Litecoin, Uni And BNB Break Demand Zones!

LITECOIN ANALYSIS: OCTOBER, 2021

Market Structure:

Litecoin was an early spin-off of Bitcoin, designed to perform the same functions as the giant asset. Here’s the market structure of Litecoin.

Litecoin is trading at $171.5. The market structure of Litecoin is bearish as the coin has made a series of lower-highs and lower-lows on the daily chart. The coin failed to break and close above $190, which served as the previous structure point. Moreover, the coin has given a breakdown of the consolidation phase it was going through since the past five days. The consolidation was between the range of $173.4 to $180. Now the former will serve as an immediate supply zone.

On the hourly chart, the coin has given a breakdown of the support area of the consolidation phase. The immediate resistance was placed at $185.6. On the other hand, the support was placed at $174.3. Now, the latter will serve as a crucial resistance which will be retested before Litecoin continues its downward trajectory.

Litecoin analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin in the short-term. The hourly RSI is below the oversold region due to a breakdown of the demand zone. It stands at 28.74 and has the potential to recover.

The MACD is below the signal line as the coin is in a clear downtrend.

Litecoin analysis
Source: tradingview

Conclusion:

On the breakout and close above $172, $176.1 and $179.3 are the targets on the upside.

On the breakdown and close below $166.2, $163 and $160 are the targets on the downside.

UNISWAP ANALYSIS: OCTOBER, 2021

Market Structure:

Uniswap is a cryptocurrency devised by the crypto trading exchange, Uniswap. Here’s the market structure of Uniswap.

Uniswap is trading at $22.47. The market structure of Uniswap is very bearish as the coin failed to break the previous lower-high structure point. The coin is down by 6.79% today itself as the altcoin space takes a heavy beating. The immediate demand zone rests between the range of $21.51 to $21.86. On the other hand, immediate resistance exists between $24.19 which serves as a supply order block. The coin must close above the said level in order to witness a reversal in trend.

On the hourly chart, the coin has given a breakdown of the demand zone following the long-drawn consolidation phase. Uniswap had made a lower-low structure point while breaking the demand zone. The previous demand order block was invalidated by the breakdown with good bearish volumes.

Litecoin analysis Uniswap
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin in the short-term. The hourly RSI is below the oversold region due to a breakdown of the demand zone. It stands at 24.74 and has the potential to recover.

The MACD is below the signal line as the coin broke the demand zone on the downside.

Litecoin analysis Uniswap
Source: tradingview

Conclusion:

On the breakout and close above $23.19, $23.61 and $24.17 are the targets on the upside.

On the breakdown and close below $22.16, $21.5 and $21 are the targets on the downside.

BNB ANALYSIS: OCTOBER, 2021

Market Structure:

BNB is a cryptocurrency owned, developed and regulated by the largest cryptocurrency exchange, Binance. Here’s the market structure of BNB.

BNB is trading at $393.3. The market structure of BNB is mildly bullish. This is so because the coin is heading right back to its previous lower-high structure point. This structure is placed at $385, on the breakdown of which the coin will enter a bearish trend. The volumes in the past few days, both bullish and bearish are below average, indicating the lack of participation in altcoins. The coin is down by 5% in a day itself.

On the hourly chart, BNB has given a breakdown of the demand zone which ranged between $407 to $412.6. Following the breakdown, the coin has retested the newly established supply zone. It will now make a new lower-low below $400 shortly unless some bullish participation is seen.

BNB analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin in the short-term. The hourly RSI is below the oversold region due to a breakdown of the demand zone. It stands at 26.80 and has the potential to recover.

The MACD is below the signal line as the coin broke the demand zone on the downside.

BNB analysis
Source: tradingview

Conclusion:

On the breakout and close above $392, $385 and $375 are the targets on the upside.

On the breakdown and close below $402.2, $415 and $425 are the targets on the downside.