AXS, Luna And Solana Outperform The Market

AXS ANALYSIS: OCTOBER, 2021

Market Structure:

AXS is an Ethereum-based cryptocurrency that powers the Axie Infinity blockchain-based gaming network. Here’s the market structure of AXS.

AXS is trading at $130. The market structure of AXS is extremely bullish owing to the periodic surge in its price after a brief consolidation. AXS has been making new higher-highs as the coin surges at least 100% after the completion of its consolidation phases. Currently, the coin has consolidated and retraced for the past twelve days. This hints at a possible upward movement in the coin quite soon as the quarter 4 of this year kicks in. The only overhead supply zone ranges between $145 and $155.

On the hourly chart, the coin has fallen by over 10% in the last four hours. In doing this, AXS invalidated a crucial demand zone that ranged from $132.96 to $135. The next demand order block exists between $123 and $125 which the coin is likely to test to grab liquidity.

AXS analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI has recently crossed below the neutral region. It stands at 45.41 and has the potential to go lower.

The MACD is below the signal line on account of the invalidation of the crucial demand zone.

AXS analysis
Source: tradingview

Conclusion:

On the breakout and close above $133, $135 and $139 are the targets on the upside.

On the breakdown and close below $127, $124 and $120 are the targets on the downside.

LUNA ANALYSIS: OCTOBER, 2021

Market Structure:

Luna is a blockchain protocol that uses fiat-pegged stablecoins to power global payment systems. Here’s the market structure of Luna.

Luna is trading at $37.72. The market structure of Luna is bullish as the coin is making higher-highs and higher-low on the daily chart. The coin may see a reversal in the coming weeks as it has bottomed out at the 0.786 Fibonacci level. Moreover, it did not break the previous higher-low structure point. Thus, the coin is showing no signs of a bearish trend. The immediate supply zone ranges from $40.10 to $41.29 which the coin has to break to continue the ongoing momentum.

On the hourly chart, the coin has recovered from the previous day low which served as a good support for the coin. The reversal was facilitated by the formation of a morning star pattern with continuation. The inflow of bullish volumes and a rising 20-day exponential moving average sponsored the rally.

AXS analysis Luna
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has recently crossed above the neutral region. It stands at 50.74 and has the potential to go higher.

The MACD is on the verge of crossing above the signal line, confirming the reversal in the short-term trend.

AXS analysis Luna
Source: tradingview

Conclusion:

On the breakout and close above $37.99, $38.33 and $39.75 are the targets on the upside.

On the breakdown and close below $37.25, $36.69 and $36 are the targets on the downside.

SOLANA ANALYSIS: OCTOBER, 2021

Market Structure:

Solana is the fastest growing ecosystem and one of the best cryptocurrencies in the space. Here’s the market structure of Solana.

Solana is trading at $160. The market structure of Solana is mildly bullish as the coin has broken the previous structure point. In addition to this, the coin has also broken the Fibonacci resistance at $159.28. Solana has to give a daily closing above the said level so as to confirm the breakout. The volumes on the breakout are below average thus questioning the power of the buyers. However, the rising 20-day exponential moving average is supporting the rally.

On the hourly chart, the coin has given an excellent rally in the past three hours. However, Solana is facing tight supply which led the coin below the breakout level of the Fibonacci resistance. The coin made a huge upper shadowed candle which highlighted the presence of sellers above. The volumes on the potential breakout are thrice as much as the average volumes.

Solana analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI has recently crossed above the overbought region. It stands at 74.89 and has the potential to go lower.

The MACD is above the signal line, confirming the upcoming breakout of the Fibonacci resistance.

Solana analysis
Source: tradingview

Conclusion:

On the breakout and close above $163.76, $169 and $175 are the targets on the upside.

On the breakdown and close below $155, $150 and $146 are the targets on the downside.

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