Top 3 Coins to Watch Today: XEC, LTO, VET – November 16 Trading Analysis

November 16, 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.

1. eCash (XEC)

eCash XEC follows through on key blockchain scaling promises. An innovative Avalanche consensus layer and its own token layer are unique technical highlights of eCash, which also aims to introduce features never before seen in a Bitcoin project such as staking, fork-free network upgrades, and subchains. Built by an experienced team of bitcoin developers who founded Bitcoin Cash, eCash is a fork of bitcoin with a more aggressive technical roadmap.

XEC Price Analysis

At the time of writing, XEC is ranked the 51st cryptocurrency globally and the current price is US$0.0001984. Let’s take a look at the chart below for price analysis:

Source: TradingView

Early September’s sharp 1,683% rally retraced nearly 60% by the end of October before shifting XEC‘s market structure to the upside during early November.

The 9, 18 and 40 EMAs are compressing and could flip to a bullish stacking within the next few days. If they do, a level near $0.0001752 has provided support and could give support again on a retest. 

If the price instead breaks down, possibly caused by traders selling Monday’s news or a drop in bitcoin’s price, bulls might find support near $0.0001369. This level has confluence with the 78.6% retracement of the fastest portion of September’s move. 

However, a steeper drop could reach as low as $0.0001135, near the 78.6% retracement of the larger-timeframe move.

An area between $0.0002144 and $0.0002284 has been providing resistance. If this level breaks, bulls might encounter their next resistance near the upper portion of the local range between $0.0002456 and $0.0002572. 

The 127% extension of late October and early November’s move, near $0.0003078, might also provide some resistance. If bulls flip this resistance to support, $0.0003586 could offer the last resistance before another round of price discovery.

2. LTO Network (LTO)

LTO Network (LTO) is a hybrid blockchain platform for decentralised workflows and business process automatisation. Thanks to a solution based on live contracts, companies can enter into and carry out transactions, exchange information with each other, organise supply chains, delegate data processing and more, simultaneously and without relying on trust. LTO Network provides the following kinds of assistance: the facilitation and control of the entire transaction process, the exchange of information between parties, the creation of business supply chains, and the secure transfer of data to third parties.

LTO Price Analysis

At the time of writing, LTO is ranked the 356th cryptocurrency globally and the current price is US$0.6428. Let’s take a look at the chart below for price analysis:

Source: TradingView

LTO‘s explosive upward move during the past week ran nearly 200% into resistance, beginning near $0.7807. On higher timeframes, little rests above this level to stop bulls before another round of price discovery.

Wednesday’s roadmap reveal could give information that propels the price above the 2021 highs. On the other hand, the exact roadmap details could instead show that the recent surge was overpriced by speculators, leading to a retest of possible support.

An area near an old swing high and the April 2021 breakdown could give support between $0.6509 and $0.6040. However, bulls might be more willing to step in near the 50% retracement and 8 EMA between $0.5540 and $0.4883. 

A deeper retracement, perhaps from an underwhelming roadmap reveal or a sharp downturn in bitcoin’s price, could reach as low as the old consolidation’s highs, 40 EMA, and 78.6% retracement between $0.3979 and $0.3546.

3. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 23th cryptocurrency globally and the current price is US$0.1676. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET‘s 129% move from late September’s lows ran into resistance near $0.17785, at the 27% extension of the summer’s swing.

An old high and the 18 EMA have provided support near $0.1539 and might give support again on a retest. This area also has confluence with the 50% and 61.8% retracement of November’s swing.

Just below, near $0.1259, the 61.8% retracement of the current Q4 swing might also mark an area of support. Traders selling the news of Tuesday’s mainnet upgrade could trigger a retracement that reaches this level. 

If the market remains bullish, $0.08962 is unlikely to be revisited but could see interest from bulls during any deeper retracement.

An area near $0.2011, at the 50% extension of the summer’s swing, could see some profit-taking if bulls break the current resistance near $0.1778. Above, old consolidations near $0.2232 and $0.2401 might also provide some resistance before another round of price discovery.

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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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