Top 3 Coins to Watch Today: XRP, OCEAN, SAND – April 20 Trading Analysis

April 20, 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. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.7720. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during early April after moving sideways for the past few months. The price was in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.

However, bulls are showing some interest at the 70.6% retracement, near $0.7372. If this level breaks, a move into possible support – just below the lows near $0.6852 – seems likely.

If the price does rally through the swing high at $0.8255 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8650. 

Overlapping swing highs and lows near $0.9046 might provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $0.9717, where higher timeframes show an inefficiently traded zone.

2. Ocean Protocol (OCEAN)

Ocean Protocol OCEAN is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetise it through the use of ERC-20 based datatokens. OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.

OCEAN Price Analysis

At the time of writing, OCEAN is ranked the 164th cryptocurrency globally and the current price is US$0.5427. Let’s take a look at the chart below for price analysis:

Source: TradingView

During March, OCEAN broke several swing highs that could be the signal for a new bullish trend.

Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near $0.6023 and may target the swing low and possible support near $0.5165.

The swing low and possible support near $0.4834 could be the second bearish target if the move down continues. The relatively equal lows near $0.4655 and possible support underneath near $0.4490 could provide more substantial support.

The last swing high near $0.6625 gives a near-term target if bullish conditions continue. However, resistance beginning around $0.6915 could cap this move. A break of this resistance might continue to probable resistance near $0.7428 and reach above the cluster of relatively equal highs near $0.8035.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 40th cryptocurrency globally and the current price is US$2.92. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive gains during February halted at $5.10 before retracing 70% of the move. This price action created several areas of possible higher-timeframe resistance in the process.

The price found resistance on its last swing upward near $3.60 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.85. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.

The fast move up left little higher-timeframe support. However, a vast zone between $2.90 and $3.82 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of 2021 Q4’s parabolic move.

Inside this zone, the consolidation high near $2.78 to $2.73 might see more sensitivity and mark the bearish target.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $2.60.

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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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