DOGE ANALYSIS: SEPTEMBER, 2021
Doge is a cryptocurrency developed in 2013 as a joke against Bitcoin and cryptocurrencies. Here’s the market structure of Doge.
Doge is trading at $0.2350. The market structure of Doge is bearish as the coin suffered a major hit during the unusual crash. During the crash, Doge broke a major higher-low structure point on the downside, thus changing the trend to mildly bearish. The structure point was formed at $0.2687. Thus, the level of $0.3148 has become a lower-high structure point, indicating the formation of a bear trend. This may mark the end of the meme coin.
On the hourly chart, the coin is resting at a crucial support from which it previously bounced. The said demand zone ranges from $0.2332 to $0.2377. On the breakdown and close below this zone, a huge bearish trend may trigger. However, it is quite possible that doge may repeat history and witness a reversal from here.
The Relative Strength Index is indicating mild price weakness for Doge in the short-term. The hourly RSI is hovering near the neutral region, thus indecisive whether to move up or down. It stands at 45.39 and has the potential to go in either direction.
The MACD is above the signal line, hinting at a possible reversal.
On the breakout and close above $0.2390, $0.2448 and $0.2500 are the targets on the upside.
On the breakdown and close below $0.2330, $0.2281 and $0.2200 are the targets on the downside.
QUANT ANALYSIS: SEPTEMBER, 2021
Quant is an Ethereum-token that is used to operate, govern and regulate the Quant blockchain network. Here’s the market structure of Quant.
Quant is trading at $388. The market structure of Quant is extremely bullish as the coin has rallied more than 100% within two weeks. In addition to this, the buyers drove up the price by 60% between 4th and 5th September. The coin did not take much damage during the crash and the little damage was mitigated in the following days. The immediate supply zone rests between $417 and $425. It must be broken decisively to witness a new all-time high.
On the hourly chart, the coin has faced a major rejection from the aforementioned supply zone. It formed two consecutive bearish candles with high volumes, indicating the presence of suppliers at the top. The nearest demand zone lies between $378 and $386.39.
The Relative Strength Index is indicating price strength for the coin. The hourly RSI has cooled down from the overbought region. It stands at 60.47 and has the potential to go lower.
The MACD is above the signal line, thus confirming the bullish momentum in Quant’s market.
On the breakout and close above $392, $403 and $417 are the targets on the upside.
On the breakdown and close below $379, $363 and $350 are the targets on the downside.
LITECOIN ANALYSIS: SEPTEMBER, 2021
Litecoin was an early spin-off of Bitcoin meant to replicate its functions and operability. Here’s the market structure of Litecoin.
Litecoin is trading at $176.8. The market structure of Litecoin is range bound according to the daily chart. The coin is stuck between a range of $166 to $189. The coin spiked as much as 30% yesterday on the news of Walmart partnership but fell just as quickly when the news was deemed to be fake. Thus, it is still consolidating in the range and a breakout on either side will determine its higher-time frame trend moving forward. The probability of a downside is more possible if Bitcoin fails to close above $45,000 on the weekly chart.
On the hourly chart, the coin is moving sideways with no major movement for either side. Currently, it has faced a rejection from the overhead supply zone and heading towards the aforementioned demand zone. The coin will continue to act this way until either side is broken decisively with good volumes.
The Relative Strength Index is indicating indecisive movement for the coin. The hourly RSI is hovering near the neutral region. It stands at 46.93 and has the potential to move in either direction.
The MACD is below the signal line owing to the rejection from the supply zone.
On the breakout and close above $186.2, $190 and $200 are the targets on the upside.
On the breakdown and close below $169.4, $165 and $160 are the targets on the downside.