Market Structure Of GRT, Zcash And Tezos

GRAPH ANALYSIS: SEPTEMBER, 2021

Market Structure:

The Graph is an indexing protocol to record queries about popular blockchains such as Ethereum and IPFS. Here’s the market structure of the Graph.

The Graph is trading at $0.845. The market structure of the Graph is mildly bullish owing to the break of structure on the daily time frame. This structure point was formed at $0.79. Since then, the coin gave a swing-high till $1.09 and retraced back to the $0.82. The coin may witness a sharp reversal from here. On the other hand, if the coin breaks this structure, it may trigger a bearish trend.

On the hourly chart, the coin is seen to constantly take support from the demand zone of $0.812 to $0.849. Thus, this zone is very critical for the coin’s bull rally. The coin is showing signs of reversals here as four consecutives hourly bullish candles have been formed at the demand zone.

market structure of GRT
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 45.47 and has the potential to go higher.

The MACD is below the signal line owing to the sharp retracement seen by the coin.

market structure of GRT
source: tradingview

Conclusion:

On the breakout and close above $0.872, $0.901 and $0.915 are the targets on the upside.

On the breakdown and close below $0.826, $0.812 and $0.800 are the targets on the downside.

ZCASH ANALYSIS: SEPTEMBER, 2021

Market Structure:

Zcash is a digital currency with low transaction costs and global access to the network. Here’s the market structure of Zcash.

Zcash is trading at $143.1. The market structure of Zcash is bullish owing to the break of structure on the daily time frame. These structure points were placed at $130.9 and $143. However, the coin has been retested back to the latter structure point. Zcash must defend this structure so as to maintain its bullish trend. Else, a bearish trend will be triggered, driving the coin as low as $100. On the flip side, if the coin defends this zone and witnesses a reversal, it can touch its swing-high of $170 again.

On the hourly chart, the coin is facing resistance from a crucial supply zone. This zone extends from $143.5 to $147. This range, which previously served as a demand zone has now turned into a supply zone. Thus, the coin needs to break this zone on the upside to regain momentum.

market structure of Zcash
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 signal line. It stands at 47.38 and has the potential to go higher shortly.

The MACD is below the signal line owing to the break of the demand zone on the downside.

market structure of Zcash
source: tradingview

Conclusion:

On the breakout and close above $145.3, $147 and $148.3 are the targets on the upside.

On the breakdown and close below the level of $139, $137 and $135 are the targets on the downside.

TEZOS ANALYSIS: SEPTEMBER, 2021

Market Structure:

Tezos is an open-source platform that addresses key barriers faced by blockchain networks. Here’s the market structure of Tezos.

Tezos is trading at $5.223. The market structure of Tezos is extremely bullish as the coin has rallied over 280% in a month. The coin made a high of $6.1 and then retraced to $5.240. This retracement is healthy as it shakes out weak hands and provides an opportunity for strong hands to enter. However, the coin stands at an important structure point. This zone extends from $5.06 to $5.10.

On the hourly chart, the coin is making lower-highs and lower-lows as it approaches the demand zone. The coin must break and close above $5.548 to regain short-term bullish momentum. Else, the coin may remain sideways with a bearish bias. The 20-day exponential moving average is acting as an immediate resistance for the coin.

Tezos structure
source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has moved upwards swiftly. It stands at 49 and has the potential to go above the neutral zone.

The MACD is above the signal line indicating that the coin has bottomed out and will make a lower-high shortly.

Tezos structure
source: tradingview

Conclusion:

On the breakout and close above $5.376, $5.596 and $5.665 are the targets on the upside.

On the breakdown and close below the level of $5, $4.78 and $4.57 are the targets on the downside.