Uniswap, Dot And Vechain Weaken

UNISWAP ANALYSIS: OCTOBER, 2021

Market Structure:

Uniswap is a cryptocurrency devised by one of the decentralized exchanges, Uniswap. Here’s the market structure of Uniswap.

Uniswap is trading at $24.32. The market structure of Uniswap is mildly bearish due to the breakdown of the lower trendline. The coin has broken its distribution phase on the downside thus making the probability of a bearish trend more likely. The volumes on the breakdown of the trendline were well above average, facilitated by the overhead pressure of the 20-day exponential moving average. Uniswap is yet to give a retest of the supply zone and then give a continuation of the current trend. The coin is likely to find support near the golden zone of the Fibonacci retracement levels.

On the hourly chart, the coin faced a strong rejection from the supply zone that ranged from $27.33 to $27.97. following the rejection, the coin made two bearish institutional candles driving the price below the support trendline. It has since consolidated in a narrow falling wedge, which is yet another bearish trigger.

Uniswap 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 after defending the oversold region. It stands at 39.64 and has the potential to go higher.

The MACD is above the signal line due to the need for a retest of the supply zone.

Uniswap analysis
Source: tradingview

Conclusion:

On the breakout and close above $24.97, $25.34 and $26.08 are the targets on the upside.

On the breakdown and close below $24.22, $23.89 and $23.49 are the targets on the downside.

DOT ANALYSIS: OCTOBER, 2021

Market Structure:

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

Dot is trading at $41.10. The market structure of Dot is extremely bullish as the coin has continued to make a series of higher-highs and higher-lows. However, a mild bearish trigger may be in the pipeline as the coin gave a breakdown of a minor trendline following a 10% fall. Immediate support exists in the demand zone that ranges from $37.36 to $38.80. However, a pullback towards $33 to $36 will be quite healthy as the coin will have retraced to the golden Fibonacci zone. Moreover, that zone also serves as a daily time frame order block for institutional players.

On the hourly chart, the coin broke the lower trendline and retested the Fibonacci resistance shortly. The coin is likely to continue its markdown until good buying volumes push the prices up.

Uniswap 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 after defending the oversold region. It stands at 42.87 and has the potential to go lower.

The MACD is above the signal line due to the need for a retest of the supply zone.

Uniswap analysis Dot
Source: tradingview

Conclusion:

On the breakout and close above $41.66, $42.78 and $43.20 are the targets on the upside.

On the breakdown and close below $40.57, $39.79 and $38.72 are the targets on the downside.

VECHAIN ANALYSIS: OCTOBER, 2021

Market Structure:

Vechain is a cryptocurrency and smart contracts platform that focuses on supply management for their products. Here’s the market structure of Vechain.

Vechain is trading at $0.12644. The market structure of Vechain is bullish despite the 11.50% drop yesterday. This is so because the coin did not violate the previous structure point at $0.1150. Moreover, the coin found support near the golden Fibonacci zone and is likely to resume its bullish trajectory.

On the hourly chart, the coin is consolidating between two Fibonacci levels. The 38.2% Fibonacci level is providing a resistance while 50% Fibonacci is serving as a support.

Vechain 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 after defending the oversold region. It stands at 38.21 and has the potential to go lower.

The MACD is above the signal line due to the need for a retest of the supply zone.

Vechain analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.12744, $0.12991 and $0.13451 are the targets on the upside.

On the breakdown and close below $0.12431, $0.12115 and $0.11707 are the targets on the downside.

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