Tezos, Dot And Doge Extend Losses!

TEZOS ANALYSIS: OCTOBER, 2021

Market Structure:

Tezos is an open-source blockchain network that seeks to eliminate key barriers which other networks face. Here’s the market structure of Tezos.

Tezos is trading at $7.019. The market structure of Tezos is extremely bullish as the coin has been making higher-highs and higher-lows on the daily chart. Moreover, the coin has doubled in value within three weeks. However, Tezos has retraced from its swing-high of $9.176. According to the Fibonacci levels, the coin has retraced to the 0.618 levels and has the potential to witness a strong reversal from here on out. Tezos must break $7.637 to witness further bullish movement.

On the hourly charts, Tezos has reached a crucial demand zone between $6.926 and $7.033. On the other hand, the immediate supply zone rests between $7.389 and $7.448. Good volumes as well as support from the 20-day exponential moving average must be present in order to regain the trend.

Tezos analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region due to a 61.8% retracement from the top. It stands at 34.33 and has the potential to go lower.

The MACD is below the signal line as the coin has retraced a lot from its recent highs.

Tezos analysis
Source: tradingview

Conclusion:

On the breakout and close above $7.160, $7.276 and $7.392 are the targets on the upside.

On the breakdown and close below $6.930, $6.676 and $6.5 are the targets on the downside.

DOT ANALYSIS: OCTOBER, 2021

Market Structure:

Dot is a cryptocurrency which serves three purposes: governance, regulation and staking on the Polkadot blockchain. Here’s the market structure of Dot.

Dot is trading at $34.77. The market structure of Dot is bullish due to the break of previous structure points on the daily chart. The previous lower-high structure was formed at $33.52 which was recently invalidated by the coin. The breakout was facilitated by good bullish volumes and a rising 20-day exponential moving average. However, it has had a tough time breaking the overhead resistance at $37.38. This point served as the higher-high structure point during the September swing-high.

On the hourly chart, the coin has retested the breakout point at $34.50. Chances of an impulsive move on the upside cannot be ruled out unless sudden bearish volumes come in. The immediate resistance on the hourly chart is between $35.91 and $36.12. The coin needs to break this supply zone in order to build momentum.

Tezos analysis Dot
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region as the coin has retested the demand zone. It stands at 43.66 and has the potential to rebound from here on out.

The MACD is slightly above the signal line, indicating that the bulls are not willing to give up.

Tezos analysis Dot
Source: tradingview

Conclusion:

On the breakout and close above $35.38, $36 and $36.33 are the targets on the upside.

On the breakdown and close below $34.52, $34 and $33.37 are the targets on the downside.

DOGE ANALYSIS: OCTOBER, 2021

Market Structure:

Doge is a cryptocurrency made as a joke against Bitcoin and the entire crypto market. Here’s the market structure of Doge.

Doge is trading at $0.2342. The market structure of Doge is extremely bearish due to the formation of lower-highs and lower-lows on the daily chart. The last lower-high structure was formed at $0.32 which the coin failed to break. Moreover, the coin gave a breakdown of the demand zone and a standard retest of the newly established supply zone. If the downward trajectory continues, a new lower-low below $0.1935 will be formed.

On the hourly charts, the coin has given a breakdown of the demand zone of the descending triangle pattern. The demand zone ranged between $0.2344 and $0.2369. The bearish volumes on the breakdown were above average, pressured by the falling 20-day exponential moving average.

Doge analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region as the coin broke the demand zone. It stands at 43.46 and has the potential to go lower.

The MACD is slightly above the signal line, indicating that the coin has retested the newly established supply zone.

Doge analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.2396, $0.2444 and $0.2484 are the targets on the upside.

On the breakdown and close below $0.2320, $0.2286 and $0.2250 are the targets on the downside.