Market Structure Of Rune, Titan And Zcash!

RUNE ANALYSIS: JULY, 2021

Market Structure:

Thorchain or Rune is a decentralized liquidity network provider. Here’s the market structure of Rune.

Rune is trading at $3.852. The overall trend of its market is bearish since the coin has made a series of lower-highs and lower-lows on the daily chart.

On the hourly charts, the coin rallied over 60% in less than a week from $3 to $4.80 roughly. In the process, it took out a key supply zone or a structure point. However, this breakout was not sustained as the coin faced a sharp rejection from the next supply zone. On facing said rejection, the coin plunged over 25% before finding support at a demand level. The coin is now sustaining above the demand zone and possibly going through the accumulation phase. It has the potential to go higher and break the resistance zone again.

The volumes are supporting the possibility of a rally.

Rune market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating indecisiveness in the market. It defended itself from the oversold region but currently it trades flat. The RSI is positioned at 43.70.

The MACD is below the signal line, supporting the 25% fall. However, it is on the verge of crossing above it once the accumulation phase ends. The long-term market structure of Rune is bearish.

Rune market structure
Source: tradingview

Conclusion:

If a huge bullish candle is seen which takes out the high of the previous three candles, $4.19 and $4.56 are the targets on the upside.

On the breakdown and close below $3.59, $3.41 and $3.05 are the targets on the downside. The market structure of Rune in the long-term is bearish.

TITANSWAP ANALYSIS: JULY, 2021

Market Structure:

Titanswap is the governance token of Titan DAO whose possession comes with voting rights. Here’s the market structure of Titan.

Titan is trading at $6.40. The overall trend of the coin is bullish, having made a series of higher-highs and higher-lows on the daily time frame. It has recently made its higher-low and is showing signs of reversal. The reversal was seen by the formation of the ‘morning star’ candlestick pattern at the lower levels.

On the lower time frames, the short-term trend is bearish. However, the trend can change if the coin gives a breakout and close above the key structure point of $6.81.

It is unclear whether the coin is in the accumulation phase or the distribution phase. The edge remains towards accumulation since the coin experienced an impulsive move at this level a few hours ago.

titan market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength as it has shown a positive divergence near the neutral region. The RSI stands at 51.93 and it can go higher if the coin breaks the supply zone.

The MACD is below the signal line, confirming the short-term bearish trend of the coin.

titan RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $6.92, the presence of the accumulation phase will be confirmed. In that case, $7.29 and $7.86 are the targets on the upside.

On the breakdown and close below $6.18, the distribution phase will be prominent. In that case, $5.77 and $5.46 are the targets on the downside for Titan.

ZCASH ANALYSIS: JULY, 2021

Market Structure:

Zcash is a cryptocurrency with strong privacy features. Here’s the market structure of Zcash.

Zcash is trading at $96.63. The overall trend of the coin is bearish. It has been making lower-highs and lower-lows on the daily time frame. The coin recently made a lower-low and is showing signs of retracement. This implies that the coin is on its way to make another lower-high.

On the lower time frame, the coin might show short-term bullishness. To achieve this, the coin must break above the previous key structure point. This structure ranges from $97.53 to $99.20.

The coin just went through an accumulation phase and has retested back to this zone. It is likely that the coin will bounce back from this level and take out the minor structure point.

Zcash market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating excellent price strength as it has been making higher-highs with negligible retracements. The RSI stands at 56.08 and has the capacity to go higher.

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

Zcash RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $99.14, $105.72 and $112.90. There is potential for 12% upside since the breakout will take out the key supply zones.

On the breakdown and close below $90.90, $84.54 and $75.84 are the targets on the downside.