Top 3 Coins To Watch Today: MATIC, DEXE, ALGO – September 29 Trading Analysis

September 29, 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. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 20th cryptocurrency globally and the current price is A$1.47. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of August, MATIC has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.

A retracement might uncover support near A$1.34, which is the daily high of the last swing low. The high of the wick beginning near A$1.25 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at A$1.08 likely to be the next bearish target.

Just above, the daily gap beginning near A$1.58 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near A$1.66 – perhaps running to probable resistance near A$1.79. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. DeXe (DEXE)

The DeXe token DEXE claims to enable the open and permissionless system. Following protocol rules and contributing resources facilitates consensus among participants. The token has two vital functions: automatic buyback and distribution among insurance vaults and participation in DeXe DAO; to become a member of DAO, users are required to acquire DEXE.

DEXE Price Analysis

At the time of writing, DEXE is ranked the 559th cryptocurrency globally and the current price is A$16.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

August 25’s 350% bullish daily candle has since bled near 85%, with the DEXE finding a low near A$12.18 in mid-September.

Bulls are buying each drop into support near A$13.65, with higher lows forming each time. However, the equal lows near A$13.22 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at A$12.89.

Just over the monthly open, A$17.83 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near A$18.46 before running into possible resistance near A$18.95.

A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near A$21.36 before encountering probable resistance near A$24.05.

3. Algorand (ALGO)

Algorand ALGO is a self-sustaining, decentralised, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 17th cryptocurrency globally and the current price is A$2.24. Let’s take a look at the chart below for price analysis:

Source: TradingView

During July, ALGO dumped over 65% before finding support near A$1.56. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins. 

In the shorter term, the price might establish support near A$2.07 before running the swing high at A$2.35. If this bullish move occurs, the price could reach resistance near the monthly open around A$2.40 – and even sweep the swing high near A$2.48.

Some support might exist at the daily gap near A$2.10. A move this low would also fill the June monthly gap and set the stage for a possible bullish reversal.

If this level fails to hold, the price will likely explore the next monthly gap between A$1.94 and A$1.86. In this zone, the daily swing low at A$1.77 makes a likely target.

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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