What’s Pumping Link, Zcash And Avax?

Market Structure:

Chainlink is an open-source technology that is collectively developed by a large community of developers and researchers. Here’s the market structure of Link.

Link is trading at $26.583. The market structure of Link is bullish owing to the break of the previous lower-high structure. This structure was formed between $24.917 and $25.723 on the daily time frame. The series of higher-highs and higher-lows have been forming along an ascending demand zone. The volumes as well as the rising 20-day exponential moving average indicates further bullish momentum in the coin. The bull-run will resume after a health pullback.

On the lower time frames, the coin has faced a rejection from its overhead supply zone. This supply zone extends from $27.904 to $28.742. On the other hand, the immediate demand zone exists ranges from $24.955 to $25.731. Link may test this demand zone before witnessing a rally on the upside.

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin. The RSI has crossed below the neutral region owing to the minor pullback. It stands at 47.08 and has the capacity to fall more.

The MACD is below the signal line, confirming the pullback and price weakness indicated by the Relative Strength Index.

Conclusion:

On the breakout and close above the level of $28.525, $30.663 and $32.182 are the targets on the upside.

On the breakdown and close below the level of $25.015, $23.920 and $22.958 are the targets on the downside.

ZCASH ANALYSIS: AUGUST, 2021

Market Structure:

Zcash is a digital currency which is fast and confidential and charges low fees for transactions- Digital as well as International. Here’s the market structure of Zcash.

Zcash is trading at $138.98. The market structure of Zcash is extremely bullish owing to the break of structure on the daily time frame. Additionally, the coin has rallied over 72% in less than a month without major pullbacks. Nevertheless, the coin has been making higher-highs and higher-lows along a steep demand zone. Most of the bullish volumes are way above the average volumes and the rising 20-day exponential moving average indicates some more steam in the rally.

On the lower time frames, the coin has faced a rejection from the overhead supply zone of $145.27 to $147.74. It has made a ‘bearish harami’ pattern on the daily time frame which confirms the rejection. The coin may test its immediate demand zone of $130.91 to $134.01 before rallying further.

Market Indicators:

The Relative Strength Index is indicating price weakness for the coin in the short-term. The RSI plunged below the neutral region very rapidly. It stands at 45.03 and has the potential to go lower.

The MACD is below the signal line, confirming the rejection faced by the coin.

Conclusion:

On the breakout and close above the level of $147.75, $161.65 and $173.97 are the targets on the upside.

On the breakdown and close below the level of $131.09, $121.58 and $114.00 are the targets on the downside.

AVAX ANALYSIS: AUGUST, 2021

Market Structure:

Avax is a platform that supports networks to build and launch decentralized applications, financial assets, trading and other services. Here’s the market structure of Avalanche.

Avalanche is trading at $17.560. The market structure of Avalanche is extremely bullish owing to the break of structure. In addition to this, the coin has rallied almost 100% in less than a month. This rally was facilitated by the standard higher-highs and higher-lows on the daily time frame. The bullish volumes are higher than average and the 20-day exponential moving average is rising. Both these factors indicate the bullish structure of the market. However, the price of the coin has deviated too much from the moving average, making it prone to a pullback.

On the lower time frames, the coin given a breakout of the supply zone and retested the zone. Thus, the coin is preparing to rally higher.

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The RSI has crossed below the neutral region following the retest of the zone. It stands at 47.68 and has the potential to bounce back.

The MACD is below the signal line, confirming the pullback on the hourly charts.

Conclusion:

On the breakout and close above the level of $18.435, $20.445 and $21.552 are the targets on the upside.

On the breakdown and close below the level of $17.027, $15.464 and $14.567 are the targets on the downside.