Market Structure Of Litecoin, Doge And File!

LITECOIN ANALYSIS: AUGUST, 2021

Market Structure:

Litecoin is decentralized money, free from censorship and open to all. It enables users to send low cost private and secure payments to anyone. Here’s the market structure of Litecoin.

Litecoin is trading at $167.87. The market structure of Litecoin is extremely bullish owing to the break of multiple structure points on the daily time frame. In addition to this, Litecoin has rallied over 60% in a month, gaining bullish momentum with inflow of above average volumes. The 20-day exponential moving average is near to the price. Thus, the coin can witness a bounce on the upside from here.

On the lower timeframe, Litecoin is trading within a crucial demand zone. This zone extends from $167.86 to $171.14 on the hourly chart. The immediate supply zone on the other hand stands between $175.53 and $177.70. This zone is a five-minute time frame order block from where the coin faced an impulsive move on the downside.

Market structure litecoin
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The RSI is near the oversold region due to the retracement of the coin. It stands at 36.95 and has the potential to move in either direction.

The MACD is below the signal line, owing to the pullback witnessed by the coin from $189 to $169. The market structure of Litecoin foreshadows a reversal.

Market structure litecoin
Source: tradingview

Conclusion:

On the breakout and close above the level of $171.14, $177.76 and $186.32 are the targets on the upside.

On the breakdown and close below today’s low of $162.92, $157.64 and $146.24 are the targets on the downside.

DOGECOIN ANALYSIS: AUGUST, 2021

Market Structure:

Dogecoin is a meme or a joke created against Bitcoin and cryptocurrencies as a whole in 2013. Here’s the market structure of Dogecoin.

Dogecoin is trading at $0.3029. The market structure of the coin is mildly bullish owing to the break of structure on the daily time frame. However, the coin has fallen back to its lower-high structure point of $0.2881. Despite all obstacles, Dogecoin has risen over 120% in a month. The volumes, both bullish and bearish are above average indicating a tight competition between buyers and sellers. Currently, the edge is with the sellers who are driving the prices down on the lower time frames.

On the lower time frame, Dogecoin is trading within the structure point which can act as a demand zone. The coin can witness a reversal from here and break its recent swing high. $0.3148 is a crucial pivot point for the coin and it must be broken to see bullish momentum. Else, the coin may remain sideways with a bearish bias. The 20-day exponential moving average is falling due to pullback witnessed on the charts.

Market structure dogecoin
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The coin has slightly recovered from the oversold region. It stands at 42.84 and has the capacity to move higher.

The MACD is below the signal line. However, it is on the verge of converging with it, confirming the possibility of a reversal.

Dogecoin rsi macd
Source: tradingview

Conclusion:

On the breakout and close above the level of $0.3148, $0.3297 and $0.3442 are the targets on the upside.

On the breakdown and close below $0.2880, $0.2776 and $0.2621 are the targets on the downside. 

FILECOIN ANALYSIS: AUGUST, 2021

Market Structure:

Filecoin is making the web more secure and efficient with a decentralized data storage, market and cryptocurrency. Here’s the market structure of Filecoin.

Filecoin is trading at $67.73. The market structure of Filecoin is mildly bullish owing to the break of lower-high structure on the daily time frame. It has since retested back to this structure and is consolidating between $65 and $75. A break of structure on either side will determine its trend moving forward.

On the lower timeframe, the coin has faced a rejection from the upper level of the consolidation. In the process, it broke two minor demand zones, $70.81 to $71.45 and $68.83 to $69.34 respectively. Now the demand zone of $65.66 to $66.66 will act as a crucial zone from where the coin can witness an impulsive move on either side.

market structure filecoin
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The RSI is near the oversold region and has the potential to move upwards.

The MACD has crossed above the signal line, confirming the possibility of a reversal.

filecoin rsi macd
Source: tradingview

Conclusion:

On the breakout and close above the level of $69.34, $71.39 and $74.57 are the targets on the upside.

On the breakdown and close below $65.67, $64.12 and $61.54 are the targets on the downside.