Cardano (ADAUSD)
Above: Cardano (ADAUSD)
Cardano’s (ADA) price action has had some reasonably fantastic fundamental news dumps since last Friday (September 24th, 2021). The announcement of a partnership between ChainLink (LINK) and Dish Network (NASDAQ: DISH) was some of the most important news that I can remember. The same day that news came out, the aggregate market had a bit of a mini flash crash while Cardano bucked the trend and spiked up towards $2.50 – but bulls could not complete any follow-through trends. Instead, Cardano has moved lower and is presently trading below the daily Tenkan-Sen. Broadly, Cardano is trading in the worst conditions on the daily chart that any instrument could be trading in: inside the Cloud. The final support level for Cardano in the Ichimoku system is Senkou Span B at $2.04. With the Chikou Span already trading below the candlesticks, the final condition that needs to be fulfilled for a full-on clear bearish move is for Cardano to close below Senkou Span B – at or below the $2.005 price level.
Litecoin (LTCUSD)
Above: Litecoin (LTCUSD)
Litecoin, like Cardano, is right on top of a level where it could collapse. I do feel for Litecoin bulls; they’ve been dealt one ugly hand after another with Litecoin over the past couple of years. The last seven trading days have seen Senkou Span B at $147.89 act as the final and near-term support level for Litecoin. The only consideration I have regarding how low Litecoin could move is the current distance from the Tenkan-Sen and Kijun-Sen. Litecoin isn’t at an extreme yet when it comes to its distance from the Kijun-Sen, but the gap between the Tenkan-Sen is very closely getting to an extreme. The breakdown level at $146.31 could turn into a bear trap. If I were to short Litecoin at $146.31, I’d keep my profit target zone around the $120 – $125 value area.
Ripple (XRP)
Above: Ripple (XRPUSD)
XRP has a very similar chart Cardano’s and Litecoin’s: near term rejection against the Tenkan-Sen, support at Senkou Span B. XRP’s Senkou Span B is a long and flat level – indicating a ton of strength. That also means any clear breakdown below Senkou Span B will likely be sustained. The $0.93 breakdown level could generate some substantial selling pressure down to the $0.50 value area. I want to note that there is a reasonably decent gap between XRP’s price and the Kijun-Sen. It’s not extreme yet, but it will be before XRP tested $0.50.
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