Chiliz, Link And Tezos May Breakdown!

CHILIZ ANALYSIS: AUGUST, 2021

Market Structure:

Chiliz is a currency option for blockchain-backed products and services geared towards mainstream consumers. Here’s the market structure of Chiliz.

Chiliz is trading at $0.3813. The market structure of Chiliz is bullish owing to the break of two structure points on the daily time frame. These structure points were placed at $0.2598 and $0.3366 respectively. In the process of breaking these structure points, the coin rallied over 80% in a month. The bullish volumes are above average while the selling volumes are below average, indicating the power of buyers over sellers. The coin is trading above the 20-day exponential moving average and taking a dynamic support from it as well.

On the lower time frame, the coin has formed a double top pattern. Many order blocks and points of interest can be seen on the hourly time frame. The most powerful order block in the favour of buyers is between $0.3417 to $0.3514. The coin witnessed a good buying pressure from this zone and rallied over 13% in eight hours.

Chiliz 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 crossed below the neutral region. It stands at 45.68 and has the potential to fall more.

The MACD is on the verge of crossing below the signal line, confirming the short-term bias to sellers.

Chiliz analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $0.3942, $0.3955 and $0.4199 are the targets on the upside.

On the breakdown and close below $0.3718, $0.3595 and $0.3503 are the targets on the downside.

LINK ANALYSIS: AUGUST, 2021

Market Structure:

Link is the most widely used oracle network for powering hybrid smart contracts and enabling blockchains to function properly. Here’s the market structure of Link.

Link is trading at $25.715. The market structure of Link is bullish owing to the break of the previous lower-high structure. This structure was formed between $24.917 and $25.723 on the daily time frame. The series of higher-highs and higher-lows have been forming along a trendline. The volumes as well as the rising 20-day exponential moving average indicates further bullish momentum in the coin. The bull-run is likely to resume once it witnesses a reversal from the demand zone.

On the lower time frames, the coin has faced a rejection from its overhead supply zone. This supply zone extends from $27.904 to $28.742. On the other hand, the immediate demand zone exists ranges from $24.955 to $25.731. The coin may test this demand zone before witnessing a rally on the upside.

Link analysis chiliz
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 40.60 and has the potential to go lower.

The MACD has recently crossed below the signal line, confirming the rejection faced by the coin from its supply zone.

Link analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $26.91, $27.48 and $28.12 are the targets on the upside.

On the breakdown and close below $25.19, $24.74 and $24.51 are the targets on the downside.

TEZOS ANALYSIS: AUGUST, 2021

Market Structure:

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

Tezos is trading at $4.7665. The market structure of Tezos is extremely bullish owing to the break of structure on the daily time frame. In addition to this, the coin has rallied about 100% within a month from $2.7 to a swing high of $5.4. The coin formed a long bullish candle of a 30% rise in a day. This candle was supported by unprecedented volumes, which was 4 times as much as the average volume.

On the lower time frame, the coin has faced rejection from the swing-high and fallen to $4.69. The supply zones stand between $5.37 to $5.44 and $5.04 to $5.10. On the other hand, the demand zones stand between $4.37 to $4.47 and $3.98 to $4.10. The coin is likely to test one of these demand zones, preferably the former, and then resume its trajectory towards a new swing-high.

Tezos analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The hourly RSI has cooled down from the overbought region and is hovering near the neutral zone.

The MACD is below the signal line owing to the rejection faced from the swing-high supply zone.

Tezos analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $5.04, $5.18 and $5.37 are the targets on the upside.

On the breakdown and close below $4.58, $4.37 and $4.10 are the targets on the downside.