STACKS ANALYSIS: JULY, 2021
Stacks is an auxiliary network designed to make Bitcoin more efficient and accessible. Here’s the price analysis of Stacks.
Stacks is trading at $1.16. The coin has given a big bullish candle on the daily time frame indicating price strength. However, it requires a breakout and close above the level of $1.22 to continue the rally.
The exponential moving averages are giving mixed signals.
The 50-day exponential moving average has crossed below the 200-day exponential moving average, otherwise known as the ‘death cross’. The death cross is a highly bearish sign.
Yet, the coin is trading above both these moving averages.
In addition to that, it is taking support at the confluence of both the moving averages.
The good buying volumes on the daily chart are supporting the bull rally.
The Relative Strength Index is showing excellent price strength. The RSI has surged from the oversold region to the overbought region in less than two weeks. It is currently positioned at 68.03, with a potential to go higher.
The MACD is sustaining way above the signal line, giving a ‘buy’ call to investors.
Both indicators are highlighting the continuation of the bull-run.
Concluding the price analysis of stacks.
On the breakout and close above $1.22, targets on the upside are placed at $1.43 and $1.67. These targets can only be achieved if the current volumes continue to come in consistently.
If stacks gives a breakdown and closes below $1.02, $0.92 and $0.80 are the targets on the downside.
WAZIRX ANALYSIS: JULY, 2021
The popular platform, WazirX has developed the WazirX coin. Here’s the price analysis of WRX.
WRX coin is trading at $1.12. It is near its support level of the lower trendline. WRX has been forming a symmetrical triangle pattern on the daily time-frame. Simultaneously, it has consolidated between the range of $1.03 and $1.29 on the daily time-frame.
The coin is considered to be in a bearish trend since it is trading below its 50-day and 200-day exponential moving average. Until it crosses above either one, the probability of a breakdown of the support is more likely.
In addition to that, the volumes are decreasing consistently. The lack of participation from traders is hinting at a bleak future for the coin.
The Relative Strength Index has been showing a sideways movement for a few days. It stands at 39.64, with no clear direction.
The MACD is above the signal line, giving a ‘buy’ call to investors.
The RSI is indicating sideways to bearish movement while the MACD is showing mild bullishness in the coin.
The price analysis of stacks is indicating sideways to bearish movement.
On the breakdown and close below the lower trendline, $1.03 and $0.87 are the targets on the downside. The lack of volumes may keep WRX coins sideways for a while but the odds are in favor of a breakdown.
On the flip side, if some bullish participation is seen, the coin may break the upper trendline resistance. In that situation, $1.29 and $1.42 are the targets on the upside.
NANO ANALYSIS: JULY, 2021
Nano coin is a digital currency for the modern world. The network claims that the coin is eco-friendly and comes with low transaction costs. Here’s the price analysis of Nano.
Nano is trading at $4.51. It is dangerously near its crucial support zone of the descending triangle formation on the 4-hour time frame. The coin has bounced back from these levels several times previously.
Another bearish indication is that it is trading below its 50-day and 200-day exponential moving average. In addition, the confluence of the 50-day exponential moving average and the resistance zone is putting downward pressure on the coin.
The presence of an inclined ‘double top’ formation can also be seen as highlighted with the blue line on the chart.
The volumes for the last three consecutive candles are bearish, above the average.
The Relative Strength Index is showing price weakness for the coin. It has faced a negative divergence from the upper trendline. The RSI stands at 38.93, with a potential to fall lower.
The MACD is below the signal line, giving a ‘sell’ call to investors.
On the breakdown and close below the level of $4.41, $4.28 and $4.08 are the targets on the downside.
On the breakout and close below $4.77, $4.98 are the targets on the upside.