Market Structure Of Graph, Zcash And Sol!

GRAPH ANALYSIS: SEPTEMBER, 2021

Market Structure:

The Graph is an indexing protocol that organizes different blockchain networks. Here’s the market structure of the Graph.

The Graph is trading at $0.8367. The market structure of the Graph is sideways or range bound. This is so because the coin is stuck between the overhead supply zone and the demand zone below. The supply zone ranges from $1.06 to $1.10. The daily demand order block is ranging from $0.7869 to $0.8188. Some recovery can be expected after the massive sell-off on September 7, 2021. However, there’s an equal chance for further downfall.

On the hourly chart, the coin has made a head-and-shoulder pattern. This pattern is essentially a bearish pattern. On the breakdown of the neckline of the pattern that is placed at $0.8327, further weakness can be witnessed in the short-term. However, the coin can bounce from the aforementioned demand zone and show some mitigation of loss.

The graph analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI has slid below the neutral region. It stands at 41.32 and has the potential to go lower.

The MACD is below the signal line confirming the possibility of a breakdown of the neckline on the downside.

graph analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.8974, $0.9552 and $1 are the targets on the upside.

On the breakdown and close below $0.82, $0.7826 and $0.7411 are the targets on the downside.

ZCASH ANALYSIS: SEPTEMBER, 2021

Market Structure:

Zcash is a digital currency for fast, confidential and private transactions across the globe. Here’s the market structure of Zcash.

Zcash is trading at $136.1. The market structure of Zcash is mildly bearish. The bearish trend is sponsored by the flash-crash experienced on September 7, 2021. The coin took a beating of 32% before it closed 20% off the opening candle. Since then, indecision prevails in its market as the following daily candles had long wicks on both sides. The next few weeks will be crucial to determine the future trend of the coin.

On the hourly chart, the coin has made a similar pattern like The Graph- a triple-top pattern. Thus, on the break of the neckline and the demand zone placed below, short-term weakness will continue to prevail. However, if the coin sustains above the demand zone, it will show a sideways movement with a positive bias.

Zcash analysis graph
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 43.91 and has the capacity to move in either direction.

The MACD is below the signal line confirming the possibility of a breakdown below the crucial demand zone.

Zcash analysis
Source: tradingview

Conclusion:

On the breakout and close above $139, $143.1 and $147.7 are the targets on the upside.

On the breakdown and close below $130.9, $127.4 and $123 are the targets on the downside.

SOLANA ANALYSIS: SEPTEMBER, 2021

Market Structure:

Solana is a high-performance blockchain network supporting developers all over the world to build their own projects. Here’s the market structure of Solana.

Solana is trading at $182. The market structure of Solana is the most bullish in the entire cryptocurrency market. The coin is rallying despite any trend shown by Bitcoin. In addition to this, while all coins fell by 10% to 30%, Solana rose by 5%. It has been making higher-highs almost every day, its recent swing-high being $216. Although it has retraced 10% to $180, it is likely that the coin will continue its bull-run and its long-term trend remains intact following the ignition event.

On the hourly chart, the coin has shown various zones of interest. The hourly supply order block stands between $212.88 and $216.63. Moreover, the coin is showing signs of reversal from the previous day low. Thus, the coin is likely to bottom out here and continue its trajectory towards a new all-time high in the coming weeks.

solana analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin. The hourly RSI is below the neutral region. It stands at   41.34 and has the capacity to show a reversal from there.

The MACD is below the signal line following the retracement from the swing-highs.

solana analysis
Source: tradingview

Conclusion:

On the breakout and close above $194.14, $200 and $216 are the targets on the upside.

On the breakdown and close below $175, $167 and $160 are the targets on the downside.

Also read: Nitin Kamath Hints At Cryptocurrency Over Traditional Broking