Doge, Cardano And XRP Are Falling!

CARDANO ANALYSIS: AUGUST, 2021

Market Structure:

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

Cardano is trading at $2.7806. The market structure of Cardano is extremely bullish owing to the break of multiple structure points on the daily time frame. In addition to this, the coin has rallied over 170% in a month and reached a new all-time high of $2.85. Cardano has reached this high after making a series of higher-highs on the lower time frame. However, looking at the daily charts, it is a steep move upwards.

On the lower time frame, the coin has faced rejection in an uncharted territory. Investors may be booking their profits after an unprecedented rally. This supply zone is placed between $2.823 and $2.852 whereas the immediate demand zone is placed between $2.642 to $2.669. The coin may test its demand zone before continuing its trajectory towards a new all-time high.

cardano analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is just shy of the overbought region. It stands at 68.95 and has the potential to go higher.

The MACD is above the signal line, confirming the short and long-term trend of the coin.

cardano analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $2.849, $2.966 and $3.305 are the targets on the upside as per the Fibonacci extensions.

On the breakdown and close below $2.64, $2.489 and $2.416 are the targets on the downside.

RIPPLE ANALYSIS: AUGUST, 2021

Market Structure:

XRP is Ripple’s open developer platform for money through which institutions leverage underlying assets and technology. Here’s the market structure of Ripple.

Ripple is trading at $1.2424. The market structure of the coin is bullish owing to the formation of higher-highs and higher-lows on the daily time frame. The coin has concluded its higher-low formation and is on track to reach another higher-high if it breaks the previous structure of $1.35. The volumes as well as the rising 20-day exponential moving average are confirmations of the bullish trend of XRP.

On the lower time frame, the coin has faced rejection from a strong supply zone of $1.2536 to $1.2567. Although it is a minor zone, this range has introduced strong supply in the market for two days. On the breakout and close above this level, the coin can take out its previous structure point effortlessly.

cardano analysis doge
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI has fallen near the neutral region due to the rejection from the supply zone. It stands at 54.15 and has the capacity to go lower.

The MACD is above the signal line, confirming the long-term trend of the coin.

cardano analysis doge
Source: tradingview

Conclusion:

On the breakout and close above the level of $1.2557, $1.2897 and $1.3285 are the targets on the upside.

On the breakdown and close below $1.2101, $1.1790 and $1.1526 are the targets on the downside.

DOGE ANALYSIS: AUGUST, 2021

Market Structure:

Doge is a cryptocurrency developed as a joke against Bitcoin and blockchain networks. Here’s the market structure of Doge.

Doge is trading at $0.3204. The market structure of Doge is bullish owing to the break of structure on the daily time frame. However, currently the coin is stuck in a tight range of $0.2948 to $0.3406. The break of structure on either side will determine its trend moving forward. Looking at the charts, the coin is trading right in the center of the range and can move in either direction.

On the lower time frame, the coin seems to be moving towards its supply zone on the upside. The lower time frame movement opens up the possibility of the coin to move upwards rather than downwards. A major order block has been identified between $0.2862 and $0.2933. If the coin tests this zone, it may witness a bounce.

Doge coin analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI has smoothly moved from the oversold region and crossed the neutral region. It stands at 56.58 and has the potential to go higher.

The MACD is above the signal line, confirming the possibility of reaching and breaking the supply zone on the upside.

doge
Source: tradingview

Conclusion:

On the breakout and close above the level of $0.3299, $0.3436 and $0.3518 are the targets on the upside.

On the breakdown and close below $0.3047, $0.2948 and $0.2846 are the targets on the downside.