LTC, Luna And Zcash Invalidate Supple Zones

LTC ANALYSIS: OCTOBER, 2021

Market Structure:

LTC was an early spin-off of Bitcoin, designed to perform similar functions. Here’s the market structure of LTC.

LTC is trading at $206.8. The market structure of LTC is extremely bullish as the coin has rallied over 50% since the start of October. In doing so, the coin invalidated a crucial supply zone that ranged from $189 to $193.1. The invalidation was sponsored by a breakout of the supply zone with the formation of a big bullish candle. The volumes on the breakout were above average which was followed by a low volume retest. Now the coin must sustain above $200, which is a psychological level in order to witness bullish momentum.

On the hourly chart, the coin has broken out of its supply zone and given a continuation without a retest. This formation highlights the strength of the buyers as no sellers were present after the breakout. The previous day high will act as an immediate resistance above which the coin will rally to August highs.

Ltc analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is above the overbought region due to the invalidation of the supply zone. It stands at 70.96 and has the potential to go lower.

The MACD is on the verge of crossing below the signal line owing to the possibility of filling the area of imbalance.

Ltc analysis
Source: tradingview

Conclusion:

On the breakout and close above $209.4, $214.6 and $220 are the targets on the upside.

On the breakdown and close below $203.6, $198.5 and $195 are the targets on the downside.

LUNA ANALYSIS: OCTOBER, 2021

Market Structure:

Luna is a cryptocurrency that uses fiat-pegged stablecoins to power price-stable global payment systems. Here’s the market structure of Luna.

Luna is trading at $41.96. The market structure of Luna is extremely bullish as the coin is making higher-highs and higher-lows on the daily chart. In addition to this, the coin has invalidated a strong supply zone. The breakout was facilitated by a big bullish candle with above average volumes. This was followed by a low volume retest and the coin is likely to give a continuation. Luna must sustain above $41.33 in order to gain more bullish momentum.

On the hourly chart, Luna has given a breakout of the ascending triangle pattern. Following the breakout with good volumes, the coin has retested the demand zone to grab further liquidity. The coin is likely to witness a surge in price after the buying orders are taken in.

Ltc analysis Luna
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has cooled down from the overbought region but is above the neutral region. It stands at 58.91 and has the potential to go lower.

The MACD is below the signal line due to the retest of the demand zone.

Ltc analysis Luna
Source: tradingview

Conclusion:

On the breakout and close above $43.73, $45 and $47 are the targets on the upside.

On the breakdown and close below $41.24, $40 and $39.5 are the targets on the downside.

ZCASH ANALYSIS: OCTOBER, 2021

Market Structure:

Zcash is a cryptocurrency aimed at using cryptography to prvide enhanced privacy to its users. Here’s the market structure of Zcash.

Zcash is trading at $148.6. The market structure of Zcash is extremely bullish as the coin has rallied over 37% in a week. Moreover, it has also taken out the September highs which were proving to be a tight supply zone. Moreover, the coin even gave a breakout of the prominent supply zone between $145 and $147.5 with high volumes. This was followed by a low volume retest and is likely to end in a continuation of the ongoing momentum.

On the hourly chart, the coin has given a breakout of the ascending triangle formation. In addition to this, the coin has given a standard retest of the demand zone and is likely to witness a continuation. The previous day high will serve as an immediate resistance while the level of $147.5 will serve as a crucial support.

Zcash 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 cooled down from the overbought region but is above the neutral region. It stands at 56.54 and has the potential to go lower.

The MACD is below the signal line due to the retest of the demand zone.

Zcash analysis
Source: tradingview

Conclusion:

On the breakout and close above $151.3, $156.4 and $166 are the targets on the upside.

On the breakdown and close below $147.5, $143.1 and $140 are the targets on the downside.

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