What’s Firing Up Cardano, Sol And Ripple’s Market?

RIPPLE ANALYSIS: AUGUST, 2021

Market Structure:

Ripple is a cryptocurrency which provides effective international payment services to its users and institutions. Here’s the market structure of Ripple.

Ripple is trading at $0.877. The market structure of Ripple is bullish as the coin has broken its previous structure point. The lower-high structure point stood at $0.7321. The coin gave a breakout and daily close above this level to ensure the reversal in its trend. This breakout was facilitated by good buying volumes as well as support from the 20-day exponential moving average.

On the lower time frames, Ripple is trading near its immediate supply zone which ranges from $0.896 to $0.934. This supply zone was formed during the start of June, 2021. The immediate demand zone stands between $0.820 and $0.827. Looking at the momentum and optimism in Ripple’s market, the coin is likely to break above the supply zone after a minor pullback.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin. The RSI has sustained above the overbought region for a while. It stands at 73.50 and is likely to witness a pullback.

The MACD is sustaining above the signal line owing to the bullish momentum and volumes witnessed by the coin.

Conclusion:

On the breakout and close above $0.9364, $1.00 and $1.05 are the targets on the upside. Above these targets, Ripple can head towards new all-time highs.

On the breakdown and close below $0.8136, $0.7787 and $0.7599 are the targets on the downside.

CARDANO ANALYSIS: AUGUST, 2021

Market Structure:

Cardano is a proof-of-stake blockchain protocol and the first to be peer-reviewed and researched. Here’s the market structure of Cardano.

Cardano is trading at $1.72. The market structure of the coin is extremely bullish owing to the break of structure of previous lower-high. The previous lower-high stood at $1.49. Not only did the coin break this zone, but it formed a long bullish candle with above average volumes on the daily time frame. This facilitated the reversal in the trend of Cardano’s market.

On the lower time frame, Cardano has approached a key supply zone. This zone exists between $1.699 and $1.740 from where new supply was introduced in June, 2021. Moreover, an area of imbalance has been formed just below the supply zone where an impulsive bullish move was seen. Thus, Cardano may face a rejection from the supply zone and retest the demand zone of $1.533 to $1.551.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin. The RSI has crossed well above the overbought region indicating the control of bulls. It stands at 77.54 and has the potential to cool down.

The MACD is sustaining above the signal line, confirming the bullish momentum in Cardano’s market. However, it can cross below the signal line if the coin faces rejection from the aforementioned supply zone.

Conclusion:

On the breakout and close above $1.741, $1.782 and $1.888 are the targets on the upside.

On the breakdown and close below $1.528, $1.492 and $1.399 are the targets on the downside.

SOLANA ANALYSIS: AUGUST, 2021

Market Structure:

Solana is a high-performance blockchain supporting builders around the world to create decentralized applications. Here’s the market structure of Solana.

Solana is trading at $42.380. The market structure of the coin is bullish owing to the break of structure on the daily time frame. The previous lower-high stood at $36.79. The coin has not only broken that structure point but in the process, it witnessed heavy buying volumes. The buying volumes are above average while the bearish volumes are falling by the day.

Currently, the coin is near its immediate supply zone which ranges from $41.93 to $44.92. Moreover, the coin has made another higher-high on the hourly charts. Thus, the coin is likely to face rejection from the overhead supply zone and make a higher-low. After this cycle, the coin will resume its bull-run.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin. The RSI is just shy of the overbought region. It stands at 66.68 and has the potential to test the overbought region before cooling down.

The MACD is above the signal line, confirming the bullish trend of Solana. However, it can cross below the signal line in case the coin faces rejection from the aforementioned supply zone.

Conclusion:

On the breakout and close above $44.115, $47.47 and $53.10 are the targets on the upside.

On the breakdown and close below $38.93, $38.06 and $36.82 are the targets on the downside.