Altcoin Market Update #106
Features analysis on Altcoins such as JUP FARTCOIN AERO ONDO ATOM INJ
Hello and welcome back to the Rekt Capital Newsletter
In today’s edition, the following cryptocurrencies will be analysed & discussed:
- Jupiter (JUP)
- Fartcoin (FARTCOIN)
- Aerodrome Finance (AERO)
- Ondo (ONDO)
- Cosmos (ATOM)
- Injective (INJ)
But before we dive in, this Friday I’ll chart your Altcoin picks in an exclusive subscriber-only TA newsletter and will cover as many as I can
So if you’d like to have an Altcoin charted, feel free to share max. two TA requests each in the comments below.
I’ll chart the Altcoins that get mentioned and ‘Liked’ the most
Click the button below to leave a comment with your TA request!
Let's dive in to today's Altcoin Market Update.
Jupiter - JUP/USDT
Jupiter has strongly rebounded from the $0.33 support (purple), forming a new Higher Low in the process (blue)
With the most recent Weekly Close occurring inside the orange area, price is positioned for a retest of said area, in very similar fashion to the successful retest from earlier this year (green circle).
A successful retest here would enable a move to the $0.55 blue resistance, which is the resistance price would need to Weekly Close above and post-breakout retest if it is to repeat a strong uptrend like in early 2024 (far left green circle) but that's a story for another day.
More, retesting the local orange area would see JUP continue to develop a potential Double Bottom formation here (black):
The retest is in progress as we speak.
Fartcoin - FARTCOIN/USDT
FARTCOIN has been consolidating inside its green-blue range since failing its breakout retest a few months back (red circle).
The consolidation looks unremarkable on the Weekly timeframe, but price action is behaving in a way that has develop a wedge-like pattern on the Daily timeframe:
If FARTCOIN is able to breakout from this Daily market structure, then price will try to challenge the Range High of the Weekly Range for yet another retest/reclaim attempt.
The Weekly red circles in the first chart show how hard it has been for FARTCOIN to clear the blue $1.29 resistance but as long as the Weekly Range Low continues to hold in a way that facilitates a positive resolution to the Daily Wedge, then price could once again challenge to break in to the blue-blue range above.