Altcoin Market Update
Features analysis on Altcoins such as OP RNDR ONDO VANRY TRU BONK
Hello and welcome back to the Rekt Capital Newsletter.
In today’s edition, the following cryptocurrencies will be analysed & discussed:
- Optimism (OP)
- Render Token (RNDR)
- Ondo (ONDO)
- Vanar Chain (VANRY)
- TrueFi (TRU)
- Bonk (BONK)
Optimism - OP/USDT
OP retraced significantly to the point that it has now revisited its Macro Higher Low, dating back to mid-June of 2022.
This is now make or break for OP as price needs to hold to avoid lapsing this technical uptrend.
Of course, downside wicks below this Higher Low are permitted but it's important for OP to not Monthly Candle Close below the trendline as that could kickstart a breakdown process, especially if OP flips the trendline into new resistance.
OP is now retesting this Higher Low and while a volatile retest would be fine, general continued price stability throughout is needed to avoid additional downside.
Render Token - RNDR/USDT
RNDR is almost a mirror image of Bitcoin's price action.
RNDR is forming a sideways range, forming a Lower High within that range, and recently also forming a Higher Low within that range as well.
RNDR has been downside wicking below the red $7.32 support level, downside wicking into the blue Higher Low trendline.
Generally though, RNDR has been successfully retesting the red Range Low as support and also forming a Higher Low below due to volatile retests.
In addition, the purple $6.25 level represents an old All Time High resistance which has been turned into support during those volatile downside wicking retests.
In a nutshell, RNDR is enjoying a cluster of demand in the purple and red horizontal supports but also in the blue Higher Low trendline as well.
Generally, this area needs to hold to further support RNDR at these levels and predispose it to further consolidation between the $7.32-$10.64 level going forward.
Naturally, if BTC were to rebound from its $60600 Range Low back to its $71500 Range High over the coming weeks, then RNDR would probably follow suit with a move from its respective Range Low of $7.32 to its $10.64 Range High over time.