Cardano (ADAUSD) Daily Ichimoku Kinko Hyo Chart
Above: Cardano (ADAUSD)
Cardano is struggling to stay above the Kijun-Sen on its daily chart. The angle of the Kijun-Sen is quite steep, and despite some bullish pressure by Cardano and the rest of the crypto space, bulls appear unable or unwilling to push Cardano above that level.
Buyers should look for a daily close that puts Cardano above the Tenkan-Sen and Kijun-Sen on the daily chart. A daily close at or above $1.15 would be extremely bullish for one primary reason: the Chikou Span could close above the bodies of the candlesticks and in open space. If buyers can pull that off, then Cardano is poised for a rise to test the significant resistance level at $1.30.
However, downside risks exist, specifically if Cardano closes at a level where the Chikou Span would be below the candlesticks and in open space. A daily close at or below $1.02 could trigger a sell-off to retest the 2022 lows near $0.91.
Algorand (ALGOUSD) Daily Ichimoku Kinko Hyo Chart
Above: Algorand (ALGOUSD)
Algorand’s daily Ichimoku chart is in a similar situation to Cardano’s. Bulls have been making some weak attempts to test the dual resistance of the Tenkan-Sen and Kijun-Sen at $0.99 but have been halted (annoyingly) at $0.96.
Like Cardano, Algorand needs to close above the Kijun-Sen to begin some bullish momentum and stave off any bearish continuation. A daily close at or above $1.00 would put ALGO above the Tenkan-Sen and Kijun-Sen, but it would also position the Chikou Span above the candlesticks and in open space, making any further moves higher much easier to attain.
Monero (XMRUSD) Daily Ichimoku Kinko Hyo Chart
Above: Monero (XMRUSD)
Monero’s close above the Kijun-Sen on Monday eliminates one of the more difficult resistance levels it needed to cross to convert into a bull market. While a daily close above the Tenkan-Sen at or above $184.37 would be ideal, closing anywhere above $173 will be a bullish event. It’s bullish because when the next daily candlestick opens, the Chikou Span will be above the candlestick’s body and in open space.
When compared to the daily charts of Cardano or Algorand, the potential for a breakout above the Ichimoku Cloud is easier for Monero to achieve. The Cloud ahead of Monero is thinner, which means it could break out without much effort.
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