Top 3 Coins to Watch Today: TRX, ADA, HARD – December 6 Trading Analysis

December 06, 2021, 8:00 AM AEST - 1 month 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. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 22nd cryptocurrency globally and the current price is US$0.08607. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market in the mid-Q3 drop, falling nearly 63% from its mid-September high until it found a low late in October.

Price action in late November formed a weekly support level near $0.08654, which has so far held up the price. The most recent swing low inside this range, near $0.08439, might be the target for any future stop runs. After this low, the swing low near $0.08229 and the gap beginning near $0.07945 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.09422, just over the monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09755 – but could reach as high as $0.1083.

2. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 6th cryptocurrency globally and the current price is US$1.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 86% drop from its August highs found a low near $1.30 in late November before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.45. A sustained bullish move may target the swing high at $1.58. If this stop run occurs, a run beyond the high into probable resistance near $1.64 and $1.70 is possible.

Bulls could buy a retracement to possible support near $1.30, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.24. 

However, relatively equal lows near $1.20 and $1.17 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.12 and $1.05.

3. Kava Lend (HARD)

Kava Lend HARD is a decentralised money market built on Kava, enabling the lending and borrowing of cross-chain assets. Kava Lend supports supply-side deposits for BTC, XRP, BNB, BUSD, and USDX. The platform will allow overcollateralised borrowing for supported assets. All HARD tokens distributed as rewards are locked by a smart contract. Users who claim HARD tokens with longer vesting schedules will receive more tokens. The exact options for token redemptions are subject to governance voting.

HARD Price Analysis

At the time of writing, HARD is ranked the 495th cryptocurrency globally and the current price is US$0.9164. Let’s take a look at the chart below for price analysis:

Source: TradingView

HARD‘s 55% drop from August to October might have found a range low near $0.7933. The recent break and continuation through the short-term highs near $0.9044 and $0.9821 suggest some bullish strength.

Bulls are likely to take some profits near the high end of the current range. The areas near $1.10 and $1.18 offer some confluence for resistance. The swing high near $1.23 might be the current target, followed by possible continuation up to $1.26 and into resistance near $1.30.

Aggressive bulls might bid near the last high and daily gap around $0.9244. However, a drop to possible support around $0.8465 is reasonable. A market-wide retracement could send the price down to sweep relatively equal lows near $0.8033. If this stop run occurs, the price could find support between $0.7543 and $0.7122.

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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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