Quant, XRP And Cardano Inch Lower

QUANT ANALYSIS: SEPTEMBER, 2021

Market Structure:

Quant is an Ethereum-based token that powers the Quant blockchain and provides interoperability. Here’s the market structure of Quant.

Quant is trading at $320.5. The market structure of Quant is extremely bullish as the coin has yet not broken the previous structure point. This crucial structure point is present at $310. Thus, the coin will remain bullish until it sustains above the aforementioned structure point. Moreover, the current fall in Quant resembles the fall in the entire market. However, volumes on this dip are way below the daily average of volumes, thus indicating that this is a short-term fall.

On the hourly chart, the coin has broken multiple minor demand zones after being rejected from the strong supply zone. The supply zone was formed between the range of $373 to $379. Consequently, it broke the demand zone placed between $350 to $356 and is headed towards a major support of $310.

quant analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin in the short-term. The hourly RSI has dipped into the oversold region. It stands at 28 and has the potential to go higher.

The MACD is below the signal line, confirming the short-term price weakness depicted by the RSI.

quant analysis
Source: tradingview

Conclusion:

On the breakout and close above $331, $345 and $360 are the targets on the upside.

On the breakdown and close below $310, $300 and $293.3 are the targets on the downside.

XRP ANALYSIS: SEPTEMBER, 2021

Market Structure:

XRP is a licensed cryptocurrency developed for facilitating global payments with low costs and charges. Here’s the market structure of XRP.

XRP is trading at $0.99. The market structure of XRP looks bearish as the coin gave a breakdown of a major support after a two-week long consolidation. The coin was consolidating between a tight range with $1.02 being the support and $1.12 being the resistance. The coin broke down with low volumes as the broader market fell as well. The next major demand zone lies at $0.95 being the September 7 low as well as a psychological level.

On the hourly chart, the coin has closed below the support of $1.02. Now, the support will act as an immediate supply zone for the next few days. The coin must give a closing above the said level to regain some momentum in XRP’s market. Some positive news about the lawsuit may serve as a catalyst for this.

xrp quant
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin in the short-term. The hourly RSI has dipped into the oversold region. It stands at 28.54 and has the potential to go higher.

The MACD is below the signal line, confirming the breakdown of the demand zone.

xrp analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.98, $0.95 and $0.93 are the targets on the upside.

On the breakdown and close below $1, $1.02 and $1.05 are the targets on the downside

CARDANO ANALYSIS: SEPTEMBER, 2021

Market Structure:

Cardano is the first scalable blockchain network and peer-reviewed cryptocurrency in the ecosystem. Here’s the market structure of Cardano.

Cardano is trading at $2.189. The market structure of Cardano is bearish as it has made a lower-high and lower-low formation on the daily chart. In doing so, the coin invalidated the previous structure point at $2.516. The coin must close above the said point in order to witness a reversal in trend. Till then, the coin may witness a sideways movement with a bearish bias. As expected, the volumes on the current fall are below the mean volumes. Thus, chances of a reversal are still alive.

On the hourly chart, the coin has given a breakdown of a minor support of consolidation. This demand zone existed between $2.316 to $2.331. The coin must close above the upper channel of the demand zone to see short-term price strength. The nearest demand zone would be present at $2.1.

Cardano analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating extreme price weakness for the coin in the short-term. The hourly RSI has dipped into the oversold region. It stands at 28.87 and has the potential to go higher.

The MACD is below the signal line, confirming the breakdown of the demand zone.

Cardano analysis
Source: tradingview

Conclusion:

On the breakout and close above $2.261, $2.328 and $2.4 are the targets on the upside.

On the breakdown and close below $2.165, $2.1 and $2 are the targets on the downside

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