As the title of today’s Litepaper says, today’s Technically Speaking is all about looking at the charts of altcoins that are poised for their own big move or have yet to follow the rest of the market.
Note: all of the altcoins discussed have a market cap of at least $100 million.
Want to know more about the Ichimoku Kinko Hyo system? Check out our Do You Ichimoku 101 article here.
$COMP has been stuck in between its weekly Tenkan-Sen and Kijun-Sen for the past five weeks. And when you look at the Kijun-Sen, it’s not hard to understand why.
The Kijun-Sen is hella flat, and it has been the same price level for an insane twenty-one weeks. The move bulls want to see is a weekly close above the Kijun-Sen ($55.22).
Whether you look at $DCR‘s performance on a daily, weekly, or monthly timeframe, it’s clear this guy is lagging the broader market, big time.
Hell, this thing is still trading where was in June of this year and it’s one of the only $200+ million market cap crypto’s to not be above its weekly Kijun-Sen or inside/above the weekly Cloud.
For Ichimoku traders and analysts, the kind of weekly close they’re looking for as a sign that Decred is going to play catchup with everyone else is a weekly close that puts the Chikou Span above the candlestick bodies and in open space.
A weekly close at or above $16.19 would fulfill all those needs.
Let’s look at the daily and weekly charts for this bad boy – starting with the daily.
There’s only one thing missing on the daily chart to confirm that $ONT is positioned for another run higher, and that’s the Chikou Span above the bodies of the candlesticks. A daily close at or above $0.237 would fulfill that requirement.
Now, on to the weekly.
The final weekly resistance level for Ontology is, naturally, the strongest level of support/resistance within the Ichimoku Kinko Hyo system: Senkou Span B.
A close above Senkou Span B ($0.252) would confirm the first Ideal Bullish Ichimoku Breakout since February 2021 – almost three years ago!
There’s not a lot to talk about when it comes to $XMR‘s daily or weekly charts. The Privacy Coin index is hands down of the worst performing indices of 2023, and Monero, as the biggest of the privacy focused cryptos, represents that index’s performance well.
That isn’t to say Monero has been trending lower or is a big loser – it’s not! It’s just stuck and hasn’t moved much. With the exception of a little rally in late January 2023 and the FTX dip in November 2022, Monero’s been trading between the $140 and $170 range ever since August 2022.
One good sign on the daily chart is the development of an inverse head and shoulders pattern, so keep an eye on XMR over the next few days to see how it responds to this pattern.
Especially if it closes above the neckline around $173.
I’ll keep this one short and sweet. $OP‘s daily chart has a very similar setup to Ontology’s.
Bulls are just waiting for a daily close that positions the Chikou Span back into open space – which will occur if the daily can close above $1.86.