XRP, Cardano And Dot Slide After Sell-off

XRP ANALYSIS: SEPTEMBER, 2021

Market Structure:

XRP is a cryptocurrency owned and regulated by its parent company, Ripple. Here’s the market structure of XRP following the havoc.

XRP is trading at $1.09. XRP touched an intraday low of $0.9524 during the flash-crash experienced on September 7, 2021. The market structure has therefore turned indecisive has the coin has tested the crucial demand zone near $1 multiple times in the last month. The daily demand zone lies in the range of $1.04 to 1.07. The bearish volumes on the recent sell-off were highly intense as they crossed the $1 billion mark on September 7.

On the hourly chart, the coin is consolidating in a triangle formation. Looking from afar, the pattern looks like a bearish pennant which is a bearish continuation pattern. If the coin breaks $1.05 again, weakness can be witnessed in the short-term. On the other hand, hopes of a revival can be seen if the coin breaks the upper channel of the pennant.

XRP structure
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. It stands at 43.30 and has the potential to go lower.

The MACD is above the signal line owing to the bounce back of the coin from $0.95 to $1.10.

XRP analysis
source: tradingview

Conclusion:

On the breakout and close above $1.12, $1.14 and $1.15 are the targets on the upside.

On the breakdown and close below $1.05, $1.03 and $1 are the targets on the downside.

CARDANO ANALYSIS: SEPTEMBER, 2021

Market Structure:

Cardano is a proof-of-stake blockchain network and the first peer-reviewed cryptocurrency in the ecosystem. Here’s the market structure of Cardano.

Cardano is trading at $2.438. Cardano also took one of the hardest hits on September 7 as the coin was down by as much as 30% before recovering on the same day. The market structure has since become mildly bearish as the coin took out the previous higher-low structure point during the sell-off. This structure point was placed at $2.712. Now the coin must hold above the zone ranging from $2.375 to $2.408. If the lower channel is broken, a huge downside can be seen for Cardano.

On the hourly chart, the coin has shown some signs of recovery as the price rose along a rising trendline. The immediate hurdle for the coin is between the range of $2.616 and $2.668. The bulls can only gain some momentum if the upper channel of the resistance is taken out.

cardano analysis
source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has defended itself from the oversold region and risen to the neutral region. It stands at 48.25 and has the potential to go higher.

The MACD is above the signal line confirming the hopes of a recovery after the September 7 horror.

cardano analysis
source: tradingview

Conclusion:

On the breakout and close above $2.567, $2.668 and $2.745 are the targets on the upside.

On the breakdown and close below $2.357, $2.341 and $2.200 are the targets on the downside.

DOT ANALYSIS: SEPTEMBER, 2021

Market Structure:

Dot is a cryptocurrency that governs, regulates and exercises control over the Polkadot blockchain network. Here’s the market structure of Dot.

Dot is trading at $27.95. Dot suffered a huge blow when it touched an intraday low of $22.66, almost 34% down from its swing-high on September 7. However, it quickly recovered from the lows and formed an indecisive doji candle on the daily chart. This implies that the market does not know where to move and the next few days will be critical for Dot’s market.

On the hourly chart, the coin has been consolidating between a narrow range of $25.5 to $28.90. Dot needs to break either side to show considerable movement in that direction. This break will also determine Dot’s short-term trend moving forward.

dot xrp analysis
source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has reached the neutral zone. It stands at 48.31 and has the potential to go higher.

The MACD is above the signal line owing to the mitigation of loss following the intense sell-off.

dot analysis
source: tradingview

Conclusion:

On the breakout and close above $28.90, $30 and $32 are the targets on the upside.

On the breakdown and close below $25.50, $25 and $24 are the targets on the downside.

Also Read: Visa Is Doing Wonders For The Brazilian Market

Please follow and like us:

Related Articles

Facebook
Twitter
Telegram