Altcoin Market Update
Features analysis on Altcoins such as ETH DOGE COTI AVAX THETA VET KNC
Welcome back to the Rekt Capital Newsletter.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- Ethereum (ETH)
- Dogecoin (DOGE)
- Coti (COTI)
- Avalanche (AVAX)
- Theta Token (THETA)
- VeChain (VET)
- Kyber Network (KNC)
Ethereum - ETH/USD
Over the past few weeks, we've covered ETH in a lot of detail, first talking above how a potential rejection from the blue circled area could see price drop into the orange circled level:
Here is today's analysis:
ETH indeed dropped into the orange circled level but also rebounded from it.
But ETH hasn't been able to build on that rebound as of yet.
Still, it is holding the black level here, which is acting as a mid-point to its current orange circle to blue circle range.
Losing black here would probably see ETH revisit the orange circled Range Low but this time, in candle-bodied form instead of the downside wicks we've seen produced there over the past few weeks.
ETH needs to continue holding this black level to avoid a scenario where ETH would test the orange circled Range Low and potentially showcase a weakening of it.
Dogecoin - DOGE/USDT
Last week we spoke about how DOGE was in the process of a crucial macro retest:
Price was in the process of retesting both the Macro Downtrend as well as the black Range Low at $0.12.
DOGE successfully retested this confluent area of support:
DOGE has since rebounded almost +23% to the upside, successfully confirming a new Macro Uptrend in the process.
After all, the retest of the Macro Downtrend occurred so that price could confirm that said downtrend is no longer a resistance but now exists as a support.
When a Macro Downtrend get broken and retested as new support, a new Macro Uptrend is confirmed.