Top 3 Coins To Watch Today: ONE, LUNA, ZEC – September 28 Trading Analysis

September 28, 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. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 64th cryptocurrency globally and the current price is A$0.2231. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late June, ONE kicked off a bullish trend that rallied nearly 400% by September to break March’s cycle high.

The following 50% plummet found support near A$0.1688, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at A$0.2453.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near A$0.2386, where aggressive bulls might begin bidding. The level near A$0.2035, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near A$0.2792. 

Multiple events, including mid-October’s Trustless Ethereum Bridge, could provide the bullish catalyst to keep pushing the price toward new all-time highs.

However, if Bitcoin continues its downtrend, much lower prices could be seen. The old support near A$0.1645 could provide at least a short-term bounce. If this level fails, the old highs near A$0.1269 might also give support and see the start of a new bullish cycle.

2. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

LUNA Price Analysis

At the time of writing, LUNA is ranked the 12th cryptocurrency globally and the current price is A$54.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its March high on August 16, LUNA began a range that has been whiplashing both bulls and bears.

Resistance beginning near A$52.35 has held the price down for the second half of September, although bulls have shown some strength near the 9 and 18 EMAs. 

A quick drop to A$44.37, or into the zone beginning near A$41.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near A$59.47 provides a reasonable target. 

A break of this level could move further into uncharted territory – possibly fuelled by the long-awaited Columbus-5 launch – with the nearest probable resistances projected around A$69.28 and A$79.57.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 61.8% retracement, near A$31.49.

3. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 70th cryptocurrency globally and the current price is A$147.13. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since May’s high, ZEC‘s 77% 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 A$151.87 and A$128.96 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near A$113.87 and A$104.40 may be more likely to cause a longer-term trend reversal. Capitulation after Halo Arc and the Network Upgrade 5 could be the catalyst needed to push price aggressively into these levels.

Bears are likely to add to their shorts at probable resistance beginning near A$169.30, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near A$201.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near A$256.41 might provide a ceiling for this impulse.

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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