Kadena (KDA)
Kadena (KDA)
$2.11 (1.47 %) View coin |
SXP (SXP)
SXP (SXP)
$0.473086 (0.72 %) View coin |
WAX (WAXP)
WAX (WAXP)
$0.114229 (0.85 %) View coin
Newsletter
01 Aug 2022

3 coins to keep an eye on | Issue #192

Hello everyone!

Last week, Bitcoin covered a 19.1% range before closing the week near $23,300 - about 3.2% higher than the week's opening price.

The altcoin marketcap climbed with Bitcoin. Last week, it rose from $612 billion to $648 billion.

Keep an eye on these three coins with upcoming events as Bitcoin tests key EMAs for support.

Follow on Twitter: @tradeprophet


Kadena (KDA)

Kadena (KDA)

Price
$1.86 (6.64 %)
฿0.00007820 (7.63 %)

Market Cap
$344 108 967
฿14 445.57

Volume (24h)
$35 470 582
฿1 489.56

Supply
1 000 000 000 (Max)
184 802 448 (Available)

KDA climbed 65% from its mid-June low, creating a bullish market structure break on the daily chart.

Aggressive bulls might find the closest support near the August open, around $2.0135. This level will likely show inefficient trading on the daily chart after Monday’s candle closes.

If this level breaks, the next support might be near $1.7383. This level is near the 61.8% retracement. It’s also near the 9, 18, and 40 EMAs and the high of accumulation on the weekly chart.

A dip lower could reach $1.5453, where bulls rejected bears on the weekly. However, a move this low could go significantly lower. Bulls’ stops near $1.3457 and a large area of inefficient trading on the weekly offer little support to stop a more significant drop.

The closest resistance is from $2.2120 to $2.3018, near the June monthly open. This area showed inefficient trading on the weekly chart. The price has passed through this zone multiple times, but it could provide some resistance again. Today’s release of the Kaddex DEX could help this level hold as resistance while traders “sell the news”.

If the market’s rally does continue, $2.4724 might offer the next resistance. This level shows inefficient trading on the daily chart. It’s also at the low end of inefficient trading on the weekly and monthly charts. If the price does bounce from $1.7383, the 68% and 100% extensions of the prior swing add more confluence to this area.


SXP (SXP)

SXP (SXP)

Price
$0.454373 (4.46 %)
฿0.00001908 (5.41 %)

Market Cap
$220 702 430
฿9 275.75

Volume (24h)
$71 184 276
฿2 989.60

Supply
533 428 445 (Max)
492 629 167 (Available)

SXP has consolidated in a tight range since its 51% drop in early June.

Near $0.4080, an area of inefficient trading might offer support. This level is near the 9, 18, and 40 EMAS.

It’s reasonable for the price to drop slightly lower to the next area of inefficient trading, near $0.3876. Moving to this level would allow bulls to enter near the July open.

An area of inefficient trading, near $0.5293, might offer the closest resistance. This level is near the June open and could be the target as SXP shares its metaverse vision.

A move this high could reach slightly higher, near $0.5668. Bears rejected bulls on the weekly here in early June. It’s also near an old December 2020 weekly swing low.

If the market continues climbing, it could reach as high as $0.6550. This area shows inefficient trading on the monthly and weekly charts. 

If the bullish move fails, bears might aim for an area near $0.2705. This level is near the midpoint of the March 2020’s swing low wick. On the weekly, it shows that bulls rejected bears. Reaching this level would allow bears to sweep bulls’ stops under relatively equal lows into inefficient trading on the daily chart.


WAX (WAXP)

WAX (WAXP)

Price
$0.108873 (1.03 %)
฿0.00000457 (1.94 %)

Market Cap
$229 836 655
฿9 648.46

Volume (24h)
$15 425 638
฿647.85

Supply
3 770 303 327 (Max)
2 119 701 638 (Available)

WAX dropped 54% in early June before entering a consolidation range, similar to SXP.

The price has just swept bulls’ stops above relative equal highs into an area of inefficient trading near $0.1145. This zone, up to $0.1223, could provide resistance. A swing high near the bottom of this area might be the bullish target for Thursday’s NFT pack release.

If this level breaks, the price could climb to $0.1622. This move would let bulls run bear’s stops above June 2nd’s swing high. It would also fill in inefficient trading on the weekly and monthly charts. 

However, macroeconomic conditions are still bearish. As of now, the economic climate makes it less probable that the price can reach this far.

Below, a relatively wide area from $0.1037 to $0.0955 could provide support. This area saw accumulation before the recent move up, shows inefficient trading on the daily, and overlaps with the 61.8% and 78.6% extensions.

Bulls rejected bears on the weekly chart, near $0.0842. This level might provide support if bears run bulls’ stops under July’s swing lows.

A more bearish turn in the market could propel the price significantly lower. The next downside target may be near $0.0560. Here, the weekly chart and monthly chart both show inefficient trading.

No other news.
No upcoming event.

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