Atom, ICP And Rune Are In A Bear Trend!

ATOM ANALYSIS: OCTOBER, 2021

Market Structure:

Atom is a cryptocurrency on the Cosmos blockchain that powers an ecosystem of blockchains designed to scale each other. Here’s the market structure of Atom.

Atom is trading at $32.47. The market structure of Atom is highly indecisive as the daily chart shows no clear directional bias. The coin has been making candles with huge upper and lower shadows, indicating an incomplete fight between the buyers and sellers. Atom is currently resting at a crucial demand zone which ranges from $31.28 to $32.22. Due to the ongoing bearish momentum in its market, the possibility of a breakdown cannot be ruled out.

On the hourly charts, the coin has been making lower-highs and lower-lows consistently. Thus, Atom has established a clear downtrend on the lower as well as the higher time frame. In addition to this, the coin broke a minor structure to grab liquidity and broke back in its structure. Now, $32.28 will serve as an immediate support while $34.32 will serve as a tough resistance.

atom analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region due to a downtrend till the demand zone. It stands at 47.16 and has the potential to lower.

The MACD is below the signal line as the coin has made lower-highs and lower-lows.

atom analysis
Source: tradingview

Conclusion:

On the breakout and close above $33.22, $34.21 and $35.42 are the targets on the upside.

On the breakdown and close below $32.28, $31.59 and $31 are the targets on the downside.

ICP ANALYSIS: OCTOBER, 2021

Market Structure:

ICP is a utility token that allows users to participate in and govern the Internet Computer blockchain network. Here’s the market structure of ICP.

ICP is trading at $41.35. The market structure of ICP is extremely bearish as the coin is making lower-highs and lower-lows persistently. In addition to this, the daily chart looks bleak as the coin fell from $400 and never recovered to its initial position. Currently, ICP is trading dangerously near its previous demand order block from where it has chances of recovery. However, ICP will plummet way below if the demand zone is invalidated.

On the hourly chart, the coin has been making lower-highs and lower-lows due to the weakness in the overall market. The volumes on the institutional bearish candles are above average. The downtrend is supported by a falling 20-day exponential moving average. $39.22 to $41 will serve as a great demand zone from where it can see a great rally.

atom analysis ICP
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region due to a downtrend till the demand zone. It stands at 44.51 and has the potential to recover.

The MACD is below the signal line as the coin has made lower-highs and lower-lows on the lower time frame.

atom analysis ICP
Source: tradingview

Conclusion:

On the breakout and close above $41.99, $43.50 and $44.37 are the targets on the upside.

On the breakdown and close below $40.22, $39.5 and $38.43 are the targets on the downside.

RUNE ANALYSIS: OCTOBER, 2021

Market Structure:

Rune is the base currency which operates on the Thorchain blockchain network. Here’s the market structure of Rune.

Rune is trading at $7.317. The market structure of Rune is very bearish as the coin has made lower-highs and lower-lows on the daily chart. In addition to this, the coin has made eight consecutive bearish candles, although below average volumes. The immediate demand zone exists between $6.306 and $6.482 from where the coin can show a possible reversal.

On the hourly chart, Rune has broken multiple structure points due to volume weakness. The coin, in this process, has consistently made lower-highs and lower-lows on the hourly chart, thus indicating bearish dominance. Rune must break and close above the previous structure point formed at $7.5 so as to regain bullish momentum.

Rune analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region due to mitigation of the loss. It stands at 51.54 and has the potential to go higher.

The MACD is above the signal line as the coin looks to mitigate some of the loss from the breakdown.

Rune analysis
Source: tradingview

Conclusion:

On the breakout and close above $7.50, $7.691 and $7.826 are the targets on the upside.

On the breakdown and close below $7.115, $6.908 and $6.750 are the targets on the downside.