ADA Touches New ATH And Much More

ADA ANALYSIS: AUGUST, 2021

Market Structure:

ADA is a proof-of-stake blockchain platform and the first peer-reviewed cryptocurrency. Here’s the market structure of Cardano.

ADA is trading at $2.788. The market structure of the coin is extremely bullish owing to the formation of higher-highs and higher-lows as well as break of multiple structure points on the daily timeframe. The coin has outperformed Bitcoin and most other altcoins in terms of gain percentage. It recently made a new all-time high of $2.972 as per the Fibonacci extensions marked on the last analysis post. It has since retraced and broken down its supply zone.

On the hourly chart, the coin has witnessed intense supply inflowing from uncharted territory. This range is completely prominent between $2.936 and $2.968. While facing this supply, the coin gave a breakdown of its pivot zone of $2.824 to $0.2852. Now, the next demand zone is placed between $2.721 and $2.745.

ADA analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for ADA in the short-term. The hourly RSI is below the neutral zone. It stands at 45.50 with a potential to go lower.

The MACD is below the signal line owing to the rejection faced at the supply zone.

ADA analysis
Source: tradingview

Conclusion:

On the breakout and close above $2.853, $2.935 and $2.973 are the targets on the upside.

On the breakdown and close below $2.772, $2.179 and $2.667 are the targets on the downside.

ICON ANALYSIS: AUGUST, 2021

Market Structure:

The Icon cryptocurrency was launched in 2017 by a company based in South Korea. Here’s the market structure of Icon.

Icon is trading at $1.348. The market structure of the coin is extremely bullish owing to the higher-high and higher-low structure formation on the daily charts. Icon is currently near its higher-low formation, indicating that the coin has bottomed out and is ready to continue its bullish trajectory. If the coin sees a reversal from this zone, it can easily take out its previous swing-high of $1.609. The daily demand zone is placed between $1.310 and $1.345. The supply counterpart is placed between $1.414 and $1.433.

On the hourly chart, the coin is stuck in a tight range. It faces minor supply from the zone that ranges from $1.411 to $1.430. The coin is facing demand from the zone ranging from $1.307 to $1.345. The coin needs to break either side decisively to determine its short-term trend moving forward.

ADA analysis icon
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The hourly RSI has drifted below the neutral region. It stands at 39.27 and can touch the oversold region.

The MACD is below the signal line confirming the possibility of a breakdown.

ADA analysis icon
Source: tradingview

Conclusion:

On the breakout and close above $1.422, $1.486 and $1.528 are the targets on the upside.

On the breakdown and close below $1.337, $1.307 and $1.287 are the targets on the downside.

DOT ANALYSIS: AUGUST, 2021

Market Structure:

Dot is a protocol that enables cross-blockchain transfers of any type of data or an asset. Here’s the market structure of Dot.

Dot is trading at $25.01. The market structure of Dot is extremely bullish owing to the higher-high and higher-low structure formation on the daily charts. The coin has broken several structure points within the last month due to the intense bullish rally. The coin has recently fallen along an upper trendline and can soon bottom out at the nearest demand zone.

On the hourly chart, the coin has given a breakdown of a minor demand zone between $25.02 and $25.19. The next major demand zone and previous higher-high structure ranges from $23.54 to $23.99. The coin may test this zone shortly if the breakdown sustains.

dot analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The hourly RSI has drifted below the neutral region. It stands at 34.91 and can go to the oversold region shortly.

The MACD is below the signal line confirming the breakdown on the hourly chart.

Dot analysis
Source: tradingview

Conclusion:

On the breakout and close above $25.95, $26.45 and $26.79 are the targets on the upside.

On the breakdown and close below $25.01, $24.69 and $24.21 are the targets on the downside.