Market Structure Of Dot, ICP And Helium!

POLKADOT ANALYSIS: JULY, 2021

Market Structure:

Polkadot is a cryptocurrency network that provides unparalleled economic stability and decentralization. Here’s the market structure of Polkadot.

Dot is trading at $12.44. Dot is in a bearish trend due to the occurrence of lower-highs and lower-lows since May, 2021. The daily time frame prominently shows the bearish trend. On the one-hour chart, the coin has broken a minor structure point and now hovers near the supply zone. This zone ranges from $12.60 to $12.92 which is a crucial zone of interest. The coin tried to break this resistance but failed to do so and formed a sharp bearish candle on the one-hour chart.

The volumes indicate the presence of buyers in the market till now. However, there can be a change in scenario now that the coin has reached a supply zone.

polkadot market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin as it has defended itself from the oversold region. The RSI has given a sharp surge in the last day. It currently stands at 38.75, with a potential to go higher provided that the coin breaks the supply zone on the upside.

The MACD is slightly below the signal line, still indicating some weakness in the market.

polkadot RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $12.92, $13.28 and $13.98 are the targets on the upside.

On facing rejection from $12.60 to $12.92, a new low of $11.64 and $10.39 can be made.

The price analysis of polkadot suggests continuation of weakness.

ICP ANALYSIS: JULY, 2021

Market Structure:

ICP is a utility token that enables users to access the internet computer blockchain protocol. Here’s the market structure of ICP.

ICP is trading at $33.26. The trend of ICP is highly bearish. It is so because the coin has been making lower-lows without any significant highs on the daily time frame. Its market is completely seller-dominant. The hourly time frame clearly shows a bullish move that has taken out the key supply zones.

However, it faced a clear rejection from the supply zone of $33.76 to $34.90. The coin gave a breakout above the previous high point of the structure. However, it proved to be a manipulation of liquidity as the price quickly retraced below the breakout point.

Buying volumes for the day were significant yet not enough to take out the supply zone completely. The last three candles on the hourly chart show the influx of new supply from the same zone.

ICP market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin. The RSI has cooled down from the overbought region. It stands at 64.98, with a potential to go lower if it faces further rejection.

The MACD is above the signal line on account of the buying participation seen today.

ICP RSI MACD
Source: tradingview

 Conclusion:

On the breakout and close above $34.92, $37.15 and $38.93 are the targets on the upside.

On facing rejection from $33.80 to $34.91, a new low of $30.88 and $28.90 can be made.

HELIUM ANALYSIS: JULY, 2021

Market Structure:

Helium is a cryptocurrency generated when Hotspots provide and validate wireless coverage of the network. Here’s the market structure of Helium.

Helium is trading at $10.76. The coin is range bound as the highs and the lows are equivalent to each other on the daily time frame. The hourly time frame shows a lot of activity.

 The coin has broken two major structure points of supply in one day. This suggests a reversal from the lower levels however a confirmation is still required. The coin broke the level of $10.12 and $10.67 earlier today with huge buying volumes. Some institutional activity has occurred at these levels.

After breaking out from these points of interest, a retracement has been seen on the hourly time frame. If the coin sustains above the zone, it can be a good buying opportunity for investors.

Helium market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin as it has been making a series of higher-highs and lower-lows. The RSI stands at 62.22, with a potential to go higher.

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

Helium Market structure
Source: tradingview

Conclusion:

On sustaining above the level of $10.67, $11.46 and $11.91 are the targets on the upside.

On the breakdown and close below $10.46, $9.91 and $9.53 are the targets on the downside.