BURGER ANALYSIS: JULY, 2021
Burgerswap, a leading crypto platform has developed the burger coin to use on the platform. Here’s the price analysis of Burger.
Burger is trading at $4.08. It has declined over 8% in a day after facing a strong rejection from the resistance zone. The coin had advanced 17.46% yesterday but failed to give a successful breakout. The coin has been in a range on the daily chart. This range extends from $3.30 to $4.44. A break on either side will give a good movement.
The coin is trading below its 50-day exponential moving average owing to the May crash. However, the short-term trend remains bullish since the coin is taking support above its 20-day exponential moving average.
Currently, the bullish volumes are exceeding the bearish ones. Moreover, yesterday’s bullish candle was supported by good buying volumes, hinting at possible strength in its market.
The Relative Strength Index is showing price strength for the coin. It has swiftly moved upwards since a week but faced a negative divergence as seen on today’s 8% fall. The RSI currently stands 49.15, with a potential to bounce back.
The MACD is sustaining above the signal line, giving a ‘buy’ call to investors. More bullishness can be seen if the MACD crosses above the 0 line.
The price analysis of burger is showing bullish hints.
On the breakout and close above $4.70, $5.83 and $6.75 are the targets on the upside.
On the breakdown and close below $3.89, $3.30 and $2.93 are the targets on the downside for Burger.
The price analysis of Burger is indicating the possibility of a breakout.
FANTOM ANALYSIS: JULY, 2021
Fantom is a highly effective tool for DeFi platforms, crypto dApps and other protocols. Here’s the price analysis of Fantom.
Fantom is trading at $0.204. It has yet again tested its support zone which ranges from $0.182 to $0.204. The coin has tested this support several times on the daily chart but never closed below it. The coin is facing selling pressure from the resistance zone of $0.225 to $0.250. The pattern of descending triangle is prominent on the daily time frame. This pattern is essentially a bearish continuation pattern.
The coin is trading below its 50-day and 200-day exponential moving average. In addition to this, the former has given a death cross below the latter which is a highly bearish sign.
Moreover, the bearish volumes, although below average, are very consistent. The sellers have become more active in the past week as we see consecutive bearish volumes coming in.
The Relative Strength Index is showing price weakness for the coin in the short-term. The RSI has drifted downwards from the neutral region. It currently stands at 38.68, with a potential to go lower.
The MACD is slightly above the signal line. However, it is on the verge of converging with the signal line which will confirm the bearish trend.
On the breakout and close above $0.239, $0.276 and $0.356 are the targets on the upside.
On the breakdown and close below $0.184, $0.162 and $0.140 are the targets on the downside for Fantom.
SOLANA ANALYSIS: JULY, 2021
Solana is a fast, secure and censorship resistant blockchain providing the open infrastructure required for global adoption. Here’s the price analysis of Solana.
The coin is currently trading at $28.00, dangerously near its demand zone. The demand zone is the neckline of the double top formation on the daily chart. The double top pattern is essentially a bearish pattern which triggers on the break of the neckline.
The long-term trend of the coin remains bullish since it is above its 200-day exponential moving average. However, the short-trend is bearish as the 50-day moving average is putting downward pressure on the coin.
The volumes are indicating the domination of the sellers since the bearish volumes exceed the bullish ones on an average.
The Relative Strength Index is showing extreme price weakness for the coin. The RSI has plunged near the oversold region in the last week. It currently stands at 38.54, with a potential to fall more.
The MACD has just crossed below the signal line, giving a ‘sell’ call to investors.
Both indicators hint at a possible breakdown of the support.
On the breakout and close above $32.82, $38.02 and $44.20 are the targets on the upside.On the breakdown and close below $25.48, $22.92 and $19.25 are the targets on the downside for Solana.