Market Structure Of ADA, LTC And Dot!

ADA ANALYSIS: SEPTEMBER, 2021

Market Structure:

Ada is a proof-of-stake blockchain platform and the first peer-reviewed cryptocurrency in the space. Here’s the market structure of Ada.

Ada is trading at $2.890. The market structure of this altcoin is extremely bullish owing to the recent surge in price to all-time highs. No doubt the coin has retraced a bit from the swing-highs yet its long-term bullish trend remains intact. According to the Fibonacci levels, the coin has retraced to the 0.382 mark of the previous mark-up. Thus, there is a good chance for the coin to resume its uptrend from here. Else, a good demand zone will be present near the 0.5 Fibonacci level.

On the hourly chart, the coin has witnessed very prominent order blocks. The strongest supply order block lies between $3.028 and $3.065. A huge bearish candle was formed from this order block. On the other hand, demand order block can be seen ranging from $2.824 to $2.852. Thus, the coin will remain range bound until either side is decisively broken.

market structure of ada
source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for Ada in the short-term. The hourly RSI is below the neutral level. It stands at 47.23 and has the capacity to move in either direction.

The MACD is below the signal line, hinting at a possible breakdown of the demand zone.

market structure of ada
source: tradingview

Conclusion:

On the breakout and close above $2.957, $3.028 and $3.067 are the targets on the upside.

On the breakdown and close below $2.826, $2.721 and $2.670 are the targets on the downside.

LITECOIN ANALYSIS: SEPTEMBER, 2021

Market Structure:

Litecoin was an early spin-off of Bitcoin developed as a replacement for the same. Here’s the market structure of Litecoin.

Litecoin is trading at $225.7. The market structure of Litecoin is extremely bullish owing to the 35% rally in a week. In addition to this, the coin has broken multiple structure points in two months. These structure points were placed at $144.9, $158.1, $181, $195.3 and finally $212. Thus, it has broken five structure points, making its bullish trend stronger and stronger day by day.

On the hourly chart, the coin gave a shakeout above the supply zone but briefly came down again. Now it is trading right in the middle of the supply zone and has the capacity to give a breakout, considering the momentum gained by the bulls. However, if it fails to break the zone, the immediate demand zone is placed between $205.8 to $210.3. A mild retracement to this zone cannot be ruled out following the outstanding rally shown by the coin.

market structure of ada ltc
source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is above the neutral region. It stands at 57.05 and has the capacity to move higher.

The MACD is below the signal line due to the shakeout of weak hands above the supply order block.

market structure of ada ltc
source: tradingview

Conclusion:

On the breakout and close above $227.8, $232.5 and $240 are the targets on the upside.

On the breakdown and close below $222.3, $217.7 and $212.5 are the targets on the downside.

DOT ANALYSIS: SEPTEMBER, 2021

Market Structure:

Dot is a cryptocurrency which regulates, governs and operates on the Polkadot blockchain network. Here’s the market structure of Polkadot.

Dot is trading at $34.15. The market structure of Dot is extremely bullish due to the one-sided rally witnessed by it on the daily time frame. The coin has hardly made any higher-low formations. Instead, it has continued to make higher-highs constantly. The price of Dot is highly deviated from the 20-day exponential moving average. This suggests that the coin will undergo a correction or consolidate until the deviation is mitigated. The above-average bullish volumes have sponsored this rally to a great extent.

On the hourly chart, the coin has given a similar shakeout as Litecoin above the supply zone and bounced back in the range. However, looking at its overall momentum, the coin is ripe for another breakout. The supply zone ranges from $33.84 to $35. On the other hand, the immediate demand zone lies between the range of $31.88 to $32.30. The hourly 20-day exponential moving average is providing immediate support for the coin.

dot analysis
source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is above the neutral region. It stands at 59 and has the capacity to move in either direction.

The MACD is exactly converged with the signal line indicating indecision for the coin. The MACD’s next cross will decide its directional bias.

 dot analysis
source: tradingview

Conclusion:

On the breakout and close above $34.44, $36 and $38 are the targets on the upside.

On the breakdown and close below $33.84, $33.57 and $33 are the targets on the downside.