ICP, Uniswap And Solana Can Reverse!

ICP ANALYSIS: AUGUST, 2021

Market Structure:

ICP is a utility token that allows users to participate in and govern the Internet Computer blockchain network. Here’s the market structure of ICP.

ICP is trading at $56.26. The market structure of ICP is range bound between the supply and demand zone. This range bound nature of ICP is clearly depicted in the daily time frame. However, the coin has a bullish bias as it has broken a key structure point on the same chart. This structure point was placed at 47.53. The daily supply zone stands between $69.29 to $72.34. The immediate demand zone lies between 52.88 and $54.88.

On the lower time frame, the coin has broken a key pivot zone on the downside. This pivot zone lies between $59.82 to $61.53. The coin needs to close above the upper end of the zone to regain the bullish momentum. Else, it will test the aforementioned demand zone again and then give a breakdown of the zone or witness a sharp reversal.

ICP Analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The hourly RSI is hovering below the neutral zone. It stands at 36.83 and has the potential to enter the oversold region.

The MACD is below the signal line, confirming the short-term bearish bias owing to the breakdown of the pivot zone.

ICP analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $60.65, $63.86 and $66.83 are the targets on the upside.

On the breakdown and close below $54.06, $52.96 and $48.89 are the targets on the downside.

UNISWAP ANALYSIS: AUGUST, 2021

Market Structure:

Uniswap is an Ethereum token that powers Uniswap, an automated decentralized liquidity provider. Here’s the market structure of Uniswap.

Uniswap is trading at 25.45. The market structure of Uniswap is indecisive as the coin is near the previous structure point on the daily time frame. The higher-low structure point was formed at $25.3047. The coin must not close below this level else the coin will lose its bullish momentum. It is likely that the coin will reverse from here owing to the support provided by the structure point. If it does, a double-bottom formation can be seen on the daily time frame which is a bullish reversal pattern.

On the lower time frame, the coin has broken down a pivot zone. This pivot zone ranged from $27.39 to $27.90 on the hourly chart. The coin is seen taking support from its demand zone of $25.33 to $25.77. Meanwhile, the aforementioned pivot zone will act as an immediate supply zone. It is critical for the coin to break the overhead range to gain some bullish momentum. Else, it is likely to remain sideways with a negative bias.

Uniswap analysis ICP
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for Uniswap in the short-term. The hourly RSI is trading below the neutral region. It stands at 43.86 and has the capacity to reverse and go up.

The MACD is above the signal line, confirming the possibility of a reversal.

Uniswap analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $27.24, $27.90 and $28.49 are the targets on the upside.

On the breakdown and close below $25.33, $24.98 and $24.55 are the targets on the downside.

SOLANA ANALYSIS: AUGUST, 2021

Market Structure:

Solana is the fastest blockchain in the world and the fastest developing cryptocurrency in the market. Here’s the market structure of Solana.

Solana is trading at $80.78. The market structure of the coin is extremely bullish owing to the break of multiple structure points on the daily time frame. In addition to this, the coin has advanced towards a new higher-high after retracing a little.

On the hourly chart, the coin has broken a pivot zone on the upside. This breakout was facilitated by the formation of a huge bullish candle with good bullish volumes. The coin saw an 8% rise with the formation of this candle. The coin is completely in a buyer dominant zone. Currently, the coin faced rejection from the supply zone of $82.85 to $84.04. The aforementioned pivot zone will act as a demand zone.

Solana analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for Solana in the short-term. The hourly RSI is near the overbought region. It stands at 64.66 and can go down shortly.

The MACD is above the signal line, confirming the bullish trend of Solana.

Solana analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $84.08, $86.01 and $90 are the targets on the upside.

On the breakdown and close below $77.03, $74.86 and $71.89 are the targets on the downside.