Market Structure Of YFI, Unifi And PSG!

YFI ANALYSIS: JULY, 2021

Market Structure:

YFI is a freely-tradable token, with other cryptocurrency pairs as well as fiat currencies such as USD. Here’s the market structure of YFI.

YFI is currently trading at $31684.11. The coin has been making a series of lower-highs and lower-lows on the daily time frame. Hence, it is in a bearish trend. The bearish trend will only end if the coin gives a daily close above $35399.46. Else, it will continue its bearish trend and follow its current trajectory.

Coming to the lower time frames, the coin has made some bullish structures. It gave a 30% rally in a matter of a week, thus establishing the presence of buyers at the lower levels.

The coin has rallied along the support of the lower trendline, as highlighted by the green zone on the charts. The coin must give a closing above its recent high of $37783.66 to witness further bullish momentum.

YFI MARKET STRUCTURE
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short term. The RSI has smoothly moved upwards. It currently stands at 53.43 and has the potential to go higher.

The MACD is above the signal line, confirming the bullish momentum in its market.

YFI MARKET STRUCTURE
Source: tradingview

Conclusion:

On the breakout and close above the level of $32318.71, $33176.59 and $34335.75 are the targets on the upside.

On the breakdown and close below $29659.79, $28382.58 and $27551.33 are the targets on the downside. If these support zones are broken, the bearish trend will continue.

UNIFI ANALYSIS: JULY, 2021

Market Structure:

Unifi is an easily deployable blockchain protocol that can be customized to transform real-world products. Here’s the market structure of Unifi.

Unifi is trading at $9.019. The market structure of the coin is bearish owing to the series of lower-highs and lower-lows on the daily time frame. However, the short trend remains extremely bullish following the 100% rally in ten days. The coin tried to break its bearish trend but failed to close above the previous lower-high.

Currently, the coin has made a symmetrical triangle formation on the four-hour time frame. This pattern can give movement on either side. However, owing to the bullish momentum in the market, probability of a breakout on the upside is more plausible.

The nearest demand zone lies between $7.50 to $8.00. This zone has proved as a support for the coin where the coin has retested many times.

YFI UNIFI MARKET STRUCTURE
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating indecisiveness in the market. The RSI has been consolidating near the neutral region confirming the consolidation of the coin in a triangle. It currently stands at 55.91 and has the potential to go in any direction.

The MACD is slightly below the signal line. However, it seems as though it will converge with the signal line, confirming the indecision in the market.

UNIFI RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $9.694, $10.402 and $11.007 are the targets on the upside.

On the breakdown and close below $7.537, $6.865 and $6.384 are the targets on the downside.

PSG ANALYSIS: JULY, 2021

Market Structure:

PSG is the Paris Saint-German token which is a blockchain-secured digital asset that gives certain voting rights to the holders. Here’s the market structure of PSG.

The PSG token is trading at $24.936. The market structure of the coin is bullish as it has made a series of higher-highs and higher-low. It has recently taken out the previous structure point which sponsored the change in the trend.

During this uptrend, many accumulation phases could be seen on the four-hour charts. The immediate demand zone lies at $24.475, which is also the previous accumulation zone.

Whereas the immediate supply zone ranges from $26.436 to $26.75. Thus, the coin is stuck in a tight range. A break on either side will determine the trend of the coin in the coming days.

PSG MARKET STRUCTURE
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin. The RSI has steadily moved down from the overbought region to the neutral region. It currently stands at 45.85 and has the potential to go lower.

The MACD is below the signal line, hinting at a possibility of a breakdown.

PSG RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $26.480, $27.98 and $32.38 are the targets on the upside. Owing to the bullish trend of the coin, it may rally after witnessing some pullbacks.

On the breakdown and close below $24.475, $23.315 and $22.219 are the targets on the downside.