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Cardano (ADAUSD)
Above: Cardano (ADAUSD) Chart
Cardano’s open and close were relatively unchanged during Tuesday’s trade. Monday saw a close above the Kijun-Sen, creating a very bullish signal. However, traders have given a relatively muted response throughout the trade day on Tuesday. In other words, Tuesday ended in the same place Monday ended. There was broader cryptocurrency weakness across the board on Tuesday, but Cardano was one of the few high market cap coins that saw some flat to positive performance. The condition for Cardano is relatively unchanged from Monday. The RSI continues to face resistance at 55. The Composite Index on the other hand has crossed above its slow average. The CI crossing above its slow average is generally a bullish signal, but there is no price action confirmation nor any cross of 0.2 or 0.8 in the %B. I am still anticipating a move lower to retest the 0.84 – 0.94 value area, but near term support may be found at 1.20.
Polkadot (DOTUSD)
Ethereum’s chart looks very similar to Bitcoin’s, with the exception that Ethereum has recently tested the Kijun-Sen. Ethereum first fell and closed below the daily Cloud on May 28th, then returned into the Cloud on May 31st. Tuesday’s trade (June 1st) showed many attempts by sellers to push Ethereum lower and below the cloud – which did occur on multiple occasions. However, bulls were able to seal the deal close inside the Cloud. But the factor of time can play tricks on traders – Ethereum has now moved outside the Cloud as a result of a horizontal move (time) instead of a vertical move (price). The key level here to watch as support for Ethereum is the price range between the Tenkan-Sen at 2546 and the high volume node in the Volume Profile at 2400. A close below both of those levels would more than likely generate a move south. I am cautiously bullish if price can move back above the Cloud and then close higher at 3560. The one level needed to really go full bull mode is the Lagging Span moving back above the candlesticks, which would mean a move 4000 for today. That number drops to the 3600 value area by next Friday.
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