Market Structure Of Dot, Quant And Rune!

DOT ANALYSIS: AUGUST, 2021

Market Structure:

Dot is a cryptocurrency which provides unprecedented economic and social scalability to secure multiple blockchain networks. Here’s the market structure of Dot.

Dot is trading at $27.708. The market structure of dot is extremely bullish owing to the break of two structure points on the daily time frame. In addition to this, the coin has rallied over 170% in a month. However, currently it is consolidating in a very minor range which extends from $27 to $29.28. The break of either side will determine its short-term trend moving forward. The volumes and rising 20-day exponential moving average indicate the possibility of a breakout on the upside.

On the lower time frame, the coin is facing supply from a descending upper zone. On the other hand, there is a static demand zone below which extends from $26.49 to $27.28. This zone can also be considered as an order block as the coin witnessed an impulsive move repeatedly. Thus, it is likely that the coin will witness a breakout after testing this order block again.

dot market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating indecision for the coin in the short-term. The hourly RSI is hovering near the neutral region. It stands at 48.88 and has the potential to move in any direction.

The MACD is below the signal line, confirming the rejection faced from the upper supply zone.

dot market structure
Source: tradingview

Conclusion:

On the breakout and close above the level of $28.289, $28.917 and $29.677 are the targets on the upside.

On the breakdown and close below $26.508, $26.072 and $25.649 are the targets on the downside.

QUANT ANALYSIS: AUGUST, 2021

Market Structure:

Quant is an Ethereum token that is used to power Quant Network’s ledger and software solutions. Here’s the market structure of Quant.

Quant is trading at $184.599. The market structure of Quant is extremely bullish due to the formation of higher-highs and higher-lows on the daily time frame. In addition to this, the coin has rallied over 311% within a month, indicating a complete buyer dominant market. The coin gave an impulsive move on July 25 and rallied 100% in five days. Thus, the coin is extremely bullish. The bullish volumes and the rising 20-day exponential moving average confirm the bullish trend of the market.

On the lower time frame, the coin is forming a symmetrical triangle pattern. In other terms, it is facing supply and demand from descending and ascending zones respectively. The buyers and sellers are fighting for control and the breakout on either side will confirm the position of the traders. However, the bias is with the bulls as the long-term trend remains intact. It is trading near its supply zone and is likely to break the zone in the short-term.

 market structure quant
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI has crossed above the neutral region. It stands at 56.04 and has the potential to go higher.

The MACD is above the signal line, confirming the bullish market structure.

quant indicators
Source: tradingview

Conclusion:

On the breakout and close above the level of $187.89, $195.45 and $199.81 are the targets on the upside.

On the breakdown and close below $176.14, $170.34 and $164.41 are the targets on the downside.

RUNE ANALYSIS: AUGUST, 2021

Market Structure:

Rune coin is designed to be the most liquid token in the ecosystem and its utility creates value for the Thorchain network. Here’s the market structure of Rune.

Rune is trading at $11.860. The market structure of Rune is extremely bullish owing to the break of two structure points on the daily time frame. The daily chart of Rune is the perfect depiction of higher-highs and higher-lows. The buyers are in complete control of the coin’s market. The coin has rallied more than 350% in a month and is prime for another rally.

On the lower time frame, the coin has bottomed-out at $11.089 and has resumed its upward trajectory. It seems as though the coin will break its previous swing high of $12.479 and make a new high in the coming days. Rune’s rally is being supported by inflow of bullish volumes and support from the rising 20-day exponential moving average.

Rune market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI has surged above the neutral region. It stands at 58.88 and has the potential to go higher.

The MACD is below the signal line but is ready to cross above it shortly.

Rune analysis
Source: tradingview

Conclusion:

On the breakout and close above $11.923, $12.48 and $13.314 are the targets on the upside.

On the breakdown and close below $10.98, $10.39 and $9.803 are the targets on the downside.

source

  • analysis1: Kabir