GRT, Zcash And Doge Fall Into Bear Grip!

GRT ANALYSIS: SEPTEMBER, 2021

Market Structure:

The Graph is an indexing protocol to organize blockchain data and statistics on a global basis. Here’s the market structure of GRT.

GRT is trading at $0.66. The market structure of GRT is bearish as the coin has made three consecutive lower-lows, each after minor retracements. The coin has taken support from the previous demand zone which was formed after the May crash, in June 2021. GRT will face immediate resistance in the zone between $0.747 to $0.760. This resistance marks the previous lower-high structure point. The coin must break above this zone to regain bullish momentum.

On the hourly chart, the coin has given a strong bounce from the underlying demand zone. The initial bounce was absorbed by the suppliers as the coin returned to origin. Later on, the bounce was strengthened and it broke the lower time-frame structure and rallied further. This marks that the coin has bottomed out and is ready to make another lower-high.

GRT analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has surged above the neutral region. It stands at 56.51 and has the potential to go higher.

The MACD is above the signal line, indicating that the lower frame break of the structure is valid.

GRT analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.666, $0.685 and $0.719 are the targets on the upside.

On the breakdown and close below $0.645, $0.628 and $0.62 are the targets on the downside.

ZCASH ANALYSIS: SEPTEMBER, 2021

Market Structure:

Zcash is a fast and confidential digital asset which can be transferred from one place to another for a low cost. Here’s the market structure of Zcash.

Zcash is trading at $105.2. The market structure of Zcash is bearish as the coin has been making lower-highs and lower-lows since the beginning of August. However, it seems as though the coin has bottomed out at $100 as it made a bullish engulfing candle on the daily chart. The buyers outperformed the sellers of the previous day, indicating that the coin may be headed higher.

On the hourly chart, the coin has given a sharp reversal from the demand zone at $100. The coin witnessed an impulsive markup after return to origin and break of structure on the lower time frame. The Wyckoff cycle indicates that the coin is in an accumulation phase.

GRT analysis Zcash
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has surged above the neutral region. It stands at 52.92 and has the potential to go higher.

The MACD is above the signal line, indicating that the coin has bottomed out and will continue to make a lower-high.

Zcash analysis GRT
Source: tradingview

Conclusion:

On the breakout and close above $105.7, $108.7 and $113 are the targets on the upside.

On the breakdown and close below $103.6, $100 and $95 are the targets on the downside.

DOGE ANALYSIS: SEPTEMBER, 2021

Market Structure:

Doge is a cryptocurrency developed as a random joke against Bitcoin and cryptocurrencies in general. Here’s the market structure of Doge.

Doge is trading at $0.1990. The market structure of Doge is extremely bearish as the coin has lost all of its supposed charm. The immediate overhead resistance will be provided by the previous lower-high structure point positioned at $0.2251. On the other hand, $0.1929 will serve as a crucial support, below which Doge will plummet heavily. Thus, investors should have a cautious approach towards this meme coin which has no intrinsic value. Partial signs of recovery seen however the lack of good volumes reduces revival convictions.

On the hourly chart, the coin has continued the lower-low formation and will continue to do so in the future. The trend of the coin is so weak that the coin may break the underlying demand zone in the coming week itself. The bearish volumes far outweigh the bullish ones and the falling 20-day exponential moving average adds to the risk.

Doge analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price indecision. The hourly RSI is hovering exactly at the neutral region. It stands at 50.5 and has the potential to move in either direction.

The MACD is slightly above the signal line, hinting at some mitigation of loss.

Doge analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.2019, $0.2043 and $0.2077 are the targets on the upside.

On the breakdown and close below $0.1962, $0.1922 and $0.1850 are the targets on the downside.

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