Top 3 Coins to Watch Today: STX, BZRX, TABOO – November 23 Trading Analysis

November 23, 2021, 8:00 AM AEST - 5 days 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. Stacks (STX)

Stacks STX is a layer-1 blockchain solution that is designed to bring smart contracts and decentralised applications (DApps) to Bitcoin (BTC). These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful – including its security and stability. The platform is powered by the Stacks token (STX), which is used for fuelling the execution of smart contracts, processing transactions, and registering new digital assets on the Stacks 2.0 blockchain.

STX Price Analysis

At the time of writing, STX is ranked the 60th cryptocurrency globally and the current price is US$2.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

STX has been in a steady bullish trend since its June lows, reaching 463% by its mid-October high.

The price found resistance near $2.381, around the Q2 2021 highs, and continues to reject each climb into this level. While this price action shows significant selling, each tap is likely to weaken the resistance.

Just below the current price, $2.140 could offer support. The 9, 18, and 40 EMAs have stacked in this area, near the midpoint of the current range.

The price might sweep the range lows into possible support near $1.723, perhaps as excitement fades after the ALEX mainnet release on November 27. This area has confluence with the 61.8% retracement level and a swing high formed during early September.

The last consolidation before early October’s rally, near $1.440, could also offer some support on a steeper drop – perhaps caused by a significant bearish movement in Bitcoin.

A break through the resistance from $2.567 may begin price discovery. If this move occurs, extensions suggest that bulls might take significant profits in an area between $3.800 and $4.200.

2. Bzx Protocol (BZRX)

The Bzx protocol BZRX is an Ethereum-based decentralised platform built for DeFi lending and margin and leverage trading that differentiates itself from competitors through a smart contract-powered token system. Bzx’s trading front-end Fulcrum allows users to trade and/or lend crypto assets through tokenised loans (iTokens) and tokenised positions (pTokens). Torque serves as bZx’s lending front-end web interface, allowing users to borrow funds for any purpose at a fixed interest rate.

BZRX Price Analysis

At the time of writing, BZRX is ranked the 475th cryptocurrency globally and the current price is US$0.2922. Let’s take a look at the chart below for price analysis:

Source: TradingView

BZRX rallied 240% from its July lows, creating a massive high-timeframe range before a sharp 50% decline during November.

With over a week to go before the token split and rebranding, the bounce could continue – or possibly turn into a more significant move.

An area of possible support near $0.2606 has provided a bounce. It remains to be seen if bulls can sustain this bounce and turn a contested area between $0.2929 and $0.2695, around the 61.8% retracement of the higher-timeframe range, into support. 

Lower, July’s swing high and the 78.6% retracement level could provide more substantial support near $0.2286. A sharp drop could reach as low as possible support near $0.1948, where June’s decline found some accumulation.

Any rallies are likely to encounter some resistance near the range highs near $0.4054 and $0.4900. A break from this range might find bulls taking some profits near the range’s 27% extension, near $0.5739, and a wide area of probable resistance beginning near the 61.8% extension, from $0.7093 to $0.7917.

3. TABOO Token (TABOO)

TABOO is an adult NFT and streaming media project specialising in highly exclusive content. With models, its content is not like other adult tokens. Its marketplace is cutting-edge, with creation by the Enjin Coin Marketplace Developers. Its NFT Marketplace and media platform will be cross-chain, utilising layer 2 solution protocols with the lowest fees and fastest transactions. An asset bridge to the ERC20 Network, along with Version 1 of the marketplace, aims to bring ERC721 and ERC1155 compatible NFTs to the Taboo Ecosystem on the Binance Smart Chain.

TABOO Price Analysis

At the time of writing, TABOO is ranked the 273rd cryptocurrency globally and the current price is US$0.03192. Let’s take a look at the chart below for price analysis:

Source: TradingView

TABOO has retraced 68% of its over 5,000% rally that began in early October.

A large bearish daily candle found support at the 40 EMA in a daily gap, near $0.01916, before retracing to its opening price, near $0.02766. 

The 9 and 18 EMAs near the opening price might provide support if the uptrend resumes. The recent swing low, near $0.01722, could also offer support again. 

However, the higher-timeframe consolidation, near $0.01167, may be seen as a safer bid by many bulls after any drop following November 23’s marketplace launch and exchange listing.

Some charts showed the price rallying into possible resistance near $0.03047 on November 22. If genuine and sustained, this resistance could flip to support for a further rally into resistance near $0.03714 and $0.05020.

If the price reaches beyond these levels, it will enter discovery, perhaps drawing toward possible resistance near $0.075.

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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. You can also buy these coins from different exchanges listed on Coinmarketcap.

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