Buy signals for Dogecoin (DOGE), Decentraland (MANA), and Stellar (XLMUSD)
Dogecoin (DOGEUSD) Daily Ichimoku Chart
Above: Dogecoin (DOGEUSD)
Dogecoin has a very nice setup on the daily Ichimoku chart that could trigger a significant push higher, back into the $0.20 value area. Bulls did push Dogecoin to as high as $0.17 during Tuesday’s trading session, but sellers promptly jumped on that movement and returned Dogecoin to the $0.15 zone. Despite that selling pressure, Dogecoin does have some bullish entry options ahead.
Buyers should look for a daily close around the $0.17 price level. A close at that level puts Dogecoin’s daily close above the Tenkan-Sen and Kijun-Sen and returns the Lagging Span above the candlesticks. Momentum should be sufficient to trap a significant number of shorts and propel DOGE to retest the $0.25 to $0.26 resistance zone.
Decentraland (MANAUSD) Daily Ichimoku Chart
Decentraland has been one of the best performers of the last six months. However, it’s pulled back a bit since hitting a new all-time higher near the $6.00 value area. The selling may not be done, and there are clear signs that indecision may continue for MANA. Waiting for an entry that would provide clear and undeniable bullish momentum is not a bad idea.
A buy stop order at $4.00 would put Decentraland above the Cloud. Additionally, all of the other requirements for an Ideal Bullish Breakout within the Ichimoku system would be complete. Finally, a stop loss at $3.35 and a profit target at $7.00 would complete the whole entry. That’s nearly a 4.5:1 reward for the risk setup.
Stellar Lumens (XLMUSD) Daily Ichimoku Chart
Above: Stellar (XLMUSD)
Like the rest of the cryptocurrency market, Stellar has suffered some significant drawdowns of late. But Stellar is a different beast entirely in its overall performance. It’s easy to forget that XLM, despite its importance and relevance, has not made a new all-time high since January 4th, 2018! If there were a list of cryptocurrencies that should be poised for some explosive moves and bullish actions, Stellar would be on that list.
To initiate that next bullish breakout, Stellar needs to position itself out of its current weak position. A buy stop order at $0.30 would set XLM above the most recent highest close at $0.2975. Additionally, the Lagging Span would be positioned above the candlesticks and in open space. The stop loss would be slightly below the Cloud at $0.27 and the profit target near prior swing highs at $0.42.
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