Top 3 Coins to Watch Today: OCEAN, RUNE, CHESS – June 14 Trading Analysis

June 14, 2022, 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. Ocean Protocol (OCEAN)

Ocean Protocol OCEAN is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetise it through the use of ERC-20 based datatokens. OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.

OCEAN Price Analysis

At the time of writing, OCEAN is ranked the 153rd cryptocurrency globally and the current price is US$0.1984. Let’s take a look at the chart below for price analysis:

Source: TradingView

OCEAN dropped 75% from its March high before beginning a consolidation in mid-May.

Inefficient trading, the base of June 7’s rally, and the 9 and 18 EMAs could offer resistance just over the June monthly open, near $0.2317.

A rally higher might target the June 9 swing high near $0.3190. Bears’ stops above this high and the inefficiently traded area on the daily, weekly and monthly charts could serve as a target and resistance.

Bulls might find support near $0.1928. If this level supports the price, it will most likely be after a sweep of the relatively equal lows in this area. 

Longer-term, the bearish higher-timeframe trend and market conditions make it likely that the price will continue dropping and reach near $0.1530. Some weekly charts show inefficient trading in this area.

If this level fails, bulls might find more substantial support near $0.0867. This area is the last accumulation on the monthly chart before July 2020’s stunning rally. It’s also near the low end of a large, inefficiently traded area on the monthly chart.

2. THORChain (RUNE)

ThorChain RUNE is a decentralised liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem and is also used for platform governance and security as part of THORChain’s Sybil resistance mechanisms – since THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process.

RUNE Price Analysis

At the time of writing, RUNE is ranked the 62nd cryptocurrency globally and the current price is US$1.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE has dropped 84% from its March high. It’s currently breaking down from its consolidation range formed in May and early June.

The price might find its closest resistance in an inefficiently traded area on the daily chart between $2.426 and $2.244. This level has confluence with the May 27 swing low.

The price may be forming a triple-sweep (three lower lows) before returning into its consolidation range. If so, an inefficiently traded area near $2.657 could provide another resistance. This level also shows distribution on the weekly chart near the 18 EMA.

A more extended rally could reach an inefficiently traded area on the monthly chart between $3.295 and $3.998. Yet this is less likely to happen soon, given the current bearish market conditions.

Below, $1.554 could offer support. This level is an area of inefficient trading below a daily swing low from January 2021. It also shows accumulation on the weekly.

The following daily swing low, near $1.120, could offer the next bearish target. This level shows inefficient trading on the daily and weekly charts.

If the bearish trend continues, it may be targeting an area of old inefficient trading on the monthly chart between $0.761 and $0.630. The price might sweep under the low end of this range to remove bulls’ stops under the monthly swing low. Overall, this area shows accumulation on the monthly and could provide the base for a longer-term bullish shift.

3. Tranchess (CHESS)

Tranchess CHESS is a yield-enhancing asset tracker with varied risk-return solutions. Tranchess provides a different risk/return matrix out of a single main fund that tracks a specific underlying asset. The name Tranchess was inspired by the game of chess, as well as the French word “Tranche”, which is often associated with tranche funds that cater to a different class of investors with varying risk appetite. Tranchess was launched on June 24, 2021. The project leverages on smart contracts, making it transparent and automated across processes.

CHESS Price Analysis

At the time of writing, CHESS is ranked the 536th cryptocurrency globally and the current price is US$0.2716. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHESS dropped 84% from its early April swing high before beginning a consolidation range in mid-May.

Most trading occurred between the June monthly open and $0.270. Here, relatively equal lows have formed under the oldest historical low, around $0.367.

These lows might serve as a magnet for a stop run reaching near the last swing low, between $0.256 and $0.230. Traders “selling the news” of June 16’s launch might push the price below these lows.

A continued move down could run more bulls’ stops below May’s low at $0.2040.

No historical price action exists under May’s low to pinpoint possible support. 

Round numbers suggest that $0.175 could offer some support on an initial stop run under May’s low. 

Below this level, the 50% and 100% extensions (projected from two swings in the current range) overlap near $0.050. This confluence could offer a weak hint at another possible support. Bulls should be highly cautious given the bearish chart and market conditions.

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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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