Top 3 Coins to Watch Today: LTC, AVAX, XRP – June 17 Trading Analysis

June 17, 2022, 8:00 AM AEST - 2 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. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 18th cryptocurrency globally and the current price is US$45.81. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, LTC kicked off a with recovery trend to break the weekly highs.

The following 70% plummet found support near $40.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $52.73.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $60.12, where aggressive bulls might begin bidding. The level near $69.18, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $75.13. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $40.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $37.23 may also give support and see the start of a new bullish cycle after retesting these support levels.

2. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 16th cryptocurrency globally and the current price is US$16.27. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s gains in Q2 ended with an almost 71% retracement as the rest of the altcoin market dropped from early this month. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $34.35.

With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion. 

Near the 40 EMA, a broad zone from $19.15 to $17.45 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $16.70, and potentially lower to a higher-timeframe support zone between $14.42 and $13.80.

If the higher-timeframe recovery trend resumes and the current resistance near $22.35 breaks, the wicks near $26.84 and the new monthly highs may see profit-taking.

3. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 8th cryptocurrency globally and the current price is US$0.3199. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.

However, bulls are showing some interest at the 80.6% retracement, near $0.3472. If this level breaks, a move into possible support – just below the lows near $0.2952 – seems likely.

If the price does rally through the swing high at $0.3855 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4150. 

Overlapping swing highs and lows near $0.4526 might provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets up near the midpoint of Q1’s consolidation, near $0.5017, where higher timeframes show an inefficiently traded zone.

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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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