Vechain, Fetch.ai And Avax Show Weakness!

VECHAIN ANALYSIS: OCTOBER, 2021

Market Structure:

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

Vechain is trading at $0.114. The market structure of Vechain has recently turned bullish as per the daily charts. Vechain has conveniently broken a key structure point of $0.103 last week. Since then, it has been consolidated with candles of huge wicks on both sides, indicating a tough tussle between the buyers and sellers. So far, the buyers are maintaining their edge as the coin inches higher amidst the consolidation. The coin needs to break either channel to determine where to move next.

On the hourly chart, Vechain is consolidating within an unusually narrow range between the support and resistance. $0.117 serves as an immediate resistance while $0.105 serves as a crucial support. Vechain’s short-term trend will be sideways unless either side is broken decisively.

vechain 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 sustaining above the neutral region. It stands at 55.71 and has the potential to break below the neutral region.

The MACD is below the signal line as the coin faced yet another rejection from the overhead resistance.

vechain analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.117, $0.122 and $0.125 are the targets on the upside.

On the breakdown and close below $0.113, $0.109 and $0.105 are the targets on the downside.

FETCH.AI ANALYSIS: OCTOBER, 2021

Market Structure:

Fetch.ai is a next generation blockchain network, designed to enable a decentralized and a digital world. Here’s the market structure of Fetch.ai.

Fetch.ai is trading at $0.7076. The market structure of Fetch.ai looks bearish as the coin failed to break its previous swing high and made lower-lows instead. However, it seems to be holding a crucial demand zone ranging between $0.6587 and $0.6795. This zone has proved to be a great support in the past, during the September retracement. The coin must sustain above the lower end of the support in order to have a chance at reversal. Else, a new lower-low below $0.6 will be inevitable.

On the hourly chart, Vechain has made a clean lower-high and lower-low structure, pressured by an upper trendline. It again failed to break the trendline, instead got rejected and is likely to continue a downward trajectory. The volumes on the fall and the falling 20-day exponential moving average suggests the breakdown of the demand zone shortly. A reversal is only possible if the trendline is broken decisively.

vechain 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 crossed above the neutral region. It stands at 51.83 and has the potential to break back below the neutral region.

The MACD is above the signal line on account of a mild pullback from the demand zone.

vechain analysis Fetch.ai
Source: tradingview

Conclusion:

On the breakout and close above $0.7259, $0.7360 and $0.7534 are the targets on the upside.

On the breakdown and close below $0.7079, $6869 and $0.6602 are the targets on the downside.

AVAX ANALYSIS: OCTOBER, 2021

Market Structure:

Avax is a cryptocurrency of the Avalanche blockchain that functions as a decentralized platform. Here’s the market structure of Avax.

Avax is trading at $59.75. The market structure of Avax looks bearish as it gave a breakdown of a crucial demand zone. The demand zone ranged between $61.32 and $62.58. Although the breakdown was accompanied by below average bearish volumes, there has been a constant inflow of them. Moreover, the coin has formed a head and shoulder pattern, on the breakdown of which, a bearish trend will prevail.

On the hourly chart, the coin has made a perfect series of lower-lows and lower-highs. In the process, it gave a breakdown of the demand zone with much ease. It has since retested the newly established supply zone. Thus, after grabbing liquidity, it will continue to move downwards in its standard formation until huge demand is seen.

avax analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI has crossed below the neutral region. It stands at 45.87 and has the potential to go lower.

The MACD is above the signal line on account of a mild pullback from the demand zone.

avax analysis
Source: tradingview

Conclusion:

On the breakout and close above $61.58, $63 and $65.33 are the targets on the upside.

On the breakdown and close below $59.60, $57.41 and $55.44 are the targets on the downside.

Please follow and like us:

Related Articles

Facebook
Twitter
Telegram