Top 3 Coins To Watch Today: LTC, UMA, SXP August 9 Trading Analysis

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 that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. Its main benefit comes from its speed and cost-effectiveness. Litecoin transactions are typically confirmed in just minutes, and transaction fees are nearly negligible. This makes it an attractive alternative to Bitcoin in developing countries, where transaction fees may be the deciding factor on which cryptocurrency to support.

Litecoin Price Analysis

At the time of writing, LTC is ranked the 15^th cryptocurrency globally and the current price is A$205.31. Let’s take a look at the chart below for price analysis:

The weekend LTC run stops under swing lows down to A$195 as it tested support near A$190.

Aggressive traders expecting expansion to the upside could look for entries near possible support near A$192. Bids near A$189 may be able to capitalise on an attempt to run the stops below the weekend’s swing low. A stop run below this low may reach into possible support near A$183.

In the short term, A$235 may provide some resistance. The swing high near A$250 provides a reasonable first target, with the area just above up to A$268 likely to create resistance. 

A break of this zone makes the May high at A$329 a likely target, with further expansion possibly reaching near A$360.

2. Universal Market Access (UMA)

Universal Market Access UMA is a protocol for the creation of synthetic assets based on the Ethereum blockchain. Synthetic assets are a class of assets that represent different, underlying assets and have the same value. UMA specifically enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.

UMA Price Analysis

At the time of writing, UMA is ranked the 105^th cryptocurrency globally and the current price is A$13.34. Let’s take a look at the chart below for price analysis:

Last month’s 55% drop was immediately bought up and closed the weekly candle bullish, suggesting strength for UMA bulls.

Aggressive traders could look for support near A$11.78. Levels near A$10.35, A$9.43 and A$8.64 also provide reasonable areas for bids during a retracement.

Little resistance rests overhead, but the area between A$15.38 and the swing high at A$17.26 may cap an initial move upward. Extensions indicate A$18.67 and A$21.54 as reasonable take-profit zones.

3. Swipe (SXP)

Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.

SXP Price Analysis

At the time of writing, SXP is ranked the 149^th cryptocurrency globally and the current price is A$3.37. Let’s take a look at the chart below for price analysis:

An impressive 215% month for SXP has retraced over 135% as the price consolidates near the weekly gap beginning near A$3.40.

The equal lows at this weekly gap are likely to see a stop run before any further move up. The area near A$3.31 at the top of a daily gap could provide support. 

More probable support begins at the bottom of the gap, ranging from approximately A$2.25 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near A$1.95.

Impulses upward during retracement are likely, but the most substantial resistance is likely just below the May swing high near A$3.90. This swing high provides a clear first target, with extensions near A$4.18, A$4.29 and A$4.45.

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.