Market Structure Of ICX, Rune And Uni!

ICON ANALYSIS: SEPTEMBER, 2021

Market Structure:

Icon is a blockchain network developed in 2017 by a group of South Korean developers. Here’s the market structure of ICX.

ICX is trading at $1.715. The market structure of ICX is extremely bullish owing to the break of multiple structure points on the daily time frame. In addition to this, the coin has made a standard higher-high and higher-low formation. In this process, the coin has broken $1.045, $1.179, $1.336 and $1.486 which were major structure points. Thus, it has gained extreme bullish momentum and is looking to test new swing-highs.

On the hourly chart, the coin has depicted an excellent higher-high trajectory. However, it seems as though the rally may be losing its steam in the short-run as the coin looks to break previous hourly swing-low. The demand zone between $1.657 and $1.687 is an important pivot point, above which the momentum continues. Below this zone, a short-term bearish run can be triggered.

market structure of ICX
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI has been driven below the neutral region. It stands at 42.20 and has the potential to go lower.

The MACD is below the signal line which confirms the possibility of a short-term bearish trigger.

market structure of ICX
Source: tradingview

Conclusion:

On the breakout and close above $1.759, $1.838 and $1.9 are the targets on the upside.

On the breakdown and close below $1.671, $1.640 and 1.567 are the targets on the downside.

RUNE ANALYSIS: SEPTEMBER, 2021

Market Structure:

Rune is a cryptocurrency designed to be the most liquid in the crypto ecosystem. Here’s the market structure of Rune.

Rune is trading at $11.57. The market structure of Rune in the long-term is bullish owing to the higher-high and higher-low formation on the daily time frame. It is currently hovering near the previous swing-high and facing resistance from the same. The coin needs to break the overhead supply zone in order to gain a new round of momentum. It looks difficult as the coin has made a bearish hammer on the daily chart.

On the hourly chart, the coin is showing a sideways movement between the demand and the supply zones. However, the coin has given a breakdown below the demand zone. This demand zone ranged from $11.518 to $11.596. On the other hand, the supply zone was present between $11.992 and $12.083.

market structure of rune
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 49.85 and has the potential to go lower.

The MACD is below the signal line owing to the breakdown of the demand zone.

Rune analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $11.588, $11.708 and $12.00 are the targets on the upside.

On the breakdown and close below the level of $11.305, $11.107 and $11 are the targets on the downside.

UNISWAP ANALYSIS: SEPTEMBER, 2021

Market Structure:

Uniswap is a cryptocurrency and a decentralized protocol to govern the Uniswap exchange. Here’s the market structure of Uniswap.

Uniswap is trading at $28.05. The market structure of Uniswap is sideways with a negative bias. This is so because the coin I stuck in a range between the demand zone and supply zone. The daily demand zone is placed at $25.30 and the supply counterpart is placed at $31.25. The coin must break either side decisively so as to determine its trend moving forward.

On the hourly chart, the coin has given a breakdown of a crucial demand zone. This hourly demand zone stood between $29.04 and $29.43. Currently, it made a huge bearish candle below the immediate order block, confirming the short-term weakness.

uniswap analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin in the short-term. The hourly RSI has dipped into the oversold region. It stands at 20.7 and has the capacity to dip lower.

The MACD is below the signal line owing to the breakdown of multiple demand zones.

uniswap analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $27.81, $28.37 and $29 are the targets on the upside.

On the breakdown and close below the level of $26.41, $26 and $25 are the targets on the downside.

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