Dot, Matic And Sol Attempt to Recover

DOT ANALYSIS: SEPTEMBER, 2021

Market Structure:

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

Dot is trading at $29.51. The market structure of Dot is slightly bearish as the coin made a lower-high formation on the daily chart. Moreover, the coin seems to have made a bearish pattern, a head and shoulder pattern. The neckline of the pattern, $25 to $27.72 will become a crucial support for the coin and determine its future trend. The coin needs to sustain above the neckline with sufficient volumes in order to gain bullish momentum.

On the hourly chart, the coin is showing signs of reversal from the demand zone. The coin surged more than 7% in an hour from the demand zone and retested. Then, it has continued its recovery and will now face the immediate resistance between $30.62 to $32.

Dot analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region. It stands at 53.71 and has the potential to go higher.

The MACD is above the signal line, confirming that the coin showed recovery from the strong neckline.

Dot analysis
Source: tradingview

Conclusion:

On the breakout and close above $30.28, $31 and $32 are the targets on the upside.

On the breakdown and close below $28.31, $27.5 and $27 are the targets on the downside.

MATIC ANALYSIS: SEPTEMBER, 2021

Market Structure:

Matic is an Ethereum-based ERC-20 token which operates on the Polygon blockchain. Here’s the market structure of Matic.

Matic is trading at $1.149. The market structure of Matic is bearish as the coin has made two lower-highs and lower-lows on the daily chart. However, several areas of interest can be identified from where the buyers seem to absorb all the supply. The zone between $1.032 to $1.045 serves as an excellent demand zone as the coin surged over 17.5% in a day from there. Since then, that zone is a good support while immediate resistance is present between $1.231 and $1.250. The coin needs to break either side to confirm the future trend. However, it seems as though the coin will break the demand zone due to the prevailing selling pressure.

On the hourly chart, the coin is range bound between the demand and supply zones. The immediate demand zone on the hourly chart is between $1.050 to $1.060. Both zones are equally strong as the coin is making huge bullish and bearish candles from the corresponding zones.

Dot analysis Matic
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region. It stands at 55.66 and has the potential to face a rejection and go downwards.

The MACD is above the signal line owing to the excellent recovery from the demand zone.

Dot analysis Matic
Source: tradingview

Conclusion:

On the breakout and close above $1.170, $1.190 and 1.215 are the targets on the upside.

On the breakdown and close below $1.111, $1.076 and $1.025 are the targets on the downside.

SOLANA ANALYSIS: SEPTEMBER, 2021

Market Structure:

Solana is the fastest growing blockchain in the ecosystem and the best blockchain to replace Ethereum. Here’s the market structure of Solana.

Solana is trading at $139.62. The market structure of Solana is mildly bullish as the coin has reached the 0.618 level of Fibonacci retracements. Since it rallied previously without making any higher-lows, this correction seemed healthy for strong hands to accumulate at lower prices. Now, Solana must give a daily closing above the 50% retracement level of $141 in order to see a short-covering in the market.

On the hourly chart, the coin is stuck in a tight range between the demand and supply zones. The demand zone ranges from $123.65 to $150. The coin must close above or below the said channels in order to determine its trend moving forward. However, the strength and deviation of Solana from Bitcoin suggests that it can rally on its own.

Solana analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region. It stands at 55.54 and has the potential to go higher.

The MACD is above the signal line, confirming that the coin has defended the demand zone for the time being.

Solana analysis
Source: tradingview

Conclusion:

On the breakout and close above $143, $150 and $160 are the targets on the upside.

On the breakdown and close below $133, $123 and $115 are the targets on the downside.