Pre-Pramp Prospects: Altcoins Awaiting Ascendency

Wednesday’s Technically Speaking looked at five altcoins whose charts were positioned for bullish breakouts and had yet to experience the big moves higher the rest of their peers have already experienced.

Today, we will cover the same material and market cap requirement of at least $100 million.

Kyber Network

$KNC‘s weekly chart shows that despite being stuck inside the Cloud, it has a lot more room to move higher than lower. 

The Tenkan-Sen and Kijun-Sen sit in the $0.79 value area and represent the level bulls need to close and stay above to move higher. 

Above those two Ichimoku levels, the final resistance level is the top of the Cloud, Senkou Span B, at $1.26.

Civic

Like KNC, $CVC is stuck inside its weekly Cloud. 

And it does look ugly for the bulls because the Tenkan-Sen, Kijun-Sen, and top of the Cloud (Senkou Span B) are parked between the $0.13 and $0.15 value areas. 

However, there is a big gap between the bodies of the weekly candlesticks and the Tenkan-Sen. If the momentum to return to equilibrium is strong enough, then CVC might have enough oomph to break out above the weekly Cloud for the first time in its history. 

Yearn.Finance

It’s easy to forget that back in the week of November 13, $YFI rallied nearly +80% only to wipe out all of those gains and eventually close in the red. 

Ever since that whipsaw event, consolidation, and congestion have been the name of the game for Yearn. 

There are a couple of things that YFI has going for it that warn of another move higher:

1. The Cloud is thin, indicating weakness.
2. There are sizable gaps between the bodies of the candlesticks and the Tenkan-Sen. 

Ichimoku traders and analysts are looking for the first confirmed Ideal Bullish Ichimoku Breakout on the weekly chart Yearn has ever had. And that can only occur when it closes above the Tenkan-Sen and Kijun-Sen. 

Enjin 

A good number of altcoins look like $ENJ‘s weekly chart – altcoins close to breaking out above the weekly Cloud for the first time. 

Enjin’s bulls are battling for control to move into the Cloud, but even if they do get inside the Cloud, Senkou Span B might be a challenge to break. 

Senkou Span is the strongest level of support/resistance within the Ichimoku system, and that strength is exacerbated when it is flat over a long period.

Per the WSJ, the Do Kwon saga just took a twist. Montenegro’s top justice official is leaning towards shipping Con Kwon off to Uncle Sam rather than his homeland, South Korea. 🌏

Kwon, who’s been cooling his heels in a Balkan jail since March, is at the center of an international tug-of-war. The U.S. and South Korea are itching to get their hands on him for a courtroom showdown. 

A Montenegro court already green-lit Kwon’s extradition, but they left the final destination in the hands of Justice Minister Andrej Milovic. Milovic’s keeping mum on these whispers, though. 

Kwon’s lawyer in Montenegro, Goran Rodic, is playing it coy, too. He’s not confirming anything but isn’t ruling out the possibility either. 🤫

For his part, Kwon denies any wrongdoing. He was living it up in Singapore when his crypto empire crumbled, and then he pulled a Houdini act in September 2022. 

But his escapade hit a snag in March when Montenegro’s finest captured him trying to jet off to Dubai with a fake Costa Rican passport. And just like that, New York’s federal prosecutors slapped him with eight criminal counts of fraud.

So, what’s next for Do Kwon? Will he face the music in the U.S., or will South Korea get to host the trial of the century? Stay tuned. 📻

Bitcoin (BTC) has been on a tear, skyrocketing nearly 23% in the past month and a whopping 160+% YTD. This meteoric rise has left cryptocurrency-related stocks basking in the glow of renewed optimism. 😃

But here’s where the plot thickens: according to Bloomberg as these crypto stocks were busy partying, short sellers watched their fortunes nosedive. Short sellers are down over $2.6 billion in under three months, almost half of the $6 billion in losses they’ve suffered in 2023. Ouch! 

Take $COIN, for instance. This Nasdaq-listed crypto exchange saw its stock soar over 60% in the past month, now sitting pretty with a 270% gain year-to-date. Then there’s $MSTR, strutting its stuff with a 26% monthly and 290% annual stock price increase. Fun fact: MicroStrategy is the largest publicly traded Bitcoin holder, boasting a stash of 174,530 BTC worth over a cool $7.6 billion.

Coinbase’s stock has been particularly brutal for the shorts, costing them over $3.5 billion in losses. MicroStrategy’s short sellers fared no better, losing around $1.7 billion.

And if you’ve already lost billions, why not double down? $697 million worth of new positions have opened against the rally since Bitcoin’s rebound in mid-September. 🤦‍♂️

In the latest episode of Boomers Bash Bitcoin, Jamie Dimon, JPMorgan’s CEO, continued his disdain for crypto. 🤡

During a Senate Banking Committee hearing on Wednesday, Dimon’s anti-crypto campaign reached a crescendo, where he suggested banning cryptocurrencies due to their use in criminal activities. It’s a bold stance, especially considering the U.S. Dollar’s long-standing reign as the preferred currency for illicit activities.

Terrorists and money launderers have long favored the dollar, yet crypto takes the heat.

Despite Dimon’s crusade against crypto, his bank has its own form of crypto (JPM Coin). It’s like a vegan running a steakhouse—confusing, amusing, and a tad hypocritical.

Even Senator Elizabeth Warren, usually a critic of big banks, agreed with Dimon on the need for crypto regulations. 

And everyone knows when politicians and mega-banks agree on something, it’s always a good thing. 🤣