Top 3 Coins To Watch Today: NEO, MATIC, ICP August 2 Trading Analysis

August 02, 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. 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 34th cryptocurrency globally and the current price is A$59.86. Let’s take a look at the chart below for price analysis:

Source: TradingView

July brought an instant turn in NEO‘s retracement as the price pumped nearly 88% into the resistance near A$62.55. 

A daily gap and down candle between A$53.85 and A$47.26 may support a push through the high at around A$66.31.

Bulls looking for longer-term plays could wait for a retracement to probable support near A$45.22 and potentially down to support at A$42.59.

Extensions based on June’s retracement suggest that A$81.43 and A$84.36 may be the following primary targets. The swing high’s resistance near A$87.55 provides a logical area to take first profits.

2. 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. MATIC, the native token of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem. The transaction fees on Polygon sidechains are also paid in MATIC tokens.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is A$1.48. Let’s take a look at the chart below for price analysis:

Source: TradingView

MATIC shot up nearly 74% from mid-July as the price aggressively challenges the last high and resistance near A$1.54.

Bulls waiting to get on board could watch support near A$1.45, just above the series of swing highs near A$1.40. 

A deeper retracement to end the month could reach as low as A$1.36, which would run the swing lows down to A$1.28 and provide a better entry.

Overlapping extensions hint at the areas around A$1.82 and A$1.94 as logical take-profit zones.

3. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum a blockchain computer that scales smart contract computation and data runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers.

ICP Price Analysis

At the time of writing, ICP is ranked the 21st cryptocurrency globally and the current price is A$58.79. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICP‘s bullish July month-end turned into consolidation, which is likely to break upward if market conditions remain bullish.

Support may be forming around the current area near A$47.26, giving bulls an aggressive entry with a wide stop.

A sweep of July 24’s low near A$45.71 into the support just below would give a much higher risk-reward entry. If the price drops this far, it could reach support near A$42.13.

Overhead, several layers of resistance rest near A$68.55, A$75.24 and A$81.66. Confident bulls could take profits at the swing highs accompanying this resistance. 

More patient bulls waiting for higher risk-reward entries could watch for setups to form in potential retracements from these levels.

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.

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