SOLANA ANALYSIS JUNE, 2021
The coin is currently trading at $30.34, having given a reversal from its demand zone of $22.39 to $24.75.
The reversal is evident due to the formation of a ‘morning star’ formation on the last three candles of the daily chart. The morning star pattern is formed by a long bearish candle followed by an indecisive bullish candle with long wicks on either side and concluded by a long bullish candle with high buying volumes from the support zones.
The reversal is supported by upward pressure placed by the 200-day moving average and breakout of a minor resistance of the 0.382 Fibonacci level.
The Relative Strength Index has given a strong positive divergence from its lower trendline. It showed a sharp surge and currently stands at 41.87, defending itself from going into the over-sold region.
The RSI indicates price strength for the coin in the upcoming days.
However, the MACD is below the signal line, giving out a ‘sell’ signal to investors. If the reversal continues, the MACD is likely to follow and cross above the signal line soon. Keep a close watch!
The coin, having shown an excellent reversal from its demand zone as well as its Fibonacci support may head towards its resistance zone placed at $35.07. On the breakout of this zone, the next targets could be placed at $41.93 and $44.00 on the upside. A sharp bull run can only be seen if the overall crypto market shows reversals, else the upside remains capped.
SUSHI ANALYSIS JUNE, 2021
Sushi is a community driven blockchain network where users can swap, earn, stack yields, borrow and leverage. Sushi is currently trading at $7.15. It has formed a textbook inverted head-and-shoulder pattern which is considered to be a bullish reversal pattern.
However, it has faced a clear rejection from its supply range of $7.47 and $7.58 on the hourly time frame. The volumes are mixed indicating indecisiveness among the buyers and sellers and currently neither the bulls nor the bears seem to be in control.
The coin is trading slightly below its 50-day exponential moving average and way below its 200-day exponential moving average giving the coin a bearish bias.
The Relative Strength Index has given a positive divergence from its lower trendline. It has protected itself from entering the over-sold region, currently positioned at 39.08. As said before, the RSI also indicates a neutral or sideways movement for the coin in the upcoming days unless a support or resistance is broken. The MACD is giving a ‘sell’ call to investors by sustaining below the signal line.
The support zones for the coin exist in the range of $7.03 and $6.90. A breakdown and closing below these levels with significant bearish volumes can pressurize the coin towards the targets of $6.53 and $5.96 on the downside.
The resistance zones for the coin exist in the range of $7.48 and $7.59. A breakout of mentioned levels with bullish volumes can take the coin to the targets of $7.82 and $8.11 on the upside.
POLKADOT ANALYSIS JUNE, 2021
Polkadot network is on track to deliver the most robust platform for security, scalability and innovation. It is currently trading near its demand zone, at $15.99. This zone has proven to be a yearly support since February.
The coin bounced back from this demand zone even during the May crash. The coin is facing resistance not only from the upper trendline but also its 50 and 200-day moving averages. A negative bias can be seen at the support due to the high bearish volumes, exceeding the mean volumes on the daily time frame.
The Relative Strength Index is consolidating between two trendlines since a few weeks. It gave a small positive divergence from the lower levels indicating some bullish participation in the coin. It is currently positioned at 36.02.
The MACD has given bearish crossover below the signal line giving out a ‘sell’ call to investors, possibly indicating the breakdown of the support zone.
On the breakdown of the demand zone, the coin can experience a good bearish trend towards the target of $11.01 and $8.30 on the downside.
If a bullish reversal is seen from the demand zone, $19.78 and $27.19 are the targets on the upside.