Musk Swaps Twitter Logo With DOGE Logo

This Technically Speaking article will tackle several major cryptocurrencies and look at where analysts see important levels of support and resistance. 🏋️‍♀️

With signs that the market may consolidate or initiate some profit-taking, these levels can become increasingly important.

Cardano

$ADA moved very nicely last week, outperforming most of the market. But it’s facing some difficulty moving into and above the $0.40 level. 

There are two price levels that are likely the primary contributors to the current pause on ADA’s rise: the 61.8% Fibonacci retracement at $0.40 and the monthly (not shown) Tenkan-Sen at $0.41.

For support, there is a cluster of Ichimoku levels to mitigate any major sell-off for Cardano:

1. $0.353 – Daily Tenkan-Sen
2. $0.369 – Top of Daily Cloud (Senkou Span A) 
3. $0.359 – Weekly Tenkan-Sen

What the bulls are likely waiting for is the Chikou Span to move and close above the candlesticks. For that to happen, ADA needs to close at or above $0.436 this week or $0.424 by next week. 🐂

For bears, they are looking for a close below the weekly Kijun-Sen at $0.34.

Cosmos

From a monthly, weekly, or daily perspective, $ATOM doesn’t look good on any of them. And that’s not hard to see why when you look at the list of resistance:

• Monthly Tenkan-Sen – $12.81
• Weekly Tenkan-sen – $12.83
• Weekly Kijun-Sen – $12.12
• Bottom of Daily Cloud (Senkou Span A) – $12.68
• Daily Kijun-Sen – $11.89
• Daily Tenkan-Sen – $11.25
• 61.8% Fibonacci retracement – $11.36

It’s just one ugly mess – and that’s not even talking about the bearish pennant on the weekly chart and how close ATOM is to making another dive lower. 🤿

Polkadot 

The first chart $DOT chart we’re going to look at is fairly bare, and it only has one pattern drawn on it:

The inverse head and shoulders pattern on Polkadot’s chart also exists on a big chunk of the Top 50 cryptocurrencies by market cap. Historically, it’s a strong bullish warning sign. 

On Polkadot’s daily chart, there are some clear signs of congestion going on – evidenced by how close it is in contact with support and resistance. 

The Cloud (Senkou Span A – $6.56) and Senkou Span B – $6.73) is relatively thin until we get into Wednesday when it progressively gets thicker. With the weekly Tenkan-Sen (not shown) at $6.52, unless there’s some significant bullish pressure, DOT looks like it may suffer some sideways action. 

Support exists with daily Tenkan-Sen and Kijun-Sen at $6.00 and $5.92, respectively. The weekly Kijun-Sen at $6.06 also sits in that value area. 

While it may look full of yuck, a positive for bulls is a possible Ideal Bullish Ichimoku Breakout will be fulfilled if they can achieve a close at or above $6.60. 

Bears are likely waiting for a close below the daily Kijun-Sen. 🐻

XRP

Last but not least, we’re looking at $XRP. 

First, I want to bring us back to February 17, 2023. In the Technically Speaking article, we looked at a phenomenon known as a Foldback, and we plotted out the foldback pattern on XRP’s chart:

How has XRP responded in the weeks since then? Let’s look.

XRP has definitely been on a tear lately, especially with sentiment and legal experts across the crypto sphere weighing in that XRP’s chances of winning against the SEC are now very, very good. 

But that’s just an unknown. From a technical perspective, for bulls, the daily chart looks great:

The gap between the candlestick bodies and the Tenkan-Sen is resolved, and it’s not horribly far away from the Kijun-Sen either. 🕯️

But weekly and monthly (not shown) are ugly as hell. Why? XRP is in the Cloud. 

On the monthly Cloud, XRP is stuck inside a tiny, red blob, like a tiny drip from a bloody nose. 

The weekly Cloud, on the other hand, is like one of the plastic sheets used by anti-hero serial killer Dexter (the Showtime series).

Ooff. Like I said, ugly. 🤮

Bulls have a good chunk of support for XRP in the event of any pullback, selloff, profit-taking, etc:

• Monthly Tenkan-Sen  – $0.4463
• Bottom of Monthly Cloud (Senkou Span A) – $0.4526
• Bottom of Weekly Cloud (Senkou Span A) – $0.4896
• Weekly Tenkan-Sen $0.4660
• Weekly Kijun-Sen – $0.4463
• Daily Kijun-Sen: $0.4660

For those with a bearish outlook, analysts suggest that they may need to exercise patience and wait for some time.

We’ll take another peak at these charts as price action develops. 

Elon Musk and his legal team have asked a US judge to dismiss a $258 billion lawsuit filed in June 2022 by investors who claimed he ran a pyramid scheme to promote $DOGE. The investors accuse Musk of exploiting his celebrity status and considerable influence to manipulate Dogecoin’s value, causing them to suffer considerable losses. 😳

They point to Musk’s tweets and statements fueling a massive surge in Dogecoin’s price before it plummeted as proof of his deceptive conduct.

Investors claim that Musk’s statements prompted them to pour money into Dogecoin, only to face significant financial setbacks when the cryptocurrency’s value plummeted.

Despite Musk’s legal team describing the lawsuit as a “fantastical work of fiction” and asking the judge to dismiss it.

How does crypto social feel about the lawsuit? About as sympathetic as people were when the millionaire couple Meghan Markle and Prince Harry complained about their life to the billionaire interviewer. 🤣

Dogecoin had a major spike between Saturday’s open and Sunday’s high, moving as much as +15.35% higher from $0.076 to $0.085. 

However, price action on Sunday into today has not been kind, wiping out all of those gains and even moving below Saturday’s open. 

Dogecoin is currently trading just a hair above Saturday’s open. 🥺

UPDATE

I was able to update this article before it went out because the chart below definitely looks a lot different now than the one above:

This happened after people realized the Twitter logo changed to the Dogecoin Logo. 

We’ll update you as this story develops. 

One of the oldest cryptocurrency exchanges in the U.S., Bittrex, sent this email out late Friday afternoon:

Despite at one point having over 30% of crypto volume in the U.S., it was struggling well before its closure, being ranked between #60 and #50 in traded volume for the past couple of years. 

And the writing may have already been on the wall after Bittrex axed 83 employees in February. Certainly not helping their reputation for, according to online reviews, customer service was almost non-existent. 

You can read more on Operation Choke Point 2.0 here. 

Update: Shortly before sending out the final version, I received and email from $NEXO:

NFT thefts dropped 30% in March. Roughly $11 million worth of NFTs were stolen in March vs. $16.2 million in February. According to data from PeckShield, almost 75% of the stolen NFTs were sold on Blur, 20% from OpenSea.

Huobi and $GALA Games have announced a partnership to change how people play Web3 games. They plan to invest in the best projects and help each other grow. Gala Games offers games that are genuinely owned by players, allowing them to buy and sell items within the game that game makers cannot change or remove without player approval. Gala Games has previously collaborated with well-known companies and individuals, including DreamWorks, AMC, Peter Molyneux, and Snoop Dogg.

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