Litecoin, Doge And BNB Turn Against Bears!

LITECOIN ANALYSIS: OCTOBER, 2021

Market Structure:

Litecoin was an early spin-off of Bitcoin, designed to perform similar functions as the largest cryptocurrency in the world. Here’s the market structure of Litecoin.

Litecoin is trading at $168.8. The market structure of Litecoin has recently turned bullish due to the break of structure on the daily time frame. On account of the recent surge in the broader index, Litecoin broke the previous lower-high structure positioned at $164. The breakout was confirmed as not only did it break the structure but it gave a daily closing above it. A standard retest of the newly established demand zone cannot be ruled out.

On the hourly chart, the coin is facing minor resistance between the range of $174.2 to $175. The coin must break the upper channel of the resistance to make a higher-high on the lower time frame. Short-term support exists between $165 and $164. The short-term trend depends on the break of either side.

Litecoin analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI has crossed below the neutral region. It stands at 47.99 and has the potential to break back above the neutral region.

The MACD is below the signal line on account of the rejections from the overhead supply zone.

Litecoin analysis
Source: tradingview

Conclusion:

On the breakout and close above $170.2, $174.2 and $180 are the targets on the upside.

On the breakdown and close below $166.8, $164.1 and $160 are the targets on the downside.

DOGE ANALYSIS: OCTOBER, 2021

Market Structure:

Dogecoin is a ‘meme coin’ designed as a joke against Bitcoin and cryptocurrencies floating in the ecosystem. Here’s the market structure of Dogecoin.

Dogecoin is trading at $0.2538. The market structure of Dogecoin is bullish as the coin broke a key structure point on the daily time frame. However, a mere breakout is not sufficient for the confirmation of bullish momentum. Dogecoin needs to close above the level of $0.2534 on the daily time frame so as to give investors a confirmation. Although, the volumes on the breakout and the rally preceding the breakout were above average, indicating that the coin may be in for an upward movement ahead.

On the hourly chart, the coin has given a standard breakout, retest and continuation after invalidating the supply zone. The coin may consolidate near the previous structure point at $0.2534 before giving an impulsive move on either side. Although no movement can be ruled out, chances of a markup are higher owing to the break of structures and heavy inflow of bullish volumes.

Litecoin analysis Doge
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI has crossed above the overbought region. It stands at 70 and has the potential to cool down a bit.

The MACD is above the signal line following the breakout supported with good buying volumes.

Litecoin analysis Doge
Source: tradingview

Conclusion:

On the breakout and close above $0.2600, $0.2683 and $0.2750 are the targets on the upside.

On the breakdown and close below $0.2511, $0.2450 and $0.2375 are the targets on the downside.

BNB ANALYSIS: OCTOBER, 2021

Market Structure:

BNB is a cryptocurrency devised by the largest exchange by trading volumes, Binance. Here’s the market structure of BNB.

BNB is trading at $436.4. The market structure of BNB is bullish as the coin broke a key structure point and currently hovers near another structure point. On the daily chart, the coin broke above the previous lower-high point of $383.9. Currently, the coin is facing a huge resistance at a supply zone which serves as a prior structure point. The coin needs to close above $440 in order to witness further momentum.

On the hourly chart, BNB is facing resistance at the upper channel of the short-term consolidation. The coin is stuck in a narrow range, wherein $409.7 serves as the immediate demand area. Immediate supply point is at $440. Looking at the momentum and the volumes, BNB looks primed to break out of the supply zone.

BNB 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 crossed above the neutral region. It stands at 57.77 and has the potential to go higher.

The MACD has converged with the signal line, indicating an indecisive movement ahead.

BNB analysis
Source: tradingview

Conclusion:

On the breakout and close above $441, $450 and $460 are the targets on the upside.

On the breakdown and close below $432.7, $425 and $415 are the targets on the downside.