Gm friends,
Welcome back to another Premium Investor Report.
Let’s jump in!
Here’s what’s in today’s issue:
- Technical analysis on the current market.
- A DeFi tutorial on how to start using Shadow on Sonic for high APRs.
For any crypto related questions please comment on the website.
Market Analysis
XRP
XRP broke south from its bullish pennant on Bitcoin’s move. But interestingly, XRP has been showing strength, relative to most other cryptos, as price is currently above the 100D EMA. And XRP’s trading volumes on the downwards move were insignificant. So that’s good for the bulls.
On Monday, XRP bounced off a lower ascending support line that started back in November, at $2.05. And if price begins to consolidate between the two lower lines on the chart, that’s technically a rising wedge, which is bearish. But let’s see how it develops over this next week.
SIGNAL: Trading this looks absolutely brutal right now. Too much chop. But if I was going to try, it would be a SHORT on a confirmed break below the lowest line on the chart (i.e. currently around $2.05). I would also look for a LONG off a 200D EMA (i.e. at $1.80) bounce.
Solana
Last week, saying that we might see a $120 SOL seemed a bit outlandish, but we got damn close. At the time of this writing, the lowest SOL has traveled is $131. But why did it stop here? Well, that’s near the 100W EMA (i.e. currently at $136), so I think this is the best explanation.
But if Bitcoin loses the 200D EMA, then I’d bet lots and lots of money that we’ll get that $120 SOL (i.e. lower horizontal line). The only question is, will it hold? Also, there’s a new descending resistance line that’s formed. Currently, both this descending resistance and the upper horizontal resistance are crossing at $160. So it seems like this will be a tough area for the bulls to crack.
SIGNAL: SHORT a rejection at $160, or a rejection at the descending resistance line. LONG a bounce at $120.
SUI
A $3 SUI is still that line in the sand; but currently, we’re below it (and the 200D EMA is at $3.05). And this latest move down technically printed a lower low/ lower high. So again, we need to see these prints reverse before we can start thinking about serious longs.
SUI bounced off an ascending support line that’s been in play since August of last year. That line is currently at $2.64.
SIGNAL: SHORT if the ascending support line at $2.64 breaks. Logical take profits would be at $2.40 and $1.60. LONGS look too choppy right now; and at minimum, I would want to see the 200 reclaimed first.
Litecoin
Out of everything we’ve looked at so far, Litecoin is showing the most strength. And it’s because of (1) the likely upcoming ETF approval, and (2) LTC’s low price relative to its historical price action.
On Bitcoin’s dump, Litecoin bounced off the lower pennant support line at $105. Currently, LTC is well above the 100D EMA, and it’s fighting to overtake the 50D EMA. So this major bullish pennant is still very much in play.
SIGNAL: Setting buy / LONG limit orders at the 100D EMA (i.e. $109) or at the lower pennant support line (i.e. $105) makes a lot of sense. If Bitcoin nukes further, look for LONGS at the 200D EMA (i.e. at $99), or back up the truck if we hit the lower ascending support line at…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
