Price Analysis Of Elrond, Waves And EOS!

ELROND ANALYSIS: JULY, 2021

Market Structure:

Elrond is a cryptocurrency that aims to develop the future of Internet scalable blockchain technology. Here’s the price analysis of Elrond.

Elrond is trading at $67.37, down over 5% for the day. The market structure or the trend of the coin is bearish. The formation of the lower highs and lower lows on the daily timeframe clearly indicates weakness in the market structure.

The hourly time frame also shows a bearish trend within the larger bearish trend by depicting a series of lower highs and lower lows. The coin recently made a low of $65 and now has retraced back to mitigate the selling pressure. Currently, the coin is consolidating which indicates the possibility of distribution of hands. The coin is preparing to make a new low after the distribution phase ends.

elrond price analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the coming weeks. The RSI is heading towards the oversold region in the short-term. It is currently positioned at 37.34, with a potential to go lower.

The MACD is below the signal line, giving a ‘sell’ call to investors.

The price analysis of Elrond is indicating bearishness.

elrond price analysis
Source: tradingview

Conclusion:

On the breakout and close above $71.77, $75.10 and $77.81 are the targets on the upside.

On facing rejection from $69 to $70, a new low of $65.51 and $61.91 can be made.

The price analysis of Elrond suggests a high probability of downside.

WAVES ANALYSIS: JULY, 2021

Market Structure:

Waves is a decentralized blockchain platform focusing on custom blockchain tokens operations. Here’s the price analysis of Waves.

Waves is in a sideways or a range bound trade. It is neither making higher highs nor making lower lows. The highs as well as the lows are equivalent to one another. However, looking at the one-hour charts, some inferences can be made about the direction of the coin in the short-term.

The coin faced a huge supply from the range of $12.76 to $13.04. This range is a point of interest. As seen on the charts, the coin is heading towards this level again. Upon reaching this zone, the coin may face new supply and make new lows after that. The range of $11.60 to $11.73 is the demand zone.

The moving averages also indicate short-term weakness in the coin. Moreover, the volumes are indicating indecisiveness among the buyers and sellers.

Waves price analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin as it has smoothly drifted downwards for a while. The RSI is near the oversold region. It stands at 37.97, with a potential to mitigate some loss and then head further downwards.

The MACD is below the signal line, confirming the negative bias seen on the charts.

waves rsi macd
Source: tradingview

Conclusion:

On the breakout and close above $13.10, $13.66 and $14.23 are the targets on the upside.

If the coin faces rejection from $12.76 to $13.02, a new low of $12.13 and $11.65 can be made.

EOS ANALYSIS: JULY, 2021

Market Structure:

EOS is a cryptocurrency which aims to eliminate transaction fees and conduct more transactions per second. Here’s the price analysis of EOS.

EOS is in a bearish trend. The formation of lower-highs and lower-lows on the daily time frame clearly depicts the trend.

Coming to the one-hour chart to further analyze the deeper trend, the coin has made prominent demand and supply zones.

The supply zones range from $3.40 to $3.47 whereas the demand zones range from $3.15 to $3.18. Reversals or continuations can be seen from these points of interests. The coin is near its previous supply zone, from where it has a high probability of facing sharp rejection.

The moving averages also indicate bearishness as the coin trades below the 50-day and the 200-day exponential moving averages.

EOS price analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. Even though it has given a positive divergence, it is merely a mitigation of the fall. The RSI has a potential to go lower than its current value of 33.56.

The MACD has crossed below the signal line, confirming the bearish bias of the coin in the smaller time frame.

Eos RSI MACD
Source: tradingview

Conclusion:

On the breakout and close above $3.47, $3.54 and $3.68 are the targets on the upside.

On facing rejection from $3.40 to $3.47, targets of $3.30 and $3.15 are placed on the downside.