Market Structure Of Dot, Monero And Doge

POLKADOT ANALYSIS: SEPTEMBER, 2021

Market Structure:

Polkadot enables cross-blockchain transfers of any data and asset to improve their operability. Here’s the market structure of dot.

Polkadot is trading at $32.45. The market structure of Polkadot is extremely bullish owing to the break of four structure points on the daily time frame. These structure points were positioned at $16.96, $25.99, $28.79 and $31.41 respectively. It has to hold above the last structure point in order to continue its bullish trajectory. If it sustains the recent breakout, it can easily test new supply zones on the upside. The volumes on the breakout were 2.5 times the average volumes.

On the hourly chart, the coin has given a decisive breakout of the narrow range it was trading in. With multiple retracements, the coin still managed to rally approximately 20% from the consolidation between demand and supply zones. The buyers are in complete control of Polkadot’s market and if this continues, we can test new swing-highs.

market structure dot
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 62.58 and can cool down shortly.

The MACD is above the signal line, confirming the dominance of buyers over sellers.

market structure dot
Source: tradingview

Conclusion:

On the breakout and close above $33.83, $37 and $40 are the targets on the upside.

On the breakdown and close below $31.41, $30.26 and $28.95 are the targets on the downside.

MONERO ANALYSIS: SEPTEMBER, 2021

Market Structure:

Monero is a cryptocurrency that can be privately exchanged for goods and services on a global basis. Here’s the market structure of Monero.

Monero is trading at $303.5. The market structure of Monero is extremely bullish owing to the clear formation of higher-highs and higher-lows on the daily time frame. In this process, the coin has broken multiple structure points placed at $215.8, $232.5 and $265 respectively. It now heads towards a strong supply zone placed between $310 to $312. This supply zone was formed during the May crash and still serves as a strong resistance.

On the hourly chart, the coin has reached a minor supply zone. This range exists between $304.7 and $307. The coin is showing signs of rejection as a long bearish candle was formed on the hourly chart. If the rejection sustains, Monero can test its immediate demand zone of $293.2 to $295. The base formation of a rally-base-rally was formed here.

market structure monero
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is near the overbought region. It stands at 63.62 and has the potential to cool down.

The MACD is on the verge of crossing below the signal line confirming the rejection faced at the supply zone.

Monero analysis
Source: tradingview

Conclusion:

On the breakout and close above $307.9, $314.9 and $319.2 are the targets on the upside.

On the breakdown and close below $299.9, $295.5 and $293.3 are the targets on the downside.

DOGE ANALYSIS: SEPTEMBER, 2021

Market Structure:

Dogecoin is a cryptocurrency developed as a joke against Bitcoin and cryptocurrencies as a whole. Here’s the market structure of Dogecoin.

Doge is trading at $0.3002. The market structure of Doge is mildly bullish. The coin has broken only one structure point on the daily time frame which was positioned at $0.2948. It rallied to the extent of $0.3524 but could not sustain due to sharp supply. It made a swing-low of $0.2632 before finding some demand. Now it has to hold above the level of $0.2868 to regain bullish momentum,

On the hourly chart, the coin has given a breakout of a supply zone. This supply zone ranged from $0.2863 to $0.2963. Above average bullish volumes sponsored by a rising 20-day exponential moving average facilitated the breakout. The coin has given a standard retest of the supply zone which has now become a demand zone. Thus, the coin is likely to continue its bullish trajectory from here on out.

market structure doge
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI is hovering near the overbought region. It stands at 67.76 and has the potential to cool down.

The MACD is above the signal line, confirming the short-term bullish bias of the coin.

Doge analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.3094, $0.3153 and $0.3200 are the targets on the upside.

On the breakdown and close below $0.2917, $0.2868 and $0.2700 are the targets on the downside.