Market Structure Of ICP, Matic And Qtum!

ICP ANALYSIS: AUGUST, 2021

Market Structure:

ICP is a utility token that enables users to perform operations on the internet computer blockchain network. Here’s the market structure of ICP.

ICP is trading at $50.73. The market structure of the coin is extremely bearish in the long-term. The coin is extremely bearish because it has made consistent lower-lows without any high pullbacks. ICP has lost over 80% of its total value since its inception. The coin fell from nearly $2,800 to the current market price of $50.

However, on the hourly charts, the coin is showing bullish momentum in the short-term. ICP has rallied almost 100% in two weeks with heavy inflow of volumes. Currently, the coin has given a fresh breakout of the consolidating range. Not only that but the breakout is facilitated with volumes almost thrice as much as the average volume.

However, the coin has deviated too much from its 20-day exponential moving average which raises concerns of a health pullback.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The RSI has crossed well above the overbought region which makes the coin vulnerable to a pullback. It stands at 83.88 and has the potential to cool down.

The MACD is sustaining above the signal line, confirming the short-term bullish bias of the coin.

Conclusion:

If the coin’s breakout sustains above $48.31, $59.82 and $70.63 are the targets on the upside. The coin is expected to attain these targets after retesting the nearest demand zone.

On the breakdown and close below $44.72, $38.93 and $35.01 are the targets on the downside.

POLYGON ANALYSIS: AUGUST, 2021

Market Structure:

Matic, the native token of Polygon, is an ERC-20 token operating on the Ethereum blockchain. Here’s the market structure of Matic.

Matic is trading at 1.092. The market structure of the coin is range bound between a fixed demand and supply zone. This is so because Matic has been making equal highs and lows along the same support and resistance for two weeks. Thus, a break and close on either side will ensure the future trend of the coin as well as the long-term targets for the coin.

The demand zone extends from $0.975 to $0.993. On the other hand, the supply zone extends from $1.106 to $1.135. Both zones have forced the coin to consolidate in this range for a while.

However, the volumes and current price action hints at a breakout on the upside. The coin has given a breakout above the neckline of the double bottom pattern on the hourly time frame. Thus, the coin may soon test its supply zone and hopefully break the structure point decisively. Else, the range bound nature of the coin may continue.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The RSI has touched the overbought region. It currently stands at 70.06.

The MACD is above the signal line, confirming the bullish bias of the coin.

Conclusion:

On the breakout and close above $1.135, $1.179 and $1.249 are the targets on the upside.

On the breakdown and close below $0.975, $0.937 and $0.920 are the targets on the downside.

QTUM ANALYSIS: AUGUST, 2021

Market Structure:

Qtum is an open-source public blockchain platform which leverages the security protocols of various tokens. Here’s the market structure of Qtum.

Qtum is trading at $8.584. The market structure of the coin is bullish as the coin gave a breakout above its previous lower-high structure point and gave a daily close above it. On the lower time frames, it has made a series of higher-high and higher-low formations. In addition to that, the coin has broken its recent swing high of $5.80. If it sustains above it, the coin may head towards higher targets on the upside.

The immediate support exists at $7.95 whereas the immediate resistance exists at $8.674. The coin is likely to cross this resistance provided that the current momentum and volumes prevail.

Market Indicators:

The Relative Strength Index is indicating extreme price strength in the short-term. The RSI has just touched the overbought zone. It stands at 74.38 and has the potential to witness a pullback in the short-term.

The MACD is sustaining above the signal line, confirming the bullish structure of the coin.

Conclusion:

On the breakout and close above $8.760, $9.067 and $9.389 are the targets on the upside.

On the breakdown and close below $7.954, $7.697 and $7.442 are the targets on the downside.