS is the native token of KuCoin, launched in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralised trading solution goes live, KCS will be the native asset of KuCoin’s decentralised financial services as well as the governance token of the KuCoin community in the future.

KCS Price Analysis

At the time of writing, KCS is ranked the 44th cryptocurrency globally and the current price is US$14.24. Let’s take a look at the chart below for price analysis:

Source: TradingView

KCS has been trading through a massive range during Q1, with the price showing mild bullishness during March.

Bulls bought near $12.26. The weekly level and daily gap near $13.80 could prompt buyers to step in again as the price challenges the swing high and resistance around $15.50. A strong move and acceptance above this level may reach for the swing highs at $17.75 and $18.66, which marks another area of resistance.

However, rejection from the current area may send the price down to retest support near $13.05. Relatively equal lows around $12.48 provide a rich target for a stop run. Sustained bearishness may reach the low near $11.96 and possibly as low as $11.23 into higher-timeframe support.

2. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 29th cryptocurrency globally and the current price is US$163.21. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR‘s 70% rally during Q1 ran into resistance near $268. Since then, the price has been consolidating in a 120% range between $140 and $210.

Just below the monthly open, $160 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $153 might cap a run on the lows near $146 and $138.

The higher-timeframe analysis points to the area near $184 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $198 and $223 may be the next target.

3. Gala (GALA)

GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.

GALA Price Analysis

At the time of writing, GALA is ranked the 84th cryptocurrency globally and the current price is US$0.07883. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, GALA turned into a recovery trend to make the new highs.

The following 70% plummet found support near $0.05439, sweeping under the 40 EMA into the 60.8% retracement level before bouncing to resistance beginning at $0.07320.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.08412, where aggressive bulls might begin bidding. The level near $0.08950, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.09785. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.06280 could provide at least a short-term bounce. If this level fails, the old highs near $0.05635 might also give support and see the start of a new bullish cycle after retesting these support levels.

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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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