Top 3 Coins to Watch Today: MATIC, SAND, WAVES – December 3 Trading Analysis

December 03, 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. 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 15th cryptocurrency globally and the current price is US$2.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

October marked a turning point for MATIC, with the price rocketing up almost 80% from its lows to probable resistance beginning near $2.21.

The price is currently struggling with the area between $1.88 and $2.10. This region could provide support after a close above, or resistance after a close below. 

A retracement could reach into the daily gap and possible support around $1.85. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $1.74, and the potential support just below that begins around $1.60.

Continuation to the upside will likely target the recent monthly highs near $2.25. However, probable resistance beginning at $2.10 and $2.18 could cap or slow down this move.

2. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 39th cryptocurrency globally and the current price is US$6.30. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since November’s high, SAND‘s 59% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $5.90 and $5.45 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Long-term consolidation suggests that the areas near $6.84 and $7.27 may be more likely to cause a longer-term trend reversal. 

Bears are likely to add to their shorts at probable resistance beginning near $6.54, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $7.05, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $7.79 might provide a ceiling for this impulse.

3. Waves (WAVES)

WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.

WAVES Price Analysis

At the time of writing, WAVES is ranked the 70th cryptocurrency globally and the current price is US$21.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

During November’s high, WAVES‘ 45% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $19.78 and $18.30 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Long-term consolidation suggests that the areas near $26.45 and $28.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $29.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $31.42, the start of the bearish move.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.