Fantom, Solana And Rune Near Record Highs

FANTOM ANALYSIS: OCTOBER, 2021

Market Structure:

Fantom is a highly scalable blockchain platform for DeFi, crypto d’apps and enterprise applications. Here’s the market structure of Fantom.

Fantom is trading at $3.188. The market structure of Fantom is extremely bullish as the coin has rallied over 40% within a week. In addition to this, Fantom has rallied over 2000% in three months. In doing so, the coin has made standard higher-highs and higher-lows on the daily chart. Currently, the coin has given a breakout of the supply zone that ranged from $2.35 to $2.45. The coin then formed a base for the rally-base-rally and gave a standard continuation. Looking at the structure, more upside cannot be ruled out for Fantom.

On the hourly chart, Fantom has made a series of mother candles followed by range consolidations. In each case, the consolidation candles have not taken out the low of the mother candle, thus rallying further. Fantom could continue to make this formation until the dominance of buyers decreases. The volumes currently are above average.

Fantom 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 formation of multiple mother candles. It stands at 75.90 and has the potential to stay flat.

The MACD is above the signal line due to multiple breakouts of the highs of previous mother candles.

Fantom analysis
Source: tradingview

Conclusion:

On the breakout and close above $3.19, $3.25 and $3.30 are the targets on the upside.

On the breakdown and close below $3.15, $3.09 and $3.05 are the targets on the downside.

SOLANA ANALYSIS: OCTOBER, 2021

Market Structure:

Solana is one of the best emerging blockchains, dubbed as the Ethereum killer due to its similar functionality. Here’s the market structure of Solana.

Solana is trading at $207.82. The market structure of Solana is extremely bullish as the coin has taken out its previous all-time high. The coin made a new record high of $218.93 before facing mild rejection. The above average bullish volumes on Solana’s rally indicate that the interest in this coin is renewed. The immediate supply zone ranges from $213 to $218 whereas the immediate demand zone exists between $199.75 and $203 as per the Fibonacci retracement levels. However, a pullback cannot be ruled out since the coin has rallied without any significant selling. The aforementioned demand zone will come handy if and when the pullback occurs.

On the hourly chart, the coin has faced a rejection from the previous swing high. Solana moved swiftly downward with below average bearish volumes, indicating a healthy retracement. Solana may continue its retracement to grab untested demand near $195 to $200 in the short-term.

Fantom analysis Solana
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region due to mild retracement. It stands at 49.99 and has the potential to go lower.

The MACD is below the signal line due to retracement from the all-time highs.

Fantom analysis Solana
Source: tradingview

Conclusion:

On the breakout and close above $211.69, $215 and $218.44 are the targets on the upside.

On the breakdown and close below $205, $202.36 and $199.74 are the targets on the downside.

RUNE ANALYSIS: OCTOBER, 2021

Market Structure:

Rune is an open-ended dark fantasy gaming blockchain built on the Binance smart chain, accessible by players globally. Here’s the market structure of Rune.

Rune is trading at $13.48. The market structure of Rune is extremely bullish as the coin has invalidated multiple structure points within five days. In doing so, the coin has rallied over 85% during the same time period. The volumes on this major breakout were four times as much as the average volume. A healthy retracement is necessary for the coin to sustain its rally. The coin can find support at $12.442 and $11.448 as per the Fibonacci retracement levels.

On the hourly chart, the coin has made a series of higher-highs and higher-lows. The coin is currently making a higher-low but isn’t showing signs of bottoming out. The retracement can be long drawn as the buyers look to book profits after a stellar rally.

Rune 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 due to a stellar rally. It stands at 57.83 and has the potential to go lower.

The MACD is below the signal line due to retracement from the swing high.

Rune analysis
Source: tradingview

Conclusion:

On the breakout and close above $13.967, $14.250 and $14.35 are the targets on the upside.

On the breakdown and close below $13.318, $12.443 and $12 are the targets on the downside.

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