Market Structure Of Link, Aave And Rune!

Market Structure:

Link is an open-source technology which is collectively developed by researchers, engineers and interested parties. Here’s the market structure of Link.

Link is trading at $23.396. The market structure of the coin is sideways with a bullish bias. This is so because the coin has been stuck in a range on the hourly time frame. This range extends from $21.39 to $24.233. The long-term trend remains bullish owing to the recent break of structure given by the coin.

The coin has made a series of higher-highs and higher-lows on all the lower time frames. In addition to that, the coin now rests at its support zone from which it is showing signs of reversal.

The bullish volumes are above the mean volumes thus implying the participation of bulls at the demand zone. This time the coin may break the resistance on the upside.

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The RSI has given a positive divergence from its lower trendline. It stands at 48.60 and has the potential to rise higher.

The MACD is slightly below the signal line, confirming the pullback of the coin.

Conclusion:

On the breakout and close above $24.24, $25.02 and $26.34 are the targets on the upside.

On the breakdown and close below $22.86, $21.41 and $20.44 are the targets on the downside.

AAVE ANALYSIS: AUGUST, 2021

Market Structure:

Aave is an open-source and non-custodian protocol to earn interest on deposits and borrow assets. Here’s the market structure of Aave.

Aave is trading at $360.39. The coin is said to be in a bullish trend as the coin has given a breakout and close above its previous structure point on the daily time frame. Inflow of heavy volumes as well as optimistic sentiments in the market has sponsored this rally. In addition to the structure breakout, the coin has also broken its double bottom neckline which implies a change in trend.

On the lower time frames, the coin has moved above its supply zone which ranges from $330.16 to $345.89. On completion of the breakdown, the coin showed a standard retest of the new support and bounced again.

Bullish momentum can be clearly seen with the inflow of bullish volumes as well as formation of higher-highs and higher-lows on the hourly time frame.

Market Indicators:

The Relative Strength Index is indicating mild price weakness in the short-term. The RSI has shown a healthy pullback from the overbought zone and it currently rests near the neutral region. It stands at 53.09 and has the potential to resume its upward movement.

The MACD is below the signal line owing to the pullback seen on the hourly charts. The market structure of Aave remains bullish despite the MACD signal.

Conclusion:

On the breakout and close above $377.69, $391.56 and $408.89 are the targets on the upside. The current momentum will facilitate the coin to move to these targets soon.

On the breakdown and close below $330.91, $311.98 and $284.59 are the targets on the downside. The market structure of Aave hints at a possible breakout.

RUNE ANALYSIS: AUGUST, 2021

Market Structure:

Thorchain is a protocol which transfers native assets into liquidity pools so as to earn yields. Here’s the market structure of Rune.

Rune is trading at $7.818. The market structure of the coin is extremely bullish for the short-term and mildly bullish in the long-term. The coin has broken its previous structure point on the daily time frame. In addition to that, the coin has been forming a series of higher-highs and higher-lows on the hourly time frame. Thus, extreme bullish momentum can be seen in the short-term.

The coin has rallied more than 100% within two weeks along an ascending support trendline. Currently, the coin is hovering near the same trendline. The coin can witness a sharp upward movement from this level and continue its trajectory towards a new higher-high.

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin. The RSI has given a positive divergence from the neutral zone. It stands at 48.36 and has the potential to rise steadily in the coming weeks.

The MACD is below the signal line, confirming the pullback of the coin to the support level.

Conclusion:

On the breakout and close above $8.371, $8.983 and $9.865 are the targets on the upside. Given the current momentum, these targets will not be difficult to achieve.

On the breakdown and close below $7.172, $6.638 and $6.337 are the targets on the downside.