Ray, Fetch.ai And Aave Look Bleak

RAY ANALYSIS: OCTOBER, 2021

Market Structure:

Ray is an automated cryptocurrency and liquidity provider built on the Solana blockchain for DeFi applications. Here’s the market structure of Ray.

Ray is trading at $10.67. The market structure of Ray is bullish as the coin has given a breakout of the trendline on the daily chart. The coin had been making a descending triangle formation. It then broke the upper trendline with a big bullish candle followed by a standard retest and continuation. However, the bullish volumes are just shy of the average volumes, highlighting the lack of participation among buyers. A major support exists at $8.99 while the immediate resistance is placed at $11.66.

On the hourly chart, the coin broke the trendline with above average hourly volumes followed by reversals from the 50% and 61.8% Fibonacci levels. The coin will now head towards the resistance placed at $10.994 above which Ray will rally further. However, a break below the 61.8% Fibonacci level will infuse weakness in its market.

Ray analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region due to the reversal from the golden Fibonacci zone. It stands at 65.05 and has the potential to go higher.

The MACD is above the signal line as the coin gave a continuation of the rally after the breakout.

Ray analysis
Source: tradingview

Conclusion:

On the breakout and close above $10.619, $11 and $11.25 are the targets on the upside.

On the breakdown and close below $10.543, $10.237 and $10 are the targets on the downside.

FETCH.AI ANALYSIS: OCTOBER, 2021

Market Structure:

Fetch.ai is an Ethereum-based token that powers a decentralized blockchain network for asset applications. Here’s the market structure of Fetch.ai.

Fetch.ai is trading at $0.725. The market structure of Fetch.ai is bearish as the coin is making lower-highs on the daily chart. The demand zone is static between the range of $0.658 to $0.6812. Another lower trendline is providing dynamic support while an upper trendline is providing resistance. The coin must break the upper trendline to witness a change in the ongoing trend. On the other hand, if the coin breaks the lower end of the demand zone, the bearish momentum will grow stronger.

On the hourly chart, the coin is consolidating in a narrow channel while facing rejections at $0.7610. The previous day low is serving as a short-term support. The consolidation phase is likely to continue for a week before a breakout is witnessed. The historic quarter four performance of crypto assets suggests that a bullish breakout may come for Fetch.ai soon.

Ray analysis Fetch.ai
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price indecision for the coin in the short-term. The hourly RSI is hovering near the neutral region due to the consolidation phase. It stands at 49.78 and has the potential to move in either direction.

The MACD is completely converged with the signal line, confirming the indecision.

Ray analysis Fetch.ai
Source: tradingview

Conclusion:

On the breakout and close above $0.7352, $0.7491 and $0.7617 are the targets on the upside.

On the breakdown and close below $0.7245, $0.7163 and $0.7000 are the targets on the downside.

AAVE ANALYSIS: OCTOBER, 2021

Market Structure:

Aave is an open-source non-custodial protocol to earn interest on deposits and borrow assets. Here’s the market structure of Aave.

Aave is trading at $322.5. The market structure of Aave is mildly bullish as the coin looks to end its consolidation phase. Aave is on the verge of breaking its supply zone that ranges from $317 to $324. The nearest support is offered by the lower rising trendline. However, the volumes on the breakout candle are well below average and thus it may be the reason that it cannot give a closing above the supply zone. It is likely that the coin will test the dynamic support before breaking out of the supply zone.

On the hourly chart, the coin broke the supply zone but quickly broke back below it. The participation of sellers is prominently seen as the coin faces rejections from the overhead levels. Thus, the probability of testing the demand order block at $301.8 is quite possible.

Aave analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is above the neutral region due to a weak breakout. It stands at 54.49 and has the potential to move lower.

The MACD is above the signal line due to the breakout above the supply zone for a brief while.

Aave analysis
Source: tradingview

Conclusion:

On the breakout and close above $327, $330 and $337 are the targets on the upside.

On the breakdown and close below $317, $311 and $305 are the targets on the downside.

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