Top 3 Coins to Watch Today: SYS, RGT, GST – May 3 Trading Analysis

May 03, 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. Syscoin (SYS)

Syscoin SYS is a full Layer-1 and Layer-2 blockchain solution built to combine industry-proven technology to support cutting-edge applications, all in one network. The project’s goal is to build a protocol that transforms the blockchain experience and combines the best of Bitcoin and Ethereum. Through Bitcoin merge-mining, Syscoin transforms Bitcoin’s Proof-of-Work security and decentralisation into a functional and scalable solution. Syscoin’s token platform currently features a custom notary API, fungible tokens, NFTs, and fractionalised NFTs.

SYS Price Analysis

At the time of writing, SYS is ranked the 159th cryptocurrency globally and the current price is US$0.4138. Let’s take a look at the chart below for price analysis:

Source: TradingView

SYS has ranged between approximately $0.6865 and $0.3965 since late February. It is currently near the bottom of this range.

An inefficiently traded area near $0.4376 could provide resistance. However, eager bears should be wary since the price is very oversold relative to its local range.

Above, the 18 EMA and April’s consolidation low overlap with an inefficiently traded area at $0.4884. This area might also provide resistance during a retest. 

A more substantial rally may seek to return to the local range highs. This move would clear bear’s stops and may target an inefficiently traded area near the April monthly open at $0.6170.

Over the weekend, the price tested possible support at $0.4098, near the midpoint of October 2021’s accumulation range and relatively equal swing lows. It seems likely that the price will dip deeper into this support to run bulls’ stops.

If this support breaks, $0.3627 could provide bulls with their next level of interest. This level saw significant buying on a retracement before November’s rally and could provide support again.

Just below, $0.3090 may also provide support. This region had a significant five-week accumulation before early October 2021’s bullish rally and April 2021’s sudden upward spike.

2. Rari Governance Token (RGT)

The Rari Governance Token RGT is the native token behind Rari Capital. Rari Capital is a non-custodial DeFi Robo-advisor that autonomously earns users yield. It is a decentralised protocol for lending and borrowing. The Rari Governance Token is used for fee discounts and protocol governance.

RGT Price Analysis

At the time of writing, RGT is ranked the 294th cryptocurrency globally and the current price is US$10.65. Let’s take a look at the chart below for price analysis:

Source: TradingView

RGT has been in a downtrend since early 2022. Last week saw an acceleration to the downside as hackers drained $80 million from its liquidity pools.

The sharp move to the downside created an inefficiently traded area between $11.59 and $12.55, which may provide resistance on a retest. This zone has confluence with the 9 EMA.

If this resistance breaks, the price may retest the bottom of March’s consolidation near $13.35. This area has confluence with the 18 EMA and soon the 40 EMA. 

A more significant rally could target the bottom of January’s consolidation, near $20.14. This climb may not happen until the overall market’s conditions turn more bullish.

Below, there is no price action to suggest higher-probability support levels. Extensions from March’s consolidation range hint at downside targets near $10.50, $8.00, and $5.50. The price is currently testing the closest of these levels.

3. Green Satoshi Token (GST)

Green Satoshi Token GST is the game token of STEPN — a Web 3.0 lifestyle app with inbuilt fun social elements and gamification design. STEPN is the first move-to-earn NFT game where players earn GST tokens by walking, jogging, and running outdoors while wearing NFT sneakers. GST tokens can also be used to level up and mint new sneakers, and players can sell/rent their NFT sneakers on the App Marketplace.

GST Price Analysis

At the time of writing, GST is ranked the 714th cryptocurrency globally and the current price is US$5.84. Let’s take a look at the chart below for price analysis:

Source: TradingView

GST has seen massive volatility recently as STEPN’s other coin, GMT, went on its parabolic run. GST’s price climbed 147% during April, dropped 60%, and is now retesting possible resistance.

Above the April monthly open, $5.73 to $6.06 could provide resistance. Breaking through this resistance could reach near $7.35, which is approximately the midpoint of last week’s long upper wick. If the price breaks this level, last week’s high near $9.45 provides another reasonable target.

Bulls stepped in on each recent drop below $5.14. This level could provide support again and has confluence with the 18 EMA. A move below this level might see support near the 40 EMA and accumulation on the weekly, near $4.61.

A more significant move down could target an old inefficiently traded area on the weekly between $4.05 and $3.67. The lower portion of this range, under $3.81, may provide higher-probability support.

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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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