Shiba Inu, XRP And Cardano Fizzle Out!

SHIBA INU ANALYSIS: OCTOBER, 2021

Market Structure:

Shiba Inu is yet another memecoin, dubbed the dogekiller by many as it competes with the sixth largest cryptocurrency. Here’s the market structure of Shiba Inu.

Shiba Inu is trading at 0.00003892. The market structure of Shiba Inu is extremely bullish as the coin has broken its all-time high recently. The recent frenzy in this meme coin has led it to break out of its consolidation phase and set a new all-time high of $0.00004465. A recent inflow of bullish volumes has pumped Shiba Inu almost everyday but it begs the question of a pump and dump scheme. The new all-time high will serve as a resistance while support exists at $0.00003549.

On the hourly chart, the coin has broken out of its channel and given a standard retest of the origin. However, the intensity of the breakout called for a 25% pullback to the origin. Yet, Shiba Inu has resumed its upward trajectory as it heads for a major supply zone between $0.00003943 and $0.00004006.

Shiba inu 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 resumption of the rally. It stands at 58.13 and has the potential to go higher.

The MACD is below the signal line due to the 25% pullback to the origin of the breakout.

Shiba inu analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.00004006, $0.00004064 and $0.00004221 are the targets on the upside.

On the breakdown and close below $0.00003891, $0.00003777 and $0.00003681 are the targets on the downside.

XRP ANALYSIS: OCTOBER, 2021

Market Structure:

XRP is a cryptocurrency launched by Ripple Labs to facilitate low-cost efficient cross border payments. Here’s the market structure of XRP.

XRP is trading at $1.0928. The market structure of XRP is bearish as the coin has been making consecutive lower-highs on the daily chart. However, the formations are restricted to a narrow range, $1.16 to $1.18 serving as a supply zone while $1.06 to $1.08 serving as a demand zone. The coin must close above or below the mentioned zones in order to gain momentum on that side. The coin stands at a crucial support, thus increasing the chances of a reversal to the upside. Good volumes and a rising 20-day exponential moving average is required for the same.

On the hourly chart, the coin was consolidating in a very narrow channel between $1.078 to $1.095. The coin manipulated the lows as it grabbed the excess liquidity before breaking back in the consolidation. XRP followed this up by breaking the consolidation on the upside and now heads towards the next resistance placed at $1.11.

Shiba inu analysis XRP
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has surged above the neutral region due to resumption of the rally. It stands at 55.81 and has the potential to go higher.

The MACD is above the signal line due to manipulation of the lows and breaking back in.

Shiba inu analysis XRP
Source: tradingview

Conclusion:

On the breakout and close above $1.10, $1.118 and $1.1287 are the targets on the upside.

On the breakdown and close below $1.0789, $1.0644 and $1.0525 are the targets on the downside.

CARDANO ANALYSIS: OCTOBER, 2021

Market Structure:

Cardano is the first peer-reviewed blockchain network and cryptocurrency which avails smart contracts. Here’s the market structure of Cardano.

Cardano is trading at $2.137. The market structure of Cardano is bearish as the coin has been making lower-highs consistently. The demand zone between $2.086 and $2.105 is holding the coin from making lower-lows. On the breakdown of this zone, the coin may plummet below $2. The consolidation has now come to an end and a breakout or a breakout is imminent. Strong volumes are required for the bulls to take charge of Cardano’s market.

On the hourly chart, Cardano had manipulated the lows of the channel, grabbed liquidity at the origin of the demand zone and had rebounded quickly. The immediate resistance is placed at $2.170 which converges with the upper trendline.

Cardano analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has surged above the neutral region due to resumption of the rally. It stands at 54.23 and has the potential to go higher.

The MACD is above the signal line due to manipulation of the lows and breaking back in.

Cardano analysis
Source: tradingview

Conclusion:

On the breakout and close above $2.144, $2.170 and $2.2201 are the targets on the upside.

On the breakdown and close below $2.125, $2.1 and $2.05 are the targets on the downside.

Please follow and like us:

Related Articles

Facebook
Twitter
Telegram