CARDANO ANALYSIS: AUGUST, 2021
Cardano is a proof-of-stake blockchain platform which is the first peer-reviewed and researched coin. Here’s the market structure of Cardano.
Cardano is trading at $1.2852. Cardano has been in a bearish trend since mid-May. The coin has been making a series of lower-highs and lower-lows on the daily time frame. However, the short-term trend of the coin is range bound between the demand and the supply zone.
The demand zone ranges from $1.1985 to $1.2255. Whereas, the supply zone ranges from $1.3094 to $1.3299 on the hourly chart. The coin did take out the supply zone twice in two days, made a high of $1.3875 and faced new supply from the structure point. This zone can be highlighted as the origin point of the new supply zone.
The Relative Strength Index is indicating extreme price weakness for the coin in the short-term. The hourly RSI hovers near the oversold region. It is currently positioned at 33.30 and has the potential to go below the 30 level.
The MACD is sustaining below the signal line, confirming the bearish bias of the coin. The coin may give a breakdown of the support zone. The market structure of Cardano is different from other altcoins.
On the breakout and close above $1.3302, $1.3494 and $1.3872 are the targets on the upside. Bullish momentum is required for these targets to be achieved.
On the flip side, a breakdown and close below $1.2475 will give the targets of $1.2136 and $1.1899 on the downside.
DOGECOIN ANALYSIS: AUGUST, 2021
The Dogecoin developers created dogecoin as a joke against cryotocurrencies in 2013. Here’s the market structure of Dogecoin.
Dogecoin is trading at $0.2009. The coin is in a bearish trend. The daily time frames clearly depict a series of lower-highs and lower-lows. The coin has currently reversed from its recent lower-high. The ‘meme’ coin has been making a descending triangle type formation on the hourly time frame. It has given a textbook breakdown-and-retest of the support zone.
Now, it is expected to move downwards owing to the inflow of selling volumes as well as the lack of buying volumes in its market. The coin will continue to make lower-lows until new information comes to light.
Dogecoin is a highly volatile coin with a history of reacting to news periodically. Hence, accurate predictions cannot be made for the long-term.
The Relative Strength Index is indicating price weakness for the coin. The RSI has constantly been facing rejections from its upper trendline. It is currently positioned at 38.88 and has the potential to go lower.
The MACD is sustaining way below the signal line, confirming the bearish trend of the coin. The MACD also indicates the possibility of an upcoming lower-low formation.
On the breakout and close above $0.2050, $0.2070 and $0.2087 are the targets on the upside.
On the breakdown and close below $0.1989, $0.1960 and $0.1950 are the targets on the downside.
POLKADOT ANALYSIS: AUGUST, 2021
Polkadot is a cryptocurrency which provides unprecedented economic scalability and stability. Here’s the market structure of Polkadot.
Polkadot is trading at $17.387. The market structure of the coin saw a change in trend from bearish to bullish. In the process of recovery, the coin took out the previous lower-high structure point and closed above it decisively. This has turned the trend of the coin and it gained momentum during the previous month.
On the hourly charts, the coin has made a series of higher-highs and higher-lows along an ascending support. This support is a good base for the coin. However, the coin has faced fresh supply between $18.669 and $19.055 on the hourly chart. The coin has also formed a sort of a head-and-shoulder pattern which indicates mild bearishness in its market.
At any cost, the coin should not break the support zone of $15.990. Else, Dot can witness further weakness.
The Relative Strength Index is indicating short-term price weakness for the coin. The RSI has been quite volatile as it heads downwards on the hourly chart. The RSI is at 35.39 currently and has the potential to go lower.
The MACD is below the signal line, indicating the occurrence of a pullback after a healthy rally.
On the breakout and close above $18.67, $19.905 and $20.735 are the targets on the upside.
On the breakdown and close below $16.466, $15.998 and $14.432 are the targets on the downside.