Avax, XRP And Cardano Hold Crucial Supports!

AVAX ANALYSIS: SEPTEMBER, 2021

Market Structure:

Avax is a platform for users to launch decentralized finance (DeFi) applications, assets and other projects. Here’s the market structure of Avax.

Avax is trading at $54. The market structure of Avax is bullish owing to the formation of higher-highs and higher-lows on the daily chart. The coin gave an excellent breakout of the flag-and-pole pattern after the September 7 flash crash. In doing so, the coin broke the previous swing high of $59.06 but failed to hold above it. Now, the coin must close above the said level to continue its bullish momentum.

On the hourly chart, the coin has been making higher-highs in a rising wedge channel. The coin has given a fake out on the upside and breakdown below the lower trendline. If the coin sustains below the trendline, short-term weakness of lower-highs and lower-lows can be seen. The immediate demand zone stands between $46 to $48 where the coin can find support.

avax 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. It stands at 40.27 and has the potential to go lower.

The MACD is below the signal line, confirming the possibility of short-term weakness.

avax analysis
Source: tradingview

Conclusion:

On the breakout and close above $55.81, $59.30 and $61.44 are the targets on the upside.

On the breakdown and close below $52.15, $49.95 and $48 are the targets on the downside.

XRP ANALYSIS: SEPTEMBER, 2021

Market Structure:

XRP is a cryptocurrency owned, regulated and developed by Ripple labs, its parent company. Here’s the market structure of XRP.

XRP is trading at $1.067. The market structure of XRP seems to  be mildly bearish as the coin has retested its crucial support of $1.05 several times following the crash. If it breaks and gives a daily closing below said level, a bearish trend may follow. The daily chart is showing no clear trend as the structure has not been broken on either side. However, the coin is trading near the downside structure thus making itself prone to a bear trend in the near future.

On the hourly chart, the coin has given a breakdown of a rising wedge pattern. Now it rests near a strong support. If this support is also taken out decisively, XRP can soon come below $1 in the short-term. The possibility of a reversal cannot be ruled out either. However, the probability of a downside is most likely.

xrp structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is sustaining below the neutral region. It stands at 41.05 and has the potential to go lower.

The MACD is below the signal line due to the weakness in the broader market. It justifies the probability of a breakdown.

xrp structure
Source: tradingview

Conclusion:

On the breakout and close above $1.09, $1.11 and $1.13 are the targets on the upside.

On the breakdown and close below $1.05, $1.03 and $1 are the targets on the downside.

CARDANO ANALYSIS: SEPTEMBER, 2021

Market Structure:

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

Cardano is trading at $2.428. The market structure of Cardano is bearish as it broke a key structure point on the downside following the market crash on September 7. This structure point was formed at $2.70. However, the Cardano hard fork event may prove to be a catalyst in providing strength to the exhausted bulls. News based rallies can be witnessed in Cardano’s market in the short-term. In reality, Cardano is down more than 20% from its recent all-time high.

On the hourly chart, the coin has taken support at a crucial demand zone which stands between $2.37 and $2.40. If the coin breaks this demand zone on the downside, more pain can be seen. However, chances of reversal are more as this zone is an order block for institutional buyers.

ada analysis avax
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is hovering near the oversold region. It stands at 32.94 and has the potential to enter the oversold region shortly.

The MACD is below the signal line indicating that the demand zone may be invalidated.

cardano analysis
Source: tradingview

Conclusion:

On the breakout and close above $2.485, $2.55 and $2.60 are the targets on the upside.

On the breakdown and close below $2.376, $2.342 and $2.303 are the targets on the downside.