DOGECOIN ANALYSIS: JULY, 2021
Billy Markus and Jackson Palmer developed Dogecoin as a joke about blockchains and digital payments .Here’s the market structure of Dogecoin.
Dogecoin is trading at $0.2206. The coin had been making lower-highs and lower-lows on the daily time frame which indicates a bearish trend. However, the recent rally in the coin almost took its previous supply structure point. The market trend will see a reversal and chances of a bull-run will be revived if the supply zone is taken out.
The accumulation phase as well as optimistic sentiments in the entire crypto market sponsored the Dogecoin’s rally. The coin made a high of $0.2334 before retesting its demand zone. Currently, it is showing signs of continuation of the rally from the demand zone.
The volumes have greatly contributed to Dogecoin’s rally which shows the presence of dogecoin enthusiasts in the market.
The Relative Strength Index is indicating extreme price strength for the coin. The RSI has cooled down from the overbought region confirming the retest seen on the charts. It stands at 67.72 currently.
The MACD is way above the signal line, confirming the bullish bias of the coin. The MACD is giving a hold call to investors. The market structure of Dogecoin can see weakness in the short-term.
On the completion of the accumulation phase, the coin can move towards the targets of $0.233 and $0.2498 on the upside. A bullish candle taking out the highs of the consolidation will confirm the success of the accumulation phase.
On the breakdown and close below $0.2150, $0.2050 and $0.1993 are the targets on the downside. The market structure of Dogecoin remains bearish until the resistance is taken out.
LITECOIN ANALYSIS: JULY, 2021
Litecoin is a peer-to-peer cryptocurrency and an open-source network project designed to be a spin-off of Bitcoin. Here’s the market structure of Litecoin.
Litecoin is trading at $137.31. The trend of the coin is bearish as it has made lower-highs and lower-lows on the daily chart. However, on the lower time frames, it is evident that the coin has almost broken this trend. It is currently facing resistance from the previous structure point where new supply was introduced.
If the coin faces rejection, this high will be considered a lower-high and the bearish trend will continue. If the coin breaks above this structure point, the trend is likely to reverse and experience bullishness.
It is expected that the coin will break this supply zone to make new highs since the volumes have been sponsoring the rally for five days. In these five days, the bulls have driven the price up by roughly 35%.
The market structure imitates the market structure of Dogecoin.
The Relative Strength Index is indicating extreme price strength as the coin hovers way above the overbought region. The coin is likely to cool down before continuing its rally. The RSI stands at 76.46 and has the potential to go down in the short-term. The long-term price strength remains intact.
The MACD is sustaining above the signal line, confirming the bullish momentum of Litecoin.
On the breakout and close above $140, $150 and $160.65 are the targets on the upside.
On the breakdown and close below $134.67, short-term weakness can be seen until $127.77 and $124.20.
RIPPLE ANALYSIS: JULY, 2021
Ripple is a cryptocurrency that provides better international payments experience to the users in the real time. Here’s the market structure of Ripple.
Ripple is trading at $0.6628. The coin has shown a textbook V-shaped recovery like most other coins. The 30% rally is the past few days has been sponsored by periodic accumulation phases followed by impulsive moves on the upside.
A lot of institutional activity and manipulation is seen to trap liquidity and drive the price up. The most recent accumulation phase occurred near the level of $0.6069. This level will now act as a strong demand zone if a pullback is seen.
The bullish momentum remains intact unless the coin breaks the demand zone mentioned above. In that case, the coin will continue its bearish trend.
The Relative Strength Index is indicating extreme price strength as it has reached the overbought region. The RSI can witness a minor pullback. It is currently positioned at 72.78.
The MACD is above the signal line, supporting the momentum of the coin.
On the breakout and close above $0.672, $0.7330 and $0.7718 are the targets on the upside.
On the breakdown and close below $0.6434, short-term weakness can be seen until $0.6069 and $0.5815.