Market Structure Of Matic, Uniswap And Dot!

MATIC ANALYSIS: AUGUST, 2021

Market Structure:

Matic is an ERC-20 token that supports the Polygon network, having a double-layer scaling on the Ethereum blockchain. Here’s the market structure of Matic.

Matic is trading at $1.383. The market structure of the coin is bullish owing to the break of structure on the daily time frame. The previous lower-high structure was formed at $1.185. The coin gave a breakout and daily closing above this zone along with an inflow of bullish volumes. Moreover, follow-up momentum was seen yesterday when the coin surged over 18% in one day itself.

On the lower time frame, the coin has faced rejection from its immediate supply zone. This supply zone ranges from $1.460 to $1.518. The coin is likely to test its order block level of $1.340 and resume its rally from there onwards. Matic can witness new all-time highs towards the end of the year once it breaks the supply zone.

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin. The RSI has cooled down from the overbought region and moved towards the neutral region. It currently stands at 50.14 and has the potential to reverse from here.

The MACD is below the signal line, confirming the rejection faced by the coin from its supply zone.

Conclusion:

On the breakout and close above $1.518, $1.629 and $1.703 are the targets on the downside. Current momentum and volumes should continue in order to witness these targets.’

On the breakdown and close below $1.310, $1.236 and $1.181 are the targets on the downside.

UNISWAP ANALYSIS: AUGUST, 2021

Market Structure:

Uniswap is a fully decentralized protocol for automated liquidity provision on the Ethereum blockchain. Here’s the market structure of Uniswap.

Uniswap is trading at $28.340. The market structure of Uniswap is extremely bullish. In addition to breaking the key structure point on the daily time frame, the coin has rallied more than 45% in less than a month. The previous structure point was placed between $22.566 and $23.380. The coin gave a breakout of this zone and witnessed a follow-up rally on the daily time frame.

On the lower time frames, the coin has faced a rejection from its immediate supply zone. This supply ranges from $30.043 and $30.494 where fresh supply was introduced on the hourly chart. The coin is likely to test its demand zone of $27.365 to $27.383 before resuming its bull-run.

The volumes on both sides are above average indicating a tough battle between the buyers and sellers.

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The RSI has approached the oversold region on the hourly charts and can cross below it any time. It stands at 35.18 and has the potential to move lower.

The MACD is below the signal line, confirming the rejection faced by the coin.

Conclusion:

On the breakout and close above $30.505, $35.001 and $36.701 are the targets on the upside.

On the breakdown and close below $27.343, $25.644 and $24.997 are the targets on the downside.

POLKADOT ANALYSIS: AUGUST, 2021

Market Structure:

Polkadot enables cross-blockchain transfers of any type of data or asset including tokens. Here’s the market structure of Dot.

Dot is trading at $21.100. The market structure of the coin is extremely bullish owing to the break of structure on the daily time frame. This key structure point existed between $16.898 and $17.373. In addition to a breakout, the coin has gained high momentum as it has rallied over 60% in a month with an inflow of bullish volumes.

On the lower time frames, the coin has faced a major rejection from its immediate supply zone. This new supply was introduced in Polkadot’s market between $22.143 and $22.445 on the hourly chart. The coin has given a breakdown of its lower ascending support zone and has closed below it. Thus, the coin can witness a downward move till its next demand zone of $19.407.

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The coin has moved below the neutral region. It currently stands at 43.37 and has the potential to go lower.

The MACD is below the signal line, confirming the short-term bearish bias of the coin.

Conclusion:

On the breakout and close above $22.445, $24.070 and $24.847 are the targets on the upside.

On the breakdown and close below $20.099, $19.074 and $18.167 are the targets on the downside.

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