It’s still brutal out there for altcoins and the broader crypto market – but some of them are positioned for some big moves. 🦾
Today, we’re looking at Algorand, Monero, Fetch.ai, and Kyber Network!
Algorand
Few altcoin charts look as horrible as $ALGO‘s. 💩
Since the beginning of June 2023, ALGO has done nothing except create new all-time lows.
Last week was the first time ALGO closed above its weekly Tenkan-Sen since February.
Want to guess when ALGO last touched the Kijun-Sen? January 2022, coming up on almost two years!
Bulls are likely waiting for a close above the VPOC at $0.111. If they can pull that off, then ALGO enters a very thinly traded zone in the 2023 Volume Profile, meaning prices have an easier time moving up than down.
It should be a fun one to watch play out either way. 👁️🗨️
Fetch.AI
There are not a lot of altcoins that remain positive YTD, like $FET. It’s still up an impressive $146% for 2023! 🤯
FET’s daily chart is coiled like a spring, and the level bulls and bears are looking out for is the Volume Point of Control (the price level where the most buying and selling has occurred) at $0.24.
A close above the VPOC is critical if the bulls want to make another drive higher.
As far as the bears are concerned, a close below the Ichimoku Cloud at or below $0.19 would signal a massive warning sign of further downside pressure. 🐻
Monero
Like Fetch.Ai, Monero is incredibly coiled and congested. 🦿
$XMR‘s weekly chart has one of crypto’s most congested Ichimoku charts. If it closes where it presently is trading ($152), then it will close above the Tenkan-Sen, Kijun-Sen, and Senkou Span A in a single week – a very bullish event.
And while moving inside the Cloud is like catching an STD, the disease and misery of that experience should be limited because the top of the Ichimoku Cloud, Senkou Span B, collapses over the next week from $180 to $163 the week after.
If bulls manage a close above the Cloud and the Chikou Span is in open space, that will confirm one of the most sought-after long setups within the Ichimoku Kinko Hyo system: the Ideal Bullish Ichimoku Breakout.
But it’s not all beers and brats for the bulls – the bears have an even stronger case of the inverse occurring: the Ideal Bearish Ichimoku Breakout. However, that bearish setup has occurred many times in 2023, and the bears have either been unable or unwilling to exploit that weakness. 🐂
Kyber Network
If you want an example of the Ideal Bullish Ichimoku Breakout setup, it’s developing on $KNC‘s daily chart. 📈
If KNC closes the daily candlestick where it’s currently at ($0.715), the Ideal Bullish Ichimoku Breakout is confirmed.
But. And this is a big BUT.
The 2023 VPOC for KNC is currently acting as some stiff resistance. Closing above the Cloud but below the VPOC could be pretty damn bearish and a very nasty bull trap. 🥺