LITECOIN ANALYSIS: AUGUST, 2021
Litecoin was an early spin-off of Bitcoin, designed to imitate and improve the functions of the largest cryptocurrency. Here’s the market structure of Litecoin.
Litecoin is trading at $164.25. The market structure of Litecoin is bullish owing to the break of structure on the daily time frame. The coin gave a breakout above its major supply zone and previous lower-high today. However, confirmation of the bullish trend will only be witnessed if the coin manages to close above this structure point. Still, looking at the volumes and momentum in Litecoin’s market, it is quite possible that Litecoin will give a close above it and regain its bullish trend.
The immediate demand zone exists between the range of $153.42 and $156.00. Moreover, the immediate supply zone exists between $167.85 and $173.80.
The coin is expected to retest its immediate demand zone in the short-term and then continue its bull-run.
The Relative Strength Index is indicating extreme price strength for the coin. The hourly RSI has crossed well above the overbought region and is prone to a pullback. It stands at 74.10 and has the potential to fall in the short-term.
The MACD is way above the signal line, confirming the bullish momentum of the coin. The bulls have officially regained control in Litecoin’s market.
On the breakout and close above $173.63, $181.43 and $194.21 are the targets on the upside.
On the breakdown and close below $153.29, $147.47 and $137.69 are the targets on the downside.
DOGECOIN ANALYSIS: AUGUST, 2021
Dogecoin is a cryptocurrency developed as a joke against digital assets, especially Bitcoin. Here’s the market structure of Dogecoin.
Dogecoin is trading at $0.2540. The market structure of the ‘meme coin’ is indecisive as it trades near its previous lower-high structure point on the daily timeframe. The coin tried to breakout above this level but failed to do so and instead formed a long upper wick. This implies the presence of sellers at higher levels or profit-booking by existing traders. The coin will only witness a bullish trend above $0.2674.
On the lower time frames, the coin is stuck between a tight range. The demand zone extends from $0.2330 to $0.2380. On the other hand, the supply zone exists between $0.2729 and $0.2773. A break of either side will confirm its future trend. The demand zone has become a strong accumulation base for traders to initiate longs. Thus, the coin is expected to break the supply zone owing to positive market cues.
The Relative Strength Index is indicating indecision in dogecoin’s market. The RSI has cooled down from the overbought region towards the neutral region. It stands at 54.40 and does not have a clear direction.
The MACD is above the signal line following the 27% surge in the price of Dogecoin in a day.
On the breakout and close above $0.2773, $0.3022 and $0.3383 are the targets on the upside.
On the breakdown and close below $0.2334, $0.2172 and $0.2074 are the targets on the downside.
TERRA ANALYSIS: AUGUST, 2021
Terra is a programmable money for the internet that is easier to spend, but more attractive to hold. Here’s the market structure of Terra.
Terra is trading at $14.17. The market structure of the coin is bullish as the coin has made a series of higher-highs and higher-lows on the daily time frame. The coin has rallied over 180% in less than a month. This clearly shows the bullish momentum in Terra’s market. The bulls are in full control as the coin rallied without any major pullbacks. Currently, it is consolidating between the forces of demand and supply.
The immediate demand zone exists between the range of $12.99 and $13.42. On the other hand, the immediate supply zone extends from $15.31 to $15.65. A break on either side will ensure its trend in the short-term. However, the long-term bullish trend for the coin remains intact.
The Relative Strength Index is indicating price strength for the coin in the short-term as well as the long-term. The RSI has gradually moved upwards from the oversold region. It stands at 58.70 and has the potential to move higher.
The MACD is above the signal line, confirming the bullish trend of the coin.
On the breakout and close above $15.65, $17.42 and $18.30 are the targets on the upside.
On the breakdown and close below $12.99, $12.40 and $11.68 are the targets on the downside.