Top 3 Coins to Watch Today: KSM, LINK, BAND – June 9 Trading Analysis

June 09, 2022, 8:00 AM AEST - 3 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. Kusama (KSM)

Kusama KSM is an experimental blockchain platform designed to provide a massively interoperable and scalable framework for developers. Kusama is built on Substrate, a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot, one of the most successful interoperable blockchains.

KSM Price Analysis

At the time of writing, KSM is ranked the 77th cryptocurrency globally and the current price is US$66.33. Let’s take a look at the chart below for price analysis:

Source: TradingView

After rallying over 40% from its Q1 lows, KSM is encountering resistance near $83.70. This resistance and the monthly open at $75.51 currently have the price trapped. The swing high and resistance near $97.83 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for shortstops and resistance near $110.46.

The daily gap at $60.71 could provide support, while the area beginning near $57.73 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near $50.77, possibly finding a floor at support beginning near $46.39.

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

At the time of writing, LINK is ranked the 21st cryptocurrency globally and the current price is US$8.74. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early April trend retraced near $6.50 into the consolidation that began the impulse before bouncing to $7.80. 

This consolidation could provide support again, although bears would first have to push the price through possible support near $8.45. The market’s structure may be shifting bearish, with $8.90 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $7.89 before finding support near $7.50.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $9.27 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the Q1 wick near $10.18.

3. Band Protocol (BAND)

Band Protocol BAND is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart contracts to facilitate the exchange of information between on-chain and off-chain data sources. BAND is the native token of the Band Protocol ecosystem and is used as collateral by validators involved in fulfilling data requests, as well as being the main medium of exchange on BandChain, used for paying for private data.

BAND Price Analysis

At the time of writing, BAND is ranked the 370th cryptocurrency globally and the current price is US$1.68. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, BAND set a high around April before retracing 85% to the low at $1.50 in early June.

Price broke through resistance near $1.60, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $1.49. However, a drop this far increases the chances of a stop run to $1.34 and possibly into support near $1.29. For now, continuing bullish market conditions could help $1.40 become support.

The swing high around $1.89 gives bulls a reasonable first target, with $1.98 also likely to draw the price upward. Higher-timeframe resistance beginning near $2.18 or $2.30 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near $2.39.

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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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