Chainlink, Tezos And Vechain Rally

Market Structure:

Chainlink is an open-source cryptocurrency developed by a group of researchers sharing a common goal. Here’s the market structure of Chainlink.

Chainlink is trading at $26.88. The market structure of Link is highly indecisive due to the sideways nature of its movement. The coin is trading in a fixed range of $24 to $28, the former providing support and the latter providing resistance. The coin must give a daily closing above or below the levels in order to determine the future trend. However, the volumes are looking bleak as they are well below average. Moreover, the 20-day exponential moving average is flat, indicating a range bound movement.

On the hourly chart, the coin has given a break of structure with volumes twice as much as the average volume. The coin has formed a demand order block between the range of $25.90 to $26.12. Link has made three consecutive bullish candles, also known as three white soldiers. The coin will now test the aforementioned supply zone if the current volumes continue.

Chainlink analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is above the overbought region due to a surge in price. It stands at 74.62 and has the potential to go lower.

The MACD is above the signal line due to the formation of three bullish candles from the order block.

Chainlink analysis
Source: tradingview

Conclusion:

On the breakout and close above $27.08, $28 and $29 are the targets on the upside.

On the breakdown and close below $26.32, $25.86 and $25 are the targets on the downside.

TEZOS ANALYSIS: OCTOBER, 2021

Market Structure:

Tezos is an open-source blockchain network that eliminates obstacles to other blockchain networks. Here’s the market structure of Tezos.

Tezos is trading at $6.953. The market structure of Tezos is bullish, however the coin has retraced 71.8% following its stellar rally. Tezos has taken support at the aforementioned Fibonacci level and now faces a major resistance between $6.935 and $7.049. The volumes on the reversal are quite weak, highlighting the lack of participation in altcoins. The breakout will only be facilitated if above average volumes are witnessed.

On the hourly chart, the coin has rallied over 4.75% in the past twelve hours. The coin has nearly reached its Fibonacci resistance led by more than twice the average volumes. Above the previous day high, Tezos is likely to give a breakout of the supply zone provided it gets support from the rising 20-day exponential moving average.

Chainlink analysis Tezos
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is above the overbought region due to a 4.75% growth in price. It stands at 70.18 and has the potential to go lower.

The MACD is above the signal line due to a reversal from the underlying demand zone.

Chainlink analysis Tezos
Source: tradingview

Conclusion:

On the breakout and close above $27.08, $28 and $29 are the targets on the upside.

On the breakdown and close below $26.32, $25.86 and $25 are the targets on the downside.

VECHAIN ANALYSIS: OCTOBER, 2021

Market Structure:

Vechain is a cryptocurrency and smart contracts developer that focuses on supply management. Here’s the market structure of Vechain.

Vechain is trading at $0.1208. The market structure of Vechain is bullish as the coin is making higher-highs and higher-lows on the daily chart. In addition to this, the coin is respecting its structure points. On the daily chart, the coin has made a big bullish candle which will likely drive it above the previous higher-high structure of $0.125. The volumes are well above average, hinting a possible breakout of the supply zone that ranges from $0.123 to $0.125. Above said supply zone, the coin will skyrocket to August highs.

On the hourly chart, the coin has spurted by over 8% in the last eight hours. In the process, Vechain has invalidated lower time-frame structures and is now heading for a breakout. Above day high, the coin has a potential to spurt more.

Vechain analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is above the overbought region due to a 4.75% growth in price. It stands at 75 and has the potential to go lower.

The MACD is above the signal line due to a reversal from the underlying demand zone.

Vechain analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.121, $0.123 and $0.125 are the targets on the upside.

On the breakdown and close below $0.119, $0.117 and $0.115 are the targets on the downside.

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