Top 3 Coins to Watch Today: LTC, FTM, SAND – August 11 Trading Analysis
LTC, FTM and SAND
Modified Date:- Published Date:-Categories: Cryptocurrency
Top 3 Coins to Watch Today: LTC, FTM, SAND – August 11 Trading Analysis
1.Litecoin (LTC) : Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by taking advantage of the unique properties of blockchain technology. The cryptocurrency was created based on the bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors.
LTC Price Analysis
After setting lows last month, LTC started with a recovery trend to break above weekly highs. The following 70% plummet found support near $44.36, reaching a65.8% retracement level under the 40 EMA before jumping to resistance near$65.73. This area could continue to provide resistance, possibly a retracement level of the 9 EMA and 18 EMA near $69.12, where aggressive bulls can start bidding.
2.Fantom (FTM) : Fantom FTM is a directed acyclic graph (DAG) smart contract platform that provides decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.
With its in-house token FTM, Phantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which the developers say they have reduced to under two seconds.
FTM Price Analysis
During Q2the FTM bounce moved into resistance near the old monthly high. This rejection formed a set of relatively similar highs near $0.5067, possibly targeting the next bullish phase. Levels near $76.18, which coincide with the 40 EMA, may see more interest from bulls loading to attempt to initiate a potential resistance near $82.13.
Currently, the price is testing a potential support near the weekly open, near the $0.3865level. This level is also confluence with the 80.6% retracement level of the current local range and the 18 and 40 EMAs. If this level fails to provide support, the $0.3574 to $0.3320 area could mark a potential swing low or a consolidation zone. This area lies between the 65.8% and 78.6% retracement level of the August 2021 swing.
3.Sandbox (SAND): Sandbox Sand is a blockchain-based virtual world that allows users to create,create, buy and sell digital assets in the form of games. Combining the powersof decentralized autonomous organizations (DAOs) and non-fungible tokens(NFTs), Sandbox creates a decentralized platform for a thriving gamingcommunity.
SandPrice Analysis
SAND's impressive gains during Q1 halted at $3.00 and retraced 85% of the move. This price action created several areas of potential higher time frame resistance in the process. The price found resistance near $1.40 on its last swing – an are a that could again provide resistance. If this swing high is broken, the price is likely to find resistance near $1.58.
If this are provides resistance, it would suggest the formation of a higher-time frame consolidation. A bullish uptrend has left support on a slightly higher timeframe. However, a huge area between $1.28 and $1.24 has previously provided support and may again provide support upon a retest. The zone lies between the71.8%-to-88.6% retracement levels of the Q4 2021 parabolic move.
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