Top 3 Coins To Watch Today: LSK, TRU, XVG August 17 Trading Analysis

August 17, 2021, 8:00 AM AEST - 1 month 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. Lisk (LSK)

Lisk LSK is a blockchain application platform aiming to create an accessible future where everyone can benefit from decentralised technology. Lisk enables developers to build applications as well as deploy a side-chain linked to the Lisk network that includes a custom token. Lisk empowers developers with a software development kit for blockchain applications and is working on an interoperability solution that will in turn let everyone seamlessly use it on the platform.

LSK Price Analysis

At the time of writing, LSK is ranked the 114th cryptocurrency globally and the current price is A$6.22. Let’s take a look at the chart below for price analysis:

Source: TradingView

LSK‘s nearly 87% retracement from its early May high found a low near A$2.06 in late June before July’s bullish trend began.

The price is currently approaching resistance at a swing high near A$6.42. If this level breaks, bulls might target the swing highs near A$7.46, A$9.11, and potentially up to A$10.39. Resistance near A$7.81 and A$9.49 could cap this move.

If the market remains bullish for the near term, bulls might buy at A$5.57. However, a stop run into A$4.84 could offer a higher probability entry. A steeper drop could reach below the swing low into possible support near A$4.08.

2. TrueFi (TRU)

TrueFi TRU is a protocol for creating interest-bearing pools with a high APR for liquidity providers. TrueFi includes utility and rewards mechanisms using TrustTokens TRU and rewards participants for maintaining stable, high APRs. TRU is the native token of the TrueFi protocol and TrustToken holders ultimately have a say over who is a credible borrower in the prediction market. TRU gives the holder the ability to rate credit for third parties.

TRU Price Analysis

At the time of writing, TRU is ranked the 337th cryptocurrency globally and the current price is A$0.9112. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRU‘s chart paints a different picture than many other altcoins, with February’s high leading to a massive range before setting a low near A$0.1655 in July.

The nearly 576% spike within three days at the beginning of August makes immediate bids questionable. However, the price may be finding support near A$0.8516 and possibly near A$0.7426. Since the price swept the impulse’s high at A$1.36, bulls might be waiting to enter near the swing low and gap near A$0.5960, or slightly lower near A$0.4890.

Little resistance lies overhead, although some resistance might exist between A$0.9950 and approximately A$1.17, just above the current price. A sweep and rejection of the high near A$1.45 would make most areas of possible support highly suspect and could mark the end of the bullish trend.

3. Verge (XVG)

Verge XVG is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralised payments network that improves on the original Bitcoin blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called Verge Pay, and providing the option of sending transactions to stealth addresses. The project describes itself as community-driven, relying on volunteers and priding itself on being open-source.

XVG Price Analysis

At the time of writing, XVG is ranked the 112th cryptocurrency globally and the current price is A$0.04893. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, XVG set a high in early May before retracing 83% to the low at A$0.0205 in May.

Price broke through resistance near A$0.0334, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near A$0.0269. However, a drop this far increases the chances of a stop run to A$0.0204 and possibly into support near A$0.0136. For now, continuing bullish market conditions could help A$0.0461 become support.

The swing high around A$0.0526 gives bulls a reasonable first target, with A$0.0550 also likely to draw the price upward. Higher-timeframe resistance beginning near A$0.0485 or A$0.0550 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near A$0.0648.

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. However, you can also buy these coins from different exchanges listed on Coinmarketcap.

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