The Meteoric Rise Of Altcoins!

ALICE ANALYSIS: JULY, 2021

Market Structure:

Alice is a multi-player builder game. Anyone can access this blockchain network globally. It’s a perfect example of the meteoric rise of altcoins. Here’s the market structure of Alice.

Alice is trading at $13.694. The trend of the coin has reversed recently. The coin had been making lower-highs and lower-lows on the daily time frame. However, it broke the key structure point yesterday with a chance to become bullish again.

The bullish momentum can be seen in the coin. It rallied more than 400% from $4 to $16 within ten days. It has broken all key supply zones with no major pullbacks. Its market is completely buyer dominant.

The accumulation base is clearly seen between the range of $9.17 to $9.91. This zone saw a massive pump from institutions and retailers with full volumes. Thus, this range will serve as the perfect demand zone if it ever reaches it.

Alice market structure
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating short-term price weakness. This is normal following an excellent rally. The hourly RSI stands at 39.03 and has the potential to go lower in the short-term.

The MACD has crossed below the signal line, confirming the short-term bearish bias of the coin.

Conclusion:

On the breakout and close above the level of $14.51, $15.19 and $16.38 are the targets on the upside. Current volumes must prevail in order to achieve these targets.

On the breakdown and close below the level $12.81, $11.59 and $10.92 are the targets on the downside. Alice may experience some profit booking in the upcoming days before continuing the rally.

IOTA ANALYSIS: JULY, 2021

Market Structure:

Iota is a distributed ledger system designed to record and execute transactions between machines and other devices. Here’s the market structure of Iota.

Iota is trading at $0.805. The coin is in a short-term bullish trend. It has been making a series of higher-highs and higher-lows on the hourly time frame. The coin made a higher-high at $0.8983 after which it consolidated for a while.

Currently, the coin is headed towards making a higher-low. This has been proved as the coin has just broken its previous day low. Thus, a new low near the immediate demand zone at $0.7719 can be seen before continuing a new rally.

Another indication of weakness is the formation of a long bearish candle on the four-hour time frame.

Market Indicators:

The Relative Strength Index is indicating short-term price weakness for the coin. The RSI has approached the oversold region on the hourly time frame. It currently stands at 29.54 and has the potential to go lower with minor pullbacks.

The MACD is sustaining below the signal line, confirming the short-term bearish bias for the coin.

Conclusion:

On the breakout and close above the level of $0.82, $0.864 and $0.898 are the targets on the upside.

On the breakdown and close below the level of $0.798, $0.7712 and $0.7326 are the targets on the downsides.

POLYGON ANALYSIS: JULY, 2021

Market Structure:

Polygon is a protocol and a framework for building and connecting Ethereum-based blockchain networks. Here’s the market structure of Polygon.

Polygon, also known as Matic, is trading at $1.005. Currently, the coin will show a sideways movement. This range extends from $0.993 to $1.064. However, this trend represents the short-term view. The long-term trend based on the hourly charts remains bullish. Altcoins such as Polygon have risen the most during this revival in the market. The coin rallied almost 90% within ten days. This confirms the long-term bullish view for this startup.

The most prominent accumulation base is between $0.897 to $0.924. After this accumulation, a long bullish candle was seen which generally implies institutional participation in the coin. The coin retested back to this zone and bounced back, confirming its validity.

Market Indicators:

The Relative Strength Index is indicating indecision in the market. The RSI hovers near the neutral region. It currently stands at 41.06 with no clear direction to go.

The MACD is below the signal line, confirming the short-term negative bias for the coin. It can also imply the possibility of a fall in the RSI.

Conclusion:

On the breakout and close above the level of $1.043, $1.108 and $1.164 are the targets on the upside.

On the breakdown and close below the level of $0.976, $0.937 and $0.883 are the targets on the downside.

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