Cryptocurrency Weekend Breakout Levels For Dogecoin (DOGE), IoTeX (IOTX)
Dogecoin (DOGE) Daily Ichimoku Chart
Above: Dogecoin (DOGEUSD)
Dogecoin has many conditions within its daily Ichimoku chart and its oscillators that favor a substantial rise – if bullish momentum remains in the broader market. Dogecoin is current just below a Kumo Twist (when Senkou Span A crosses above/below Senkou Span B – below in this case). Kumo Twists are a kind of propolent if an instrument is trading near that level. The behavior of propellant is even greater if price crosses above the Kumo Twist because it represents the thinnest and weakest part of the Cloud. The Chikou Span is currently above the candlesticks, lending a solid overall bullish outlook. Likewise, the current close is above the Tenkan-Sen and Kijun-Sen.
The breakout level that Dogecoin bulls will be looking for is a close above Senkou Span B, so roughly the $0.27 price zone. Because the %B oscillator is above 0.8 and the Relative Strength Index remains below the 70 levels, the likelihood of a sustained move above $0.27 is highly likely. However, Kumo Twists are also inflection points for major and minor tops. Thus, Dogecoin is positioned perfectly within the Ichimoku system to see a bullish fakeout and a resumption of a bear market.
IoTeX (IOTX) Daily Ichimoku Chart
Above: IoTeX (IOTXUSD)
IoTeX, at first glance, displays an almost textbook bearish continuation pattern known as a bear flag. From a trading perspective, the chart looks poised for an imminent return to sell-side pressure. Over the past four trade days, IoTeX has been rejected against the bottom of the Cloud (Senkou Span A), and for the past three trade days, the Tenkan-Sen has acted as resistance. Additionally, the Relative Strength Index shoes IoTeX continues to struggle moving back the final overbought condition in a bear market (65). Adding to the bearish bias is the hidden bearish divergence between the candlestick chart and the Composite Index. The Composite Index is close to crossing below its fast-moving average, adding more pressure to future downside movement.
But bears shouldn’t consider the bear flag to be a certainty yet. The Chikou Span is above the candlesticks and in open space, lending solid support for some strong bullish momentum ahead. And just like Dogecoin’s %B and Relative Strength Index levels, the %B is above 0.8 while the Relative Strength Index is below 70, the breakout zone that IoTeX bulls will want to focus on is precisely at $0.09. A close at $0.09 put the Chikou Span above the Cloud, the close above both the 23.6% Fibonacci retracement and the Cloud.