Market Structure Of Swipe, Link And Sushi!

SWIPE ANALYSIS: AUGUST, 2021

Market Structure:

Swipe connects and partners with major payments networks to enable businesses to rapidly create cryptocurrency. Here’s the market structure of swipe.

Swipe is trading at $3.72. The market structure of Swipe is bullish owing to the break of structure on the daily timeframe. In addition to this, Swipe has rallied over 50% in two days, thus indicating the buyer-dominant market. In a month, it has rallied almost 200% from $1.33 to $3.78. The rally is sponsored by accumulation phases and inflow of above average bullish volumes. Moreover, the rising 20-day exponential moving average is another indication of the bullish trend.

On the lower time frame, the coin is trading right near its daily supply zone. This zone was formed when heavy supply was introduced in Swipe’s market during the May crash. Breaking this supply zone will be difficult unless bitcoin supports the altcoin rally. On the break of this supply zone, the coin will continue its trajectory towards a new all-time high.

Source: tradingview

Market Indicators:

The Relative strength index is indicating price strength for the coin in the short-term. The hourly RSI has entered the overbought region. It is currently positioned at 72.63 and has the potential to cool down before continuing its rally.

The MACD is above the signal line, confirming the short-term and long-term bullish trend of the market.

market structure swipe
Source: tradingview

Conclusion:

On the breakout and close above $3.76, $3.91 and $4.15 are the targets on the upside.

On the breakdown and close below $3.49, $3.35 and $3.27 are the targets on the downside.

Market Structure:

Chainlink decentralized oracle networks provide tamper-proof inputs, outputs, and other computations. Here’s the market structure of Chainlink.

Chainlink is trading at $28.074. The market structure of Chainlink is bullish owing to the break of structure on the daily timeframe. In addition to this, link has rallied over  20% in two days. Overall, the coin has rallied over 120% in a month. Currently, the coin is taking support at its fibonacci level after witnessing a retracement. The inflow of heavy bullish volumes and the rising 20-day exponential moving average are additional bullish indicators.

On the lower time frame, the coin is trading near its daily supply zone which extends from $28.49 to $28.83. This zone was formed when new supply was introduced during the May crash. On the other hand, the immediate demand zone ranges from $27.29 to $27.46. The break on either side will determine its trend moving forward. 

market structure of Link
Source: tradingview

Market Indicators:

The Relative strength index is indicating price strength for the coin in the short-term. The hourly RSI has entered the overbought region. It currently stands at 66.06 and has the potential to go higher.

The MACD is sustaining above the signal line, confirming the bullish trend of the coin.

Link RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $28.83, $29.14 and $29.52 are the targets on the upside.

On the breakdown and close below $28.02, $27.46 and $26.95 are the targets on the downside.

SUSHI ANALYSIS: AUGUST, 2021

Market Structure:

Sushi is an Ethereum-based cryptocurrency that powers the Sushiswap, which is a decentralized exchange and regulation. Here’s the market structure of Sushi.

Sushi is trading at $13.80. The market structure of Sushi is extremely bullish owing to the break of structure on the daily time frame. In addition to this, the coin has rallied over 100% within a month and over 14% within a day. The rally was sponsored by an inflow of above average bullish volumes and support from the 20-day exponential moving average.

On the lower time frame, the coin has faced a strong rejection from the overhead supply zone. This zone extends from $14.27 to $14.40. Above this zone, the coin can reach its all time high and continue further trajectory. On the flip side, the demand zone ranges from $13.42 and $13.60. Below this level, the coin can witness a slight bearish trend.

sushi market structure
Source: tradingview

Market Indicators:

The Relative strength index is indicating price weakness for the coin in the short-term. The hourly RSI has crossed below the neutral region. It stands at 48.45 and has the potential to move lower.

The MACD is below the signal line, confirming the rejection faced by the coin from the aforementioned supply zone.

sushi rsi macd
Source: tradingview

Conclusion:

On the breakout and close above $14.40, $15.13 and $16.37 are the targets on the upside.

On the breakdown and close below $13.42, $12.87 and $12.36 are the targets on the downside.