Market Structure Of Ripple, Litecoin And Avax!

RIPPLE ANALYSIS: AUGUST, 2021

Market Structure:

Ripple is a cryptocurrency that provides a better platform for international payments with negligible transaction costs. Here’s the market structure of Ripple.

Ripple is trading at $0.7085. The market structure of Ripple saw a shift in trend owing to the recent rally. The surge in the price of the coin took out the previous structure points of the lower-high. It was the first time since May that Ripple showed bullish momentum.

However, on the lower time frames, the coin may be heading for a health pullback. The coin currently rests near its demand zone ranging from $0.6875 to $0.6977. If it faces a rejection from this zone, it may remain sideways or range bound for some days.

The last prominent accumulation phase on the hourly chart occurred near the level of $0.7233. Presently, the coin is trading in the same range. However, it is difficult to say if it is an accumulation phase or a distribution phase. Confirmation will be seen on the formation of a strong candle on either side.

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 the lower levels indicating the possibility of a bounce from the support zone. It is currently at 42.86.

The MACD has just crossed above the signal line, confirming the positive bias presented by the RSI.

Conclusion:

On the breakout and close above $0.7254, $0.7421 and $0.7736 are the targets on the upside.

On the breakdown and close below $0.6871, $0.6755 and $0.6489 are the targets on the downside.

LITECOIN ANALYSIS: AUGUST, 2021

Market Structure:

Litecoin is a peer-to-peer open-source cryptocurrency developed as a spin-off of Bitcoin in 2011. Here’s the market structure of Litecoin.

Litecoin is trading at $139.25. The market structure of the coin is indecisive as the coin is trading near the same level of the previous structure point. The coin must break and close above the previous lower-high formation at $140.37 to witness another bullish rally. Thus, until the coin gives a daily closing above that level, the coin may remain sideways with a bearish bias.

On the hourly charts, the coin has formed a textbook head-and-shoulders pattern. This pattern is essentially a bearish pattern. On the breakdown and close below the neckline of the pattern, weakness can be witnessed in the coin.

However, it seems as though the coin has taken a support and given a reversal from the demand zone that is the neckline of the pattern.

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin. Although highly volatile, the RSI has defended itself from the oversold region. It is currently standing at 44.37.

The MACD has crossed above the signal line, confirming the reversal from the demand zone as seen on the hourly chart.

Conclusion:

On the breakout and close above $140.37, $150.09 and $160.82 are the targets on the upside.

On the breakdown and close below $136.05, $128.06 and $124.03 are the targets on the downside.

AVAX ANALYSIS: AUGUST, 2021

Market Structure:

Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by a number of firms. Here’s the market structure of avalanche.

Avalanche is trading at $12.648. The market structure of the coin is indecisive as it is trading near the previous lower-high structure point. Until the coin breaks and closes above that structure point, the coin will remain sideways with a negative bias. Thus, the coin must give a daily closing above 14.4226 so as to witness further momentum.

The immediate accumulation phase is near the level of $12.576 to $12.802. Thus, it can experience a good move from the current levels as the range has proved to be great support for the coin in the recent rally.

Moreover, on account of the positive sentiments in the market, it can be assumed that altcoins such as avalanche can see an upwards movement.

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The RSI has been volatile since a week but it has defended the oversold region. It is currently positioned at 41.77.

The MACD has given a fresh cross above the signal line, confirming the bullish bias posed by the RSI.

Conclusion:

On the breakout and close above $12.802, $13.362 and $14.080 are the targets on the upside.

On the breakdown and close below $12.576, $11.986 and $11.699 are the targets on the downside.

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