Two Altcoins Join Ripple’s 100% Gain Club!

RIPPLE ANALYSIS: AUGUST, 2021

Market Structure:

Ripple is an open developer platform for money. Through RippleX projects, developers leverage XRP and its underlying technology. Here’s the market structure of Ripple.

Ripple is trading at $1.2083. The market structure of Ripple is perhaps the most bullish in the cryptocurrency market. Ripple has broken most of its structure points in a single up trend. The coin is so bullish that it has only formed higher-highs with no major pullbacks on the daily chart. Ripple has rallied over 160% within a month. The coin has been invalidating supply zones effortlessly.

On the lower time frame, the coin has faced rejection from a supply zone and broken a minor support because of it. The coin faced rejection from the range of $1.3239 to $1.3495. Currently, the previous demand zone of $1.2106 to $1.2387 will act as a supply zone for the coin in the short-term. The long-term trend of Ripple remains intact.

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin. The RSI has defended the oversold region and given a positive divergence since. It stands at 43.64 and has the potential to go higher.

The MACD is below the signal line owing to the rejection from the supply zone and breakdown of the demand zone.

Conclusion:

On the breakout and close above the level of $1.2395, $1.3256 and $1.3494 are the targets on the upside.

On the breakdown and close below $1.1580, $1.0980 and $1.0459 are the targets on the downside.

CARDANO ANALYSIS: AUGUST, 2021

Market Structure:

Cardano is a proof-of-stake blockchain technology which is the first peer-reviewed coin by various developers. Here’s the market structure of Cardano.

Cardano is trading at $2.1341. The market structure of Cardano somewhat resembles that of Ripple. The coin has broken all its previous structure points effortlessly. It has been making only higher-highs on the daily time frame, indicating a buyer-dominant market. Surprisingly, Cardano is only 15% away from its all-time high. No other altcoin is as close to its ATH as Cardano. Above its current all-time high, the coin will consolidate for a while and then fly!

On the lower time frame, the coin is consolidating in a 10% range of $2.0311 to $2.2488. It can be seen as a healthy accumulation among genuine investors. On the breakout of the upper level of the rectangle consolidation, the coin will test its all-time high of $2.4700.

Market Indicators:

The Relative Strength Index is indicating mild price strength for Cardano in the short-term. The RSI has crossed above the neutral region. It stands at 50.40 and has the potential to go higher provided that the coin breaks its consolidation phase.

The MACD has just crossed above the signal line, confirming the short-term bullish structure and giving a ‘buy’ call to investors.

Conclusion:

On the breakout and close above the level of $2.2472, $2.3280 and $2.4700 are the targets on the upside.

On the breakdown and close below $2.0340. $1.9775 and $1.9369 are the targets on the downside.

SOLANA ANALYSIS: AUGUST, 2021

Market Structure:

Solana is a high-performance blockchain supporting builders around the world creating cryptocurrency applications. Here’s the market structure of Solana.

Solana is trading at $72.94. The market structure of the coin is surprisingly extremely bullish. The coin has rallied over 100% within a week. The coin has formed a series of higher-highs and higher-lows on lower time frames. On the higher time frames, the coin has made four consecutive bullish candles. The coin has made a new all-time high of $74.585 and is trading in uncharted territory.

On the hourly chart, the coin has faced rejection from a minor supply range that extends from $73.78 to $74.61. It can be a sign of profit-booking by early investors. The immediate demand zone stands between $67.48 and $68.90. The coin witnessed an impulsive move from this zone yesterday and is bound to do the same if it retests this zone.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin. The RSI hovers above the overbought region. It stands at 71.21 and may cool down in the short-term.

The MACD is quite above the signal line, confirming the unusual bullish frenzy in Solana’s market.

Conclusion:

On the breakout and close above $74.6775, $76.09 and $78.76 are the targets on the upside as per Fibonacci extensions.

On the breakdown and close below $67.57, $62.14 and $58.74 are the targets on the downside.

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