Havoc Wrecks The Crypto Market!

DOGECOIN ANALYSIS: SEPTEMBER, 2021

Market Structure:

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

There was a havoc created in the market yesterday as most cryptocurrencies fell by 10 to 30%. Doge is trading at $0.2522. The market structure of Dogecoin looks bearish as the coin has given a breakdown below the previous higher-low formation on the daily time frame. The structure was formed at $0.2674. If the coin sustains below this point, the trend will reverse and be dominated by sellers. The daily demand zone is placed between $0.2427 and $0.2534. On the other hand, supply order blocks range from $0.3142 to $0.3241. A break of either zone will trigger the future trend.

On the hourly chart, the coin has retested the demand zone after the crash that took place yesterday. The coin will enter a bear market if the coin breaks the aforementioned demand zone.

dogecoin havoc
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin. The hourly RSI is below the neutral region. It stands at 37.40 and has the capacity to go to the oversold region again.

The MACD is above the signal line as the coin witnessed a short-term bounce from the demand zone.

dogecoin havoc
Source: tradingview

Conclusion:

On the breakout and close above $0.2630, $0.2793 and $0.2885 are the targets on the upside.

On the breakdown and close below $0.2407, $2310 and $0.2147 are the targets on the downside.

TEZOS ANALYSIS: SEPTEMBER, 2021

Market Structure:

Tezos is a cryptocurrency that helps to eliminate key barriers faced by blockchain networks like Ethereum. Here’s the market structure of Tezos.

Tezos is trading at $4.12. The market structure of Tezos seems to have turned bearish due to the intense sell-off experienced yesterday. Tezos has broken the previous higher-low structure point which was placed at $5.026. Moreover, the volumes on the sell-off were twice as much as the bullish volumes witnessed in the previous days. The selloff intensified because of panic sellers selling Tezos after a fall.

On the hourly chart, the coin gave a sharp breakdown of the rising wedge formation due to the havoc created yesterday. The market was dominated by the sellers to a huge extent as only bearish candles with huge volumes were seen. The coin found some support at the demand zone ranging from $4.2 to $4.296. The immediate supply zone exists between $4.46 to $4.516.

tezos havoc
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin. The hourly RSI is hovering near the oversold region. It stands at 32.51 and has the potential to fall lower.

The MACD is slightly above the signal line owing to the mitigation of fall.

tezos analysis
Source: tradingview

Conclusion:

On the breakdown and close below $4.18, $3.89 and $3.82 are the targets on the upside.

On the breakout and close above $4.29, $4.51 and $4.75 are the targets on the downside.

BNB ANALYSIS: SEPTEMBER, 2021

Market Structure:

The largest cryptocurrency exchange, Binance has developed a cryptocurrency known as BNB. Here’s the market structure of BNB.

BNB is trading at $406.6. The market structure of BNB may have turned bearish due to the recent sell-off. The coin broke the previous higher-low structure point at $444.60. It made a new swing-low of $369 for a brief moment as the craze sell-off created havoc among the coins. The coin found support at the demand zone between $381.8 to $400. The immediate resistance on the daily chart is at $444.6 to $458.7. The sell-off was highly intensive with the bearish volumes being almost thrice as the average volumes.

On the hourly chart, the coin has mitigated some of the fall witnessed yesterday. The demand zone placed between $381.8 to $400 absorbed all the excess supply. Now, this zone has become a crucial make-or-break level for BNB as it looks to rally after the havoc.

BNB analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin. The hourly RSI is hovering near the oversold region. It stands at 36 and has the potential to move in either direction.

The MACD is above the signal line owing to the mitigation of the sharp-sell off seen yesterday.

BNB havoc
Source: tradingview

Conclusion:

On the breakdown and close below $425, $440 and $450 are the targets on the upside.

On the breakout and close above $383.1, $360 and $350 are the targets on the downside.

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