Polygon, ICX And BNB Are Consolidating!

POLYGON ANALYSIS: OCTOBER, 2021

Market Structure:

Polygon is an Ethereum-based token that operates on the Ethereum blockchain network. Here’s the market structure of Polygon.

Polygon is trading at $1.809. The market structure of Polygon is extremely bullish as the coin has broken the September highs. In this process, Polygon has broken multiple structure points on the daily chart including $1.424 and $1.797. The immediate demand zone ranges from $1.597 to $1.631. On the other hand, the immediate supply zone ranges from $1.908 to $1.986. The coin is likely to retrace from its highs so that the rally can be sustained. As per the Fibonacci retracement levels, support exists at $1.691 and $1.588.

On the hourly chart, the coin has made a series of higher-highs and higher-lows. Currently, the coin has bottomed out near the 23.6% Fibonacci retracement level and is heading to make a new higher-high. The recent swing high will serve as an immediate resistance which will not be easy to take out. Good bullish volumes are required for a breakout to be seen.

Polygon analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region due to a rally to the previous high. It stands at 61.87 and has the potential to go higher.

The MACD is on the verge of crossing above the signal line as the coin has bottomed out.

Polygon analysis
Source: tradingview

Conclusion:

On the breakout and close above $1.857, $1.885 and $1.95 are the targets on the upside.

On the breakdown and close below $1.797, $1.741 and $1.691 are the targets on the downside.

ICX ANALYSIS: OCTOBER, 2021

Market Structure:

ICX is a cryptocurrency based on the Icon blockchain developed by South Korean researchers. Here’s the market structure of ICX.

ICX is trading at $2.065. The market structure of ICX is mildly bullish as the coin is sustaining above the previous structure point. However, the coin has been consolidating in a symmetrical triangle formation. ICX is nearing the end of the consolidation phase as the channel is getting narrower by the day. Thus, a breakout or the breakdown of either trendline is imminent. The volumes are surprisingly below average highlighting the lack of participation from buyers and sellers. However, the support from the underlying 20-day exponential moving average provides hope for a breakout.

On the hourly chart, ICX has given a very choppy move along the upper and lower trendline. There seems to be no clear directional bias until a decisive breakout or breakdown is seen. The overhead supply zone is placed between $2.178 and $2.200. On the other hand, the demand zone ranges from $1.897 to $1.913.

Polygon analysis ICX
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region due to a choppy move. It stands at 47.26 and has the potential to go higher.

The MACD is on the verge of crossing above the signal line as the coin seems to move towards a breakout.

Polygon analysis ICX
Source: tradingview

Conclusion:

On the breakout and close above $2.101, $2.140 and $2.2 are the targets on the upside.

On the breakdown and close below $2.017, $1.977 and $1.933 are the targets on the downside.

BNB ANALYSIS: OCTOBER, 2021

Market Structure:

BNB is a cryptocurrency devised by the largest cryptocurrency exchange in the world, Binance. Here’s the market structure of BNB.

BNB is trading at $483.6. The market structure of BNB is extremely bullish as the coin has broken multiple structure points. On the other hand, the coin has reached its previous September high. However, the high between $500 and $510 will prove to be a tough resistance to break. The coin is consolidating between a tight range between the support and resistance. $488 serves as a resistance while $474 serves as a support.

On the hourly chart, the coin has rebounded from the aforementioned support level. BNB is now heading towards the resistance.

BNB analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region due to a choppy move. It stands at 55 and has the potential to go higher.

The MACD has crossed above the signal line due to the rally towards the resistance.

BNB analysis
Source: tradingview

Conclusion:

On the breakout and close above $488.7, $494 and $500 are the targets on the upside.

On the breakdown and close below $481.3, $476 and $470 are the targets on the downside.

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