Top 3 Coins to Watch Today: XLM, DASH, UNI – May 26 Trading Analysis

May 26, 2022, 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. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 27th cryptocurrency globally and the current price is US$0.1340. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2457 in Q1 before retracing nearly 65% to find a low near $0.1258. The price consolidated around this level before the strong bullish impulse over the past several days.

Probable resistance near $0.1570 is slowing the bullish advance down. However, another leg might target the last swing high at $0.1624 and relatively equal highs at $0.1750. Resistance near $0.1859 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.2156.

A retracement before a move higher might find support in the daily gap near $0.1210, just above the weekly open. Relatively equal lows near $0.1165 could also provide support. Run-on stops at $0.1100 and $0.1074 might find support in the gap beginning near $0.1012.

2. Dash (DASH)

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralised in nature. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.

DASH Price Analysis

At the time of writing, DASH is ranked the 70th cryptocurrency globally and the current price is US$62.03. Let’s take a look at the chart below for price analysis:

Source: TradingView

During April, DASH retraced over 40% before finding support near $53.13. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins. 

In the shorter term, the price might establish support near $60.50 before running the swing high at $73.88. If this bullish move occurs, the price could reach resistance near the weekly open around $79.43, and may even sweep the swing high near $84.22.

Some support might exist at the daily gap near $55.12. A move this low would also fill the monthly gap and set the stage for a possible bullish reversal.

3. Uniswap (UNI)

Uniswap UNI is a popular decentralised trading protocol known for its role in facilitating the automated trading of decentralised finance (DeFi) tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems that plagued the first decentralised exchanges.

UNI Price Analysis

At the time of writing, UNI is ranked the 23rd cryptocurrency globally and the current price is US$5.50. Let’s take a look at the chart below for price analysis:

Source: TradingView

UNI‘s 70% retracement from its March highs set a low near $4.87 during its consolidation that began in early May.

Relatively equal highs near $7.56 could be the current target if the price breaks through resistance beginning near $8.87. Bullish continuation might reach through the next significant swing high near $9.26 into the daily gap near $10.59.

If bullish strength continues, the zones just below the monthly open near $11.88 and $12.45 could halt any retracement. 

A bearish shift in the market might seek the relatively equal lows near $5.33 into possible support near $5.00. If this down move occurs, the swing low near $4.90 and possible support near $4.32 may be the primary objective.

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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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