XRP, Cardano And Litecoin Hold Demand Zones!

XRP ANALYSIS: SEPTEMBER, 2021

Market Structure:

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

XRP is trading at $0.9332. The market structure of XRP is bearish as it has been making lower-highs and lower-lows on the daily chart. Moreover, the coin is sustaining below $1 since a week and shows no signs of recovery as of yet. Additionally, the bearish volumes of the daily chart are above the average volume whereas the bullish volumes are negligible. Finally, the falling 20-day exponential moving average is providing immediate resistance for the coin.

On the hourly chart, the coin has formed various order blocks prominently. The most effective supply order block is placed between $1.013 to $1.031. The lower intensity supply order block is between $0.97 to $0.99. On the other hand, the demand order block ranges from $0.89 to $0.91. The coin is consolidating between this tight range and it must break either side for good movement.

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. It stands at 45.44 and has the potential to go higher.

The MACD is below the signal line, highlighting the overall bearish trend prevailing in the market.

XRP analysis
Source: tradingview

Conclusion:

On the breakout and close above $0.9417, $0.9524 and $0.9701 are the targets on the upside.

On the breakdown and close below $0.9195, $0.9039 and $0.8977 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 $2.155. The market structure of Cardano is bearish as the coin is unable to break higher structure points on the daily time frame. Moreover, the coin is down more than 30% from its all-time high of $3.101 despite the Alonzo hard fork event. The coin must close above $2.333 to regain bullish momentum and witness a reversal in trend. Else, it will head for a new lower-low below $1.919.

On the hourly chart, the coin has made a head and shoulder pattern which is a bearish pattern. The neckline of this bearish pattern is present at $2.117. The coin must defend this level at all costs else the coin may head towards a new lower-low below $1.919 and further below. Moreover, hefty volumes are required to see a bounce from the neckline.

ADA 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. It stands at 42.87 and has the potential to move higher.

The MACD is on the verge of crossing above the signal line indicating a possible reversal.

ADA analysis XRP
Source: tradingview

Conclusion:

On the breakout and close above $2.200, $2.247 and $2.315 are the targets on the upside.

On the breakdown and close below $2.117, $2.062 and $2.000 are the targets on the downside.

LITECOIN ANALYSIS: SEPTEMBER, 2021

Market Structure:

Litecoin is an early spin-off of Bitcoin incepted in early 2010s to operate the same functions. Here’s the market structure of Litecoin.

Litecoin is trading at 147.8. The market structure of Litecoin is extremely bearish as the coin is on a new lower-low structure point. A huge demand zone exists between $140 to $143 where a previous structure point had formed back in August. The coin must sustain above this zone in order to mitigate some losses in the coming weeks. The bearish volumes are recurring often while bullish volumes are absent due to lack of interest among buyers.

On the hourly chart, the coin has shown a reversal from the aforementioned demand zone. The coin has made five consecutive bullish candles from the exact support with volumes hovering slightly below the mean volumes. Now, the previous day low will act as an immediate support whereas the previous day high will serve as an immediate resistance. The coin will remain range bound until either side is broken decisively.   

Litecoin analysis xrp
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 45.50 and has the potential to move higher.

The MACD is on the verge of crossing above the signal line indicating a possible reversal from the demand zone.

Litecoin analysis
Source: tradingview

Conclusion:

On the breakout and close above $150, $154.4 and $157 are the targets on the upside.

On the breakdown and close below $144.2, $140 and $137.2 are the targets on the downside.