Dogecoin, Dot And Luna Extend Losses

DOGECOIN ANALYSIS: SEPTEMBER, 2021

Market Structure:

Dogecoin is a cryptocurrency developed as a joke against Bitcoin and other cryptocurrencies. Here’s the market structure of Dogecoin.

Dogecoin is trading at $0.2088. The market structure of the meme coin is bearish as it has made a series of lower-highs and lower-lows on the daily chart. In doing so, the coin has broken multiple structure points on the downside with the recent fall serving as a catalyst for the same. The immediate demand zone for the coin exists between $0.1949 and $0.2000. If the coin fails to hold this zone, Dogecoin may plummet further down.

On the hourly chart, the coin has broken various supports and dropped drastically as investors have looked to exit their position in the meme coin. The immediate supply zone is between $0.2137 and $0.2166. The coin must close above the upper end of the supply zone in order to see some mitigation of the loss.

Dogecoin 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 dipped below the neutral region. It stands at 41.82 and has the potential to go lower.

The MACD is above the signal line, confirming that the coin may mitigate the loss before dropping more.

Dogecoin analysis
source: Tradingview

Conclusion:

On the breakout and close above $0.2166, $0.2241 and $0.23 are the targets on the upside.

On the breakdown and close below $0.1989, $0.19 and $0.1850 are the targets on the downside.

DOT ANALYSIS: SEPTEMBER, 2021

Market Structure:

Dot is a cryptocurrency that governs, regulates and operates on the Polkadot blockchain network. Here’s the market structure of Dot.

Dot is trading at $29.45. The market structure of Dot is very indecisive as the coin stands at a very crucial demand zone which ranges from $27.50 to $28.37. This demand zone defended the coin from falling further on September 7, 2021 when the market crashed in hours. Thus, the coin needs to sustain above the lower end of the demand zone to bounce back stronger. Till now, the coin has not closed below $27.50 indicating that the bulls are not ready to give up.

On the hourly chart, the coin has made two big bullish candles consecutively from the aforementioned demand zone. However, the mitigation may be short-lived as an immediate supply zone is placed between $30.53 and $31.16. The coin must close above the upper end of the supply zone in order to witness a reversal in trend. Investors can allocate funds from dogecoin investments to Dot.

Dogecoin analysis dot
source: Tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin. The hourly RSI has jumped significantly from the oversold region and is shy of the neutral region. It stands at 47.5 and has the potential to go higher.

The MACD is above the signal line, confirming the validity of the underlying demand zone.

Dogecoin analysis dot
source: Tradingview

Conclusion:

On the breakout and close above $30, $31.38 and $32 are the targets on the upside.

On the breakdown and close below $27.32, $27 and $26.5 are the targets on the downside.

LUNA ANALYSIS: SEPTEMBER, 2021

Market Structure:

Luna is a blockchain network that uses fiat-pegged stablecoins to power other blockchain protocols. Here’s the market structure of Luna.

Luna is trading at $27.82. The market structure of Luna is mildly bullish as the coin has made a bullish hammer formation at the demand zone on the daily chart. The trend will remain bullish until the coin sustains above $26 which is a strong demand zone. Moreover, the lack of volumes is a worrisome sign as buyers are required to revive the chances of a reversal in this fall.

On the hourly chart, the coin had broken a major demand zone at $29.33 to $29.96. This supply zone will act as a confluence with $30 which is a psychological resistance for most buyers and sellers. Thus, the coin must cross and close above $30 to regain bullish sentiments in the market. Else, Luna will follow the footsteps of Bitcoin along with the overall market. The behavior of Luna is more or less the same as Dogecoin and Dot.

Luna analysis
source: Tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is still below the neutral region. It stands at 39.39 and has the potential to go higher.

The MACD is above the signal line indicating a chance for some mitigation in the market.

Luna analysis
source: Tradingview

Conclusion:

On the breakout and close above $30, $31.5 and $32 are the targets on the upside.

On the breakdown and close below $26.46, $26 and $25 are the targets on the downside.