XRP ANALYSIS: OCTOBER, 2021
Market Structure of XRP:
XRP is the cryptocurrency owned, regulated and governed by Ripple labs, designed to conduct cross-border payments. Here’s the market structure of XRP.
XRP is trading at $1.062. The market structure of XRP is mildly bullish as the coin broke the previous lower-high structure point. This structure point was formed at $1.0525. However, the coin must give a daily closing above this level else the breakout will be nullified. $1.1298 will serve as a strong resistance, being the supply zone of the previous consolidation whereas $1.0525 will serve as a support. The coin must break either side to determine the trend moving forward.
On the hourly chart, the coin has made higher-highs and higher-lows. Currently, the coin gave a breakout and is retesting the previous supply zone. XRP may test $1.0525 before continuing its upward trajectory towards the aforementioned supply level. Amidst the SEC lawsuit, XRP’s upside will be limited.
Market Indicators of XRP:
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 58.16 and has the potential to go higher.
The MACD is above the signal line, highlighting the short-term bullish trend of XRP.
On the breakout and close above $1.085, $1.0952 and $1.125 are the targets on the upside.
On the breakdown and close below $1.0525, $1.0308 and $1.0214 are the targets on the downside for XRP.
CARDANO ANALYSIS: OCTOBER, 2021
Market Structure of Ada:
Cardano is the first peer-reviewed blockchain network and cryptocurrency in the entire ecosystem. Here’s the market structure of Cardano.
Cardano is trading at $2.263. The market structure of Cardano is still bearish as the coin failed to break the previous lower-high structure point on the daily chart. The coin is facing strong rejection from $2.322 as it served as the previous structure point. Cardano may form a double top bearish pattern if it fails to break the aforementioned resistance. Under those circumstances, the coin may make a new lower-low below $1.983. Else, the coin may regain bullish momentum and head towards new supply zones above $2.400.
On the hourly chart, the coin is rising along a rising lower trendline. However, Cardano rests at a crucial support of $2.257. Below this level, short-term weakness can be seen. However, a bounce back on the upside cannot be ruled out. $2.321 will serve as a crucial resistance as the supply zone of the ascending triangle.
Market Indicators of Ada:
The Relative Strength Index is indicating price indecision for the coin in the short-term. The hourly RSI is flat along the neutral region. It stands at 50.61 and has the potential to go in either direction.
The MACD is below the signal line, indicating that Cardano may give a breakdown below the lower trendline, deviated from XRP.
On the breakout and close above $2.297, $2.322 and $2.40 are the targets on the upside.
On the breakdown and close below $2.256, $2.231 and $2.200 are the targets on the downside.
DOT ANALYSIS: OCTOBER, 2021
Market Structure of Dot:
Dot is a cryptocurrency that regulates, governs and operates the Polkadot blockchain network. Here’s the market structure of Dot.
Dot is trading at $32.09. The market structure of Dot is indecisive as the coin is trading near the previous structure point on the daily chart. The coin must close above $33.70 in order to regain bullish momentum. However, it seems difficult as the coin has been forming candles with a long upper wick, indicating selling from the upper levels. There is no clear directional bias for the coin as the tussle between buyers and sellers continues.
On the hourly chart, the coin has turned the previous supply zone into a demand zone. This zone ranges from $30.84 to $31.27. This zone will provide a good support for the coin which will be a catalyst in further upside. Dot must cross the previous day high so as to have a chance at gaining a bullish trend.
Market Indicators of Dot:
The Relative Strength Index is indicating price indecision for the coin in the short-term. The hourly RSI is exactly in line with the neutral region. It stands at 49.81 and has the potential to go in either direction.
The MACD is completely converged with the signal line, showing signs of consolidation ahead.
On the breakout and close above $32.65, $33.41 and $34 are the targets on the upside.
On the breakdown and close below $31.51, $30 and $29 are the targets on the downside.