Top 3 Coins To Watch Today: NEO, DOGE, SUSHI – July 21 Trading Analysis

July 21, 2021, 8:00 AM AEST - 4 months 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. 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. 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. It’s often been likened to the Chinese version of the Ethereum network.

NEO Price Analysis

At the time of writing, NEO is ranked the 44th cryptocurrency globally and the current price is A$35.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

July saw a nearly 35% retracement in NEO‘s price, but the bulls and bears might have more room to compete.

Last week, the price ran into resistance at A$37.59 before sweeping lows and dropping near the four-hour chart’s 18% retracement level near A$35.89. This move created potential support beginning near A$32.45, with a lower timeframe support possibly forming at A$30.24 to give aggressive bulls an entry.

The highs near A$40.89 and A$42.17 provide two first probable targets. If the support beginning near A$40.00 continues to hold, bulls could use this retracement’s extensions to anticipate take-profit zones near A$46.73 and A$50.71 The extensions near A$52.81, A$54.97 and A$56.58 are also likely to provide intermediate-term targets.

2. Dogecoin (DOGE)

Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu on its logo. The open-source digital currency – created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia – was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, lighthearted cryptocurrency that would have greater appeal beyond the core bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk has posted several tweets on social media that Dogecoin is his favourite coin.

DOGE Price Analysis

At the time of writing, DOGE  is ranked the 8th cryptocurrency globally and the current price is A$0.2348. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOGE has been in a strong bear trend since mid-May, giving bottom-buyers a good entry this month again.

On Monday, the price broke out from the falling wedge A$0.2644 after sweeping lows near A$0.2521, potentially signalling the start of the next significant move upward after having a little correction once again.

Bulls could wait for a retracement near probable support beginning at A$0.2215, with the daily gap’s midpoint near A$0.2179 providing a higher risk-reward entry. The relatively equal daily lows near A$0.2058 could also attract a stop run, providing an attractive entry area in the broad support region between A$0.1988 and A$0.1915.

The extensions near A$0.2956 and A$0.3087 provide probable targets, with the minor extensions near A$0.3347 and A$0.3500 providing intermediate take-profit zones.

3. SushiSwap (SUSHI)

SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.

SUSHI Price Analysis

At the time of writing, SUSHI is ranked the 74th cryptocurrency globally and the current price is A$8.70. Let’s take a look at the chart below for price analysis:

Source: TradingView

SUSHI‘s 122% May rally has retraced to the move’s 80% retracement before spending the second half of the month, plus June and July, accumulating above support beginning near A$7.55.

Last week’s dip to retest the 26.5% retracement created potential support near A$6.89, with the early part of this week testing the weekly level at A$6.64 as support. A quick dip in this region could give bulls an excellent entry targeting the first probable resistance at A$6.32. 

A break of this level might run to the resistance and last swing high at A$9.85. If the swing high breaks, monthly highs at A$10.59, A$11.53 and A$12.62 provide the next likely targets. Beyond A$12.90, the price could see a parabolic move to the next monthly high near A$13.41.

Traders taking regular profits could use the extensions at A$13.95, A$14.38 and A$15.22 for probable intermediate resistance zones.

Where to Buy or Trade Altcoins?

These three 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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