XRP, Cardano And BNB Are Trending!

XRP ANALYSIS: OCTOBER, 2021

Market Structure:

XRP is a cryptocurrency devised by Ripple labs to facilitate cross-border payments for low costs. Here’s the market structure of XRP.

XRP is trading at $1.0852. The market structure of XRP is mildly bullish as the coin broke the previous lower-high structure. However, the coin did not sustain the breakout as it faced a strong rejection from the overhead resistance at $1.1820. The strongest demand zone has formed between $1 to $1.02 as the coin rebounded back thoroughly yesterday. The volumes on both sides are below average which highlights the lack of participation of buyers and sellers. The coin must close above $1.18 to witness an impulse markup.

On the hourly chart, the coin has formed a supply order block that ranged from $1.16 to $1.1791. Huge new supply was introduced in XRP’s market twice at this zone which led the coin to the demand zone between $1 and $1.02. Now, short-term resistance is placed at $1.11 which the coin needs to overcome.

XRP 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 despite defending the oversold region. It stands at 43.93 and has the potential to go higher.

The MACD is above the signal line due to a reversal from the underlying demand order block.

XRP analysis
Source: tradingview

Conclusion:

On the breakout and close above $1.11, $1.15 and $1.18 are the targets on the upside.

On the breakdown and close below $1.0837, $1.0580 and $1.0308 are the targets on the downside.

CARDANO ANALYSIS: OCTOBER, 2021

Market Structure:

Cardano is the first peer-reviewed blockchain and cryptocurrency developed to carry out smart contracts. Here’s the market structure of Cardano.

Cardano is trading at $2.135. The market structure of Cardano is bearish as the coin is making lower-highs and lower-lows on the daily chart. The coin could not break the previous lower-high structure of $2.285. Then, it faced a rejection that led the coin to the immediate demand zone that ranges from $2.115 to $2.140. The coin must not break the lower end of the channel else a bearish trend may follow. The chances of a reversal cannot be ruled out in the short-term.

On the hourly chart, the coin faced rejection from the supply zone that ranged between $2.243 and $2.250. The new supply drove the coin towards the aforementioned demand zone. The bearish volumes on the rejection were above average, thus indicating the domination of sellers. The coin must close above $2.161 in order to gain bullish momentum. The break of equal highs will confirm the breakout.

XRP analysis Cardano
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 despite defending the oversold region. It stands at 38.90 and has the potential to go lower.

The MACD is on the verge of crossing below the signal line, hinting at a possible breakdown of the demand zone.

XRP analysis Cardano
Source: tradingview

Conclusion:

On the breakout and close above $2.163, $2.190 and $2.225 are the targets on the upside.

On the breakdown and close below $2.118, $2.090 and $2 are the targets on the downside.

BNB ANALYSIS: OCTOBER, 2021

Market Structure:

BNB is a cryptocurrency developed by the largest cryptocurrency exchange by volume, Binance. Here’s the market structure of BNB.

BNB is trading at $469.7. The market structure of BNB is bullish as the coin broke and closed above the previous lower-high structure point on the daily chart. In addition to this, the coin made a second consecutive higher-high structure. A retracement to the levels of $443.9 and $434 can be witnessed according to the Fibonacci levels. However, the coin may continue to rally if Bitcoin gives a weekly closing above $65000.

On the hourly chart, BNB has been consolidating between a tight range. The level of $484 is serving as a strong resistance while $451 serves as a crucial support. The coin needs to break either level in order to witness a good momentum. The volumes on the breakout or breakdown must be above average.

BNB 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 above the neutral region. It stands at 51.97 and has the potential to go lower.

The MACD is on the verge of crossing below the signal line, hinting at yet another rejection from the supply zone.

BNB analysis
Source: tradingview

Conclusion:

On the breakout and close above $475, $484 and $495 are the targets on the upside.

On the breakdown and close below $459, $450 and $442.3 are the targets on the downside.

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