Altcoin Market Update #109

Hello and welcome back to the Rekt Capital Newsletter

In today’s edition, the following cryptocurrencies will be analysed & discussed:

• Algorand (ALGO)
• Dogecoin (DOGE)
• Fartcoin (FARTCOIN)
• Ondo (ONDO)
• Sui (SUI)

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.

Algorand - ALGO/USDT

Over the past few weeks, we've been speaking about how Algorand was developing a Double Bottom formation and needed to build out the second portion of that pattern:

And here's today's update:

Algorand has rallied more than +53% to the upside since, breaking beyond the red region of resistance and producing an all-important Weekly Close above there.

All-important, because ALGO has solidified its positioning above this resistance and is in fact position for a post-breakout retest to reclaim this old point of rejection into new support to replicate late 2024 history (green circle).

The pullback is currently in progress and that retest could technically dip even deeper to the red region but for as long as price holds this general region, that retest will be successful.

Can ALGO replicate late 2024 history on this upcoming retest?

And as we'll see below, DOGE actually shares the same Double Bottom pattern.

Dogecoin - DOGE/USDT

Dogecoin has successfully retested the multi-year technical uptrend (black) as support to enable a rally to the upside.

Price is pressing beyond its Pre-Halving highs (green, $0.22) and a Monthly Close just like this would position price for a post-breakout retest in August of said level into new support.

What's interesting about these Pre-Halving levels is that they are approximately confluent with the top of the Weekly Double Bottom that price has most recently broken out from.

Any dips on the Weekly timeframe into the ~$0.22 region would figure a post-breakout retest attempt of the Double Bottom to fully confirm a breakout whereas on the Monthly any dips would figure as a key technical milestone to finally turn Pre-Halving highs into new support.

Effectively, the retests need to be successful for DOGE to re challenge the $0.27 (green) resistance.

And if the retests are successful, then that would imply that the $0.27 resistance is actually weakening as a point of rejection, making it more likely to breach on the next time of asking.