BNB, Luna And Zcash May Be Bullish!

BNB ANALYSIS: AUGUST, 2021

Market Structure:

BNB is a cryptocurrency developed by the largest cryptocurrency exchange by volume, Binance. Here’s the market structure of BNB.

BNB is trading at $481.10. The market structure of BNB is extremely bullish owing to the multiple structure points on the daily time frame. In addition to this, the coin has given a one-sided rally from $250 to $520 within a month. This rally constituted higher-highs and minor higher-lows. In the process, it broke three structure points at $324.77, $378.13 and $432.27 respectively. The last supply structure point stands at $674.65 after which a BNB can witness new all-time highs.

On the lower time frame, the coin has been making a perfect series of higher-highs and higher-lows along an ascending trendline below. The coin witnessed a sharp upward move from an order block between $445 and $458. The supply order block stands between $505 to $510.60.

BNB analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for BNB in the short-term. The hourly RSI has surged from the oversold region to the neutral region. It stands at 50.40 and has the potential to go higher.

The MACD has crossed above the signal line, confirming that the coin has bottomed-out and is ready to resume its trajectory towards a new higher-high.

BNB analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $484, $510 and $532.48 are the targets on the upside.

On the breakdown and close below $461.12, $444.14 and $432.25 are the targets on the downside.

LUNA ANALYSIS: AUGUST, 2021

Market Structure:

Luna is a blockchain protocol that uses stable coins to power global payment networks. Here’s the market structure of Luna.

Luna is trading at $30.617. The market structure of Luna is extremely bullish. The coin has only been making higher-highs on the daily time frame. Luna has rallied over 500% in a month from $6 to a recent swing-high of $34.66. This swing-high is also the all-time high for Luna. The buyers are in complete control of Luna’s market. The inflow of extravagant bullish volumes and the highly deviated 20-day exponential moving average indicate the strength of the buyers.

On the hourly chart, the coin has taken support from its lower trendline. The reversal can be prominently seen due to the formation of the morning star candlestick pattern. This implies that the coin has bottomed out and will head towards a new higher-high and possibly a new all-time high. $28.92 to $29.363 will serve as a great demand zone.

Luna analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for Luna in the short-term. The hourly RSI has defended itself from the oversold region. It stands at 46.69 and can cross the neutral region shortly.

The MACD is below the signal line due to the higher-low formation on the hourly time frame.

BNB luna analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $31.272, $32.785 and $34.655 are the targets on the upside.

On the breakdown and close below $28.94, $27.44 and $26.39 are the targets on the downside.

ZCASH ANALYSIS: AUGUST, 2021

Market Structure:

Zcash is a digital currency which provides fast and confidential transactions with low fees. Here’s the market structure of Zcash.

Zcash is trading at $160.46. The market structure of Zcash is extremely bullish owing to the break of two structures on the daily time frame. In addition to this, the coin has rallied over 100% along a fixed rising demand zone. The coin has been making higher-highs on the daily time frame constantly, indicating the strength of the buyers.

On the lower time frame, the coin has faced a rejection from its supply zone. This zone extends from $168.88 to $171.09 on the hourly chart. The coin is likely to test the demand zone before breaking the resistance on the upside. The bullish volumes as well as the rising 20-day exponential moving average confirm the trend of Zcash’s market.

Zcash analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for Zcash in the short-term. The hourly RSI stands at 49.60 and it has the potential to go higher.

The MACD is above the signal line, confirming the uptrend of the coin.

Zcash analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $164.21, $168.81 and $171.16 are the targets on the upside.

On the breakdown and close below $152.30, $148.10 and $141.16 are the targets on the downside.