Top 3 Coins to Watch Today: MANA, LINK, 1INCH – May 16 Trading Analysis
Categories: Crypto News US
1. Decentraland (MANA) Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise.MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace. MANA Price Analysis At the time of writing, MANA is ranked the 33rd cryptocurrency globally and the current price is US$1.23. Let’s take a look at the chart below for price analysis.The swing high around $1.40 gives bulls a reasonable first target, with $1.48 also likely to draw the price upward. Higher-timeframe resistance beginning near $1.60 or $1.65 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $1.74. 2. Chainlink (LINK) The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. LINK Price Analysis This consolidation could provide support again, although bears would first have to push the price through possible support near $7.05. The market’s structure may be shifting bearish, with $7.98 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.89 before finding support near $6.77. 3. 1inch (1INCH) 1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1INCH Price Analysis After breaking its Q1 highs, 1INCH began a range that has been whiplashing both bulls and bears.A break of this level could move further into uncharted territory with the nearest probable resistances projected around $1.40 and $1.45.More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 45% retracement, near $0.8540.