Technical Analysis Of Decred, Flow And Filecoin!

DECRED ANALYSIS: JULY, 2021

Technical:

Decred coin is developed by the Decred network which aims to facilitate security in peer-to-peer transactions. Here’s the technical analysis of decred.

Decred is currently trading at $142.62. It faced a rejection from a minor Fibonacci resistance of 0.382 level after a strong up move from the low of $85 last week. A healthy sign for the coin is that it is trading above both, its 50-day and 200-day exponential moving averages. Not only that but the 50-day moving average is providing support to the coin. The strong up move was seen due to heavy buying volumes for four consecutive days. It implies that the buyers took advantage of the lows and saw it as a great buying opportunity. The coin has rallied about 60% in less than 8 days. In addition to that, the coin has given a break out of its upper trendline.

Decred analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index has indicated an excellent price strength for the coin. It has given a sharp upward movement, breaking out of the upper trendline in the process. It now stands above the neutral region at 55.51, and has the potential to go higher.

The MACD is way above the signal line, giving out a ‘buy and hold’ call to investors. Investors may take long positions after some retracement is seen.

decred analysis
Source: tradingview

Conclusion:

On the breakout and close above the minor resistance level of $148.13, the coin may continue its bull run towards the targets of $167.35 and $187.36 in the short time horizon. These targets can only be achieved provided that the current bullish volumes continue. If the coin faces rejection from the resistance zone, targets on the downside are placed at $124.98 and $105.36.

FLOW ANALYSIS: JULY, 2021

Technical:

Flow is a new blockchain for next generation digitalization of the world in technology. Flow is currently trading at $9.235 and stands at a crucial level on the 4-hour timeframe. It has made a symmetrical triangle type pattern which gives a possibility of movement on either side. The coin is taking support from its lower trendline as well as its 200-day exponential moving average. However, the short term trend remains weak because it is trading below its 50-day exponential moving average. The volumes also indicate indecisiveness due to the alternative buying and selling each day. The coin needs decent volumes to show a movement on either side.

flow decred analysis
Source: tradingview

Market Sentiment:

The RSI is indicating an excellent price strength, possibly indicating a breakout on the upside. It currently stands at 63.45 and can head towards levels of 70.

The MACD is well above the signal line with good volumes suggesting a ‘hold’ strategy to investors.

Both indicators increase the probability of upside breakout rather than a breakdown of support.

flow coin analysis
Source: tradingview

Conclusion:

On the breakout of the upper trendline, targets are placed at $9.69 and $10.98 on the upside. These targets are only possible if good buying volumes are seen, else the coin could be range bound.

On the breakdown of the lower trendline with selling volumes, targets are placed at $8.77 and $7.68 on the downside.

FILECOIN ANALYSIS: JULY, 2021

Filecoin is a decentralized storage marketplace designed to protect sensitive information. It is currently trading at 61.96. It recently gave a good breakout of the descending triangle formation with consecutive bullish volumes on the daily time frame. Generally, a descending triangle is a bearish continuation pattern, but the coin reversed from its previous order block region of $41 to $48.7. Since the coin was in a bearish trend for a long time, it is trading below its 50-day and 200-day exponential moving average and facing resistance from the latter. The coin has little hope to reach its all-time high of $237 since the target remains 300% away from the current market price.

filecoin decred analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is nearing its upper trendline from which it has previously faced a negative divergence. The RSI needs to cross above it to show price strength. It stands at 44.66 near the neutral region.

The MACD confirms the breakout of the coin as it is above the signal line giving out a ‘buy’ call to investors.

Both indicators support the daily breakout seen on the charts.

filecoin analysis
Source: tradingview

 Conclusion:

If the breakout is indeed successful, the coin can see the targets of $78.88 and $135.99 in the medium time horizon. However, good bullish volumes should be consistently seen so as to ensure a follow up on the breakout.

If the coin faces selling pressure near its 200-day exponential moving average, it can again be pushed towards its order block region after which targets of $40.55 and $31.32 can be seen on the downside.

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