Price Analysis Of Quant, Nexo And Cardano!

QUANT ANALYSIS: JULY, 2021

Technical:

Quant coin is a cryptocurrency developed from the Ethereum blockchain. Here’s the price analysis of Quant!

It is currently trading at $67.615, near the support provided by the lower trendline. The coin had been consolidating between a range for a long time. After the breakout of the resistance, the coin gave almost 500% returns when it rallied from $20 to $99.

The coin has since cooled down towards its support zone looking to bounce back again. It is trading above its 50-day and 100-day exponential moving average which supports the bull run.

Another good sign is that the bearish volumes are drying up even after seeing almost 33% fall from it’s all time high. It seems like the coin is read to resume its bull run again.

quant analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is now near its support trendline. It is currently positioned at 51.42. the RSI can bounce from the lower trendline and if it does, it would confirm the resumption of the bull rally. Weakness can only be seen if it breaks below the lower trendline.

The MACD has crossed below the signal line indicating a ‘sell’ call to investors. The MACD’s position is justified by the 33% fall from $99 to $63.75.

quant rsi macd
Source: tradingview

Conclusion:

If the coin defends the support level of the trendline, targets on the upside are placed at $75.57 and $82.86 after which it can further continue to rally and make new all-time highs.

On a breakdown and close below the support, targets are placed at $62.62 and $55.79.

NEXO ANALYSIS: JULY, 2021

Technical:

Nexo is a cryptocurrency developed by the nexo platform which enables trading in other coins.

Nexo is trading at $1.36. The coin had been in a bearish channel for several days on the 4-hour chart. Thereafter it finally gave a breakout of the upper trendline of the channel, facing minor resistance at various levels. The nearest resistance is its 200-day exponential moving average.

The coin has failed to sustain above its moving average indicating that the coin is still in the grip of the sellers.

The volumes are negligible as compared to the average volumes experienced in the past.

A move and sustenance above its moving average will confirm the end of the bear trend. The chances of a bull run remain bleak until it stays below its 200-day exponential moving average.

nexo technical analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is range bound between a very small zone. It is currently positioned at 40.18. A break above or below the range will take the price in that way.

The MACD is above the signal line, giving a ‘buy’ call to investors. The MACD hints at the end of the bearish trend of the coin.

nexo rsi macd
Source: tradingview

Conclusion:

A breakout and close above the level of $1.47 can lead the coin to the targets of $1.54 and $1.78 on the upside.

A breakdown below the level of $1.30 will trigger another bearish trend. In that scenario, the targets on the downside are placed at $1.19 and $1.11.

CARDANO ANALYSIS: JULY, 2021

Technical:

Cardano is a proof-of-stake blockchain platform, one of the emerging cryptocurrencies in the global markets. Cardano had been making a formation of higher-highs and higher-lows since February, having a massive bull run, until recently. The market crash broke Cardano’s momentum and it has been consolidating between levels of $1.89 and $1.30. 

Currently, it is facing resistance near its 0.236 Fibonacci level at $1.35. it has given a breakdown of the lower trendline of the symmetrical triangle. It is also facing downward pressure from its 100-day exponential moving average and drier volumes.

cardano technical analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index indicates weakness as it has given a negative divergence from its upper trendline. Currently, it is positioned at 38.44, inching towards the oversold region at a fast pace.

However, the MACD is above the signal line giving out a ‘buy’ signal to investors.

cardano rsi macd
Source: tradingview

Conclusion:

The bearish volumes, weakness indicated by the RSI and the MACD cautions investors of a possible fall. Any breakdown and close below the mentioned Fibonacci level can trigger a move down to levels of $1.085 in the short term and $0.954 in the medium term.

However, if it reverses from its support, it could rally towards its nearest resistance level of $1.52, which is also its 0.382 Fibonacci level.