Cardano (ADA), Polygon (MATIC), IoTeX (IOTX), And Solana (SOL)
– Missed some of the big runs in crypto’s lately? Don’t buy at the tops!
– Waiting for pullbacks can be frustrating – but they pay off.
Above: Cardano (ADAUSD)
For crypto enthusiests, one of the most frustrating things to observe is a market that has made double digit percentage moves – but you missed out on them waiting for the perfect entry. But that doesn’t mean you need to rush in at the top of the market. Identifying support levels I is the key to ‘buying the dip’. On Cardano’s chart, there are two support levels that stick out to me. The first is at $1.6673, which is the daily Tenkan-Sen and 38.2% Fibonacci Retracement in the current swing. The second price level for support is at $1.55, which contains the daily Kijun-Sen and 50% Fibonacci Retracement.
Buy Limit Price Levels: $1.5535 and $1.6673
Polygon’s made some massive moves over the past few days. The most bullish event on the Ichimoku chart for Polygon has been the current close above the Cloud. Now, there’s still plenty of day left for the close to not close above the Cloud, but at the present it is. If Polygon does close above the Cloud, then I would look at the top of the Cloud and the 14.6% Fibonacci Extension for support – $1.30. But further down, I would look at the Kijun-Sen and 38.2 Fiboancci Retracement at $1.10 as the next primary support zone.
Buy Limit Price Levels: $1.10 and $1.30 (only if the Friday close is above the Cloud).
Above: IoTeX (IOTXUSD)
IoTeX has been around for a bit, but its most recent addition to Coinbase has given it some major and significant gains over the past week. It’s has topped out near the $0.15 level and is now struggling to hold onto the $0.10 level. The two major support levels I see are the $0.085 level (Kijun-Sen and Tenkan-Sen share this level with the 23.6% Fibonacci Retracement) and the $0.0488 level. $0.0488 may seem like a bit of a drop, but it is the 50% Fibonacci Retracement and it’s the second highest high volume node for 2021.
But Limit Levels: $0.085 and %0.0488
Above: Solana (SOLUSD)
Solana’s Lagging Span has had a great breakout above the Cloud – dropped to test it as support – and has resumed its move higher. Solana’s price action has been very, very closely connected with the Tenkan-Sen. More than almost another cryptocurrency I look at, Solana’s price action and the Tenkan-Sen are the most connected. This is a major sign of strength. The support zone is very close to the present trading price, so I would look for something a little deeper down. I like the $34.23 price level because it contains Senkou Span B, the 50% Fibonacci Retracement and will likely include the daily Kijun-Sen over the next couple days.