Top 3 Coins to Watch Today: MANA, NEO, CELO – November 11 Trading Analysis

November 11, 2021, 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. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build upon and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 44th cryptocurrency globally and the current price is US$2.62. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a new all-time high in late October before retracing 45% to the low at $2.50 last week.

Price broke through resistance near $2.46, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.41. However, a drop this far increases the chances of a stop run to $2.37 and possibly into support near $2.32. For now, continuing bullish market conditions could help $2.20 become support.

The swing high around $2.70 gives bulls a reasonable first target, with $2.79 also likely to draw the price upward. Higher-timeframe resistance beginning near $2.86 or $2.95 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near $3.24.

2. Neo (NEO)

NEO bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as creating a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.

NEO Price Analysis

At the time of writing, NEO is ranked the 53rd cryptocurrency globally and the current price is US$52.32. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low in late September, NEO has rallied nearly 55% into resistance that starts near $60.12.

Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $57.33 might look for bids near $50.86. More significant resistance rests above, near $62.15. A group of significant swing highs at $65.36, $68.55 and $70.23 give possible targets if this resistance breaks.

A stop run on the recent low at $48.00 into possible support beginning near $46.13 might see stronger bidding. This area also has a confluence with the August monthly open.

A bearish market shift could reach the swing low at $43.68 into possible support beginning near $40.24.

3. Celo (CELO)

Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. The network also allows for the creation of smart contracts and decentralised applications (DApps) as part of decentralised finance (DeFi). The platform has two native tokens. CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. In the future, the platform aims to host various stablecoins, with one, the Celo Dollar (CUSD), already in use.

CELO Price Analysis

At the time of writing, CELO is ranked the 70th cryptocurrency globally and the current price is US$6.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

CELO continued its rally through the daily gap between $5.87 and $5.94, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at $6.30 could form a wick below this level, potentially reaching an untapped daily gap beginning near $6.19.

Resistance starting at $6.73 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at $6.98, continue into probable resistance just above, and possibly set new monthly highs at $7.26.

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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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