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Cardano (ADA), Litecoin (LTC), Polygon (MATIC)

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Cardano (ADA), Litecoin (LTC), Polygon (MATIC)

by TheCryptoDirt.com
June 30, 2021
in Litecoin
0

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Cryptocurrency Buy Entry Levels: Cardano (ADA), Litecoin (LTC), Polygon (MATIC)

Practically each single cryptocurrency I have a look at has hidden bearish divergence on their respective every day charts. Hidden bearish divergence is a situation the place worth makes decrease highs, however an oscillator such because the RSI or the Composite Index makes greater highs. Hidden bearish divergence warns of a continuation of bearish worth motion – however it is just related if the prior pattern was bearish. For many cryptocurrencies, the short-term every day pattern has been bearish.

Cardano (ADAUSD)

Cardano (ADAUSD) Chart

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Above: Cardano (ADAUSD) Chart

Cardano (ADA) continues to face loads of stress because it approaches the every day Kijun-Sen. Ever since June 18th, there was intense promoting stress each time Cardano strikes to the Kijun-Sen. The blue arrows on the chart correspond to the identical interval because the blue arrows within the RSI under. Cardano has made decrease highs whereas the RSI has made greater highs – hidden bearish divergence. This divergence additionally seems because the RSI is starting to check the 50 and 55 ranges. 55 is the primary overbought degree within the RSI when an instrument is in a downtrend. The RSI itself has printed a rising wedge – a really, very bearish continuation sample. I anticipate Cardano buying and selling decrease to a minimum of the 1.20 degree. If 1.20 fails to carry, then a go to to 0.84 – 0.94 is subsequent.

Polygon (MATICUSD)

Polygon (MATICUSD) Chart

Above: Polygon (MATICUSD) Chart

Like Cardano, Polygon (MATIC) is displaying hidden bearish divergence. There’s a huge quantity of resistance for Polygon above on the 1.3755 degree. 1.3755 incorporates the every day Kijun-Sen, three trendlines, and the 38.2% Fibonacci Retracement. Polygon discovering weak point in opposition to that resistance is typical, and for anybody who’s bearish, the setup could be very tempting. There doesn’t look like a lot momentum current to proceed the push greater for Polygon, so I might anticipate to see a transfer down and a check of the 61.8% Fibonacci Retracement and excessive quantity node at $0.85. Beneath $0.85 is a large quantity dessert within the quantity profile – virtually no assist exists to cease Polygon from hitting the mid $0.40s if $0.80 fails to carry.

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Litecoin (LTCUSD)

Litecoin (LTCUSD) Chart

Above: Litecoin (LTCUSD) Chart

Litecoin’s (LTC) present Ichimoku chart reveals practically the identical bearish continuation setup as Cardano and Polygon. The blue arrows on the chart and the Composite Index present the place the hidden bearish divergence exists. Now, I may see Litecoin shifting above the every day Kijun-Sen to check the 2021 VPOC (Quantity Level of Management) at 175 earlier than going through stress decrease. Litecoin’s RSI has been going through constant resistance on the 50 degree, so it needs to be no shock to see weak point shifting into Wednesday, Thursday, and Friday.

Throughout all three cryptocurrencies above, the present Ichimoku charts are bearish. I’ll proceed to stay a short-term bear so long as worth is under the Cloud and the Chikou Span stays under the candlesticks. The one time I’ll convert to a full on bullish stance is when worth is buying and selling above the Cloud and the Chikou Span is buying and selling above the candlesticks.

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