Top 3 Coins to Watch Today: SOL, ENJ, MTL – November 18 Trading Analysis

November 18, 2021, 8:00 AM AEST - 1 week 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.

2. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 5th cryptocurrency globally and the current price is US$211.32. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL retraced nearly 75% from its high before finding a low during mid-October. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.

Aggressive bulls might bid near $205, although a sweep of the stops near $195 could reach below the next swing low into possible support near $188. A continued downtrend might run into the weekly gap near $173.

Some bears might add more shorts near $200, although a push to $224 is reasonable. A daily candle close over the swing high near $245 could suggest that a longer-term trend reversal is in play, with bulls possibly entering on a retracement near $276.

2. Enjin Coin (ENJ)

Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).

ENJ Price Analysis

At the time of writing, ENJ is ranked the 65th cryptocurrency globally and the current price is US$2.87. Let’s take a look at the chart below for price analysis:

Source: TradingView

ENJ spent November ranging across the monthly open, reaching 25% over and 30% below. The price is currently consolidating between adjacent resistance and support at $3.10 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $3.28. 

This move would likely target the swing high at $3.36 and relatively equal highs near $3.42. A sustained bullish trend could reach up to the monthly high near $3.50.

Bulls might see a sweep of the relatively equal lows near $2.70 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $2.63 and $2.58.

3. Metal (MTL)

Metal MTL is the native currency of Metal products and an essential part of the Metal ecosystem. Sending and receiving any crypto to friends on Metal Pay is, according to the team, instant and feeless. Designed to make cryptocurrency payments fast and easy, users pay zero fees when sending, receiving, buying or selling MTL. On the Metal X exchange, users can reduce fees by paying the fee in MTL. Additionally, users can receive loyalty benefits for holding MTL inside the exchange.

MTL Price Analysis

At the time of writing, MTL is ranked the 317th cryptocurrency globally and the current price is US$3.20. Let’s take a look at the chart below for price analysis:

Source: TradingView

MTL‘s strong downtrend that began in September has retraced most of its Q3 move, recently sweeping lows near $2.81 but struggling to find strong support.

A sweep of the relatively equal lows near $3.11 into possible support around $2.98, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $2.81.

The swing low near $3.15 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $3.37, potentially reaching up to monthly open near $3.50.

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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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