Market Structure Of Luna, Solana And Fil!

LUNA ANALYSIS: AUGUST, 2021

Market Structure:

Luna is a blockchain protocol that uses fiat-controlled stable coins to power global payments networks. Here’s the market structure of Luna.

Luna is trading at $33.38. The market structure of Luna is extremely bullish from the long-term perspective. This is so because the coin has broken multiple structure points on the daily time frame. In addition to this, the coin has been making higher-highs and higher-lows, the recent swing-high $36.87. Now it has retraced a bit to mitigate the impulsive move from the demand zone. The coin is trading near a daily timeframe pivot zone thus it is critical to stay above.

On the hourly chart, the coin has made a symmetrical triangle pattern, which gives the bias to the bulls. The coin is likely to complete the last wave of the Elliot formation and then continue its bullish trajectory. The immediate hurdle on the upside would be the recent swing-high.

market structure of luna
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is on the verge of crossing the neutral region.

The MACD is below the signal line owing to the retracement witnessed from the swing-high.

market structure of luna
Source: tradingview

Conclusion:

On the breakout and close above $34.48, $35.98 and $36.78 are the targets on the upside.

On the breakdown and close below $33.43, $32.04 and $30.47 are the targets on the downside.

SOLANA ANALYSIS: AUGUST, 2021

Market Structure:

Solana is the fastest blockchain in the world and the best cryptocurrency in the ecosystem. Here’s the market structure of Solana.

Solana is trading at $117.20. The market structure is showing unprecedented levels of bullishness as it is the only coin rallying so much without any breathers. The coin is making new highs almost each day, with the recent one being $117.92 today itself. The coin is trading in uncharted territory thus it is difficult to identify demand and supply zones at this point.

On the hourly chart, the coin went through an accumulation phase between the range of $90.67 to $94.06. From thereon the coin rallied to make a new swing-high. If the coin retraces from the high, supports are placed at $105.39 and $97.85 as per the Fibonacci levels. If the coin continues to rally, it may cross $120 and $130 as per psychological levels. In any case, some profit booking is expected by the investors.

market structure of luna
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI has crossed the overbought region. It stands at 70.11 and has the potential to cool down.

The MACD is way above the signal line owing to the continuous rally.

market structure of luna
Source: tradingview

Conclusion:

On the breakout and close above $117.82, $120 and $125 are the targets on the upside.

On the breakdown and close below $110.15, $107.40 and $102.80 are the targets on the downside.

FILEOCOIN ANALYSIS: AUGUST, 2021

Market Structure:

Filecoin is an open protocol on a secure blockchain network that stores important data on its server. Here’s the market structure of Filecoin.

Filecoin is trading at $71.23. The market structure of Filecoin is bearish owing to the formation of lower-highs and lower-lows on the daily time frame. The coin topped-out at $82 and failed to break the previous structure point at $98. Since then, the coin has continued its downward trajectory. The nearest daily time frame demand zone ranges from $70.50 to $71.40. On the other hand, the supply zone is placed between $74.65 and $75.74.

On the hourly chart, the coin is trading in the aforementioned demand zone. The coin may witness a short-term bounce from here. However, the long-term trend of the coin remains bearish until $98 is decisively broken on the daily chart. If a reversal is seen, it can become range bound between the demand and the supply zone with a negative bias.

Filecoin analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 37.89 and can move in either direction.

The MACD is below the signal line confirming the bearish bias of the coin.

Filecoin analysis
Source: tradingview

Conclusion:

On the breakout and close above $73.60, $74.49 and $75 are the targets on the upside.

On the breakdown and close below $70.52, $69.97 and $68.87 are the targets on the downside.

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