Market Structure of BNB, Cardano And Monero!

BINANCE COIN ANALYSIS: JULY, 2021

Market Structure:

Binance coin is an exchange-based token created, developed and issued by the cryptocurrency exchange, Binance. Here’s the market structure of BNB.

Binance coin is trading at $307.23. The coin has recently faced rejection from its resistance zone. BNB seems to be forming a descending triangle pattern on the hourly time frame. The demand zone ranges from $295.97 to $299.14. The overall market structure of BNB remains bearish until it breaks the level of $340. This level is a key structure point of the previous lower-high on the daily time frame. A close above this level will ensure a trend reversal for the coin.

However, if it fails to do so, the coin may go on to form another lower-low and continue its bearish trajectory. However, the broader market sentiments offer hope for some revival in the coin.

bnb market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI took a nosedive after facing a rejection from the resistance zone. It currently stands at 44.38 and has the potential to go lower till the coin finds a support.

The MACD is above the signal line, supporting the momentum of the coin for the past few days. The market structure of BNB is indicating short-term weakness.

bnb market structure
Source: tradingview

Conclusion:

On the breakout and close above $317.32, $327.95 and $339.88 can be witnessed on the upside.

On the breakdown and close below $295.63, $285.25 and $271.77 are the targets on the downside.

If none of the levels are breached, the coin can remain range bound between the supply and demand zone. The market structure of BNB shows short-term weakness followed by a break of resistance.

CARDANO ANALYSIS: JULY, 2021

Market Structure:

Cardano is a proof-of-stake blockchain network. It is the first peer-reviewed and developed through evidenced method. Here’s the market structure of Cardano.

Cardano is trading at $1.225. The series of lower-highs and lower-lows has clearly depicted the bearish trend of the coin. This trend commenced in May when the coin experienced a crash along with the entire market. However, the coin tried to break the key structure point yesterday but failed to do so. Instead, it formed a huge wick with an upper shadow which suggested selling pressure from the upper levels.

In the last few hours, the coin rallied from its demand zone, faced rejection from a minor supply zone and headed back towards its demand zone. The coin may see a reversal from the demand zone again provided the broader market and Bitcoin are positive. Otherwise, a lower-low can be formed.

cardano market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating short-term price weakness for the coin. Following the rejection faced by the coin, the hourly RSI too, fell by the same intensity. It is currently positioned at 43.43.

The MACD, although above the signal line, has sloped downwards, hinting at a short-term weakness.

cardano RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $1.33, $1.40 and $1.443 are the targets on the upside.

On the breakdown and close below $1.20, $1.13 and $1.08 are the targets on the downside.

MONERO ANALYSIS: JULY, 2021

Market Structure:

Monero is a cryptocurrency which can be exchanged for goods and services privately with minimal fees. Here’s the market structure of Monero.

Monero is currently trading at $215.24. The trend of the coin has been sideways since a month owing to the indecision among the buyers and the sellers. The coin has been facing rejections from both the demand and the supply zone consistently.

Monero tried to break the key supply zone but failed to close above it. It followed the same trajectory as the other coins. It formed a bullish candle with a long wick on the upper end which shows the presence of the sellers.

The trend of the coin will only be bullish if it closes above $231.71. On the contrary, short-term weakness can be seen below $210.77, which was the accumulation zone.

The volumes are an indication of a consolidation before witnessing an impulsive move on either side.

monero market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin. The hourly RSI faced a smooth fall as the coin faced rejection from its resistance. It currently stands at 42.83.

The MACD has crossed below the signal line, confirming the short-term weakness in the altcoin.

monero rsi macd
Source: tradingview

Conclusion:

On the breakout and close above $224.51, $235.00 and $265.76 are the targets on the upside.

On the breakdown and close below $210.75, $202.83 and $195.26 are the targets on the downside.

The upcoming trend will be determined by the sentiments of the overall market.