Altcoin Market Update #118

Hello and welcome back to the Rekt Capital Newsletter

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

• Avalanche (AVAX)
• Dogecoin (DOGE)
• Cosmos (ATOM)
• Cronos (CRO)
• Worldcoin (WLD)

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

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Let's dive in to today's Altcoin Market Update.

Avalanche – AVAX/USDT

Avalanche has enjoyed a strong three-month rally across its Macro Wedge (blue).

The next key step is a Monthly Close above the Macro Downtrend and a subsequent post-breakout retest of this level.

That would open the path toward repeating bullish history similar to mid-2021 and early 2024 (green circles).

Specifically, a Monthly Close above $38.40 (black horizontal) would position AVAX to attempt that repetition.

At present, however, price is trading around $34.33, leaving further work to be done before such confirmation.

If AVAX fails to secure that Monthly Close above $38.40, there remains scope for re-accumulation inside the red region. A retest there could extend base-building further into Q4, ultimately enabling a more sustainable breakout attempt later.

Dogecoin – DOGE/USDT

Dogecoin’s pre-halving highs at $0.22 (green line) have flipped into new support.

A Monthly Close above this level will confirm the breakout and any pullbacks into $0.22 would now serve to solidify this base going into October.

This process effectively transforms the pre-halving highs from resistance into support and a sustained hold here would confirm that DOGE is building fresh demand at this level.

While $0.22 builds itself as support, on the Weekly timeframe, the $0.27 (green) region is demonstrating signs of progress weakening.

Earlier in the year, rejection from $0.27 produced a -53% decline, while a mid-year rejection triggered a -32% pullback.

Most recently, however, rejection at $0.27 produced only a -20% drawdown. This sequence of progressively shallower pullbacks highlights weakening supply at the $0.27 level.

In turn, the $0.22 region is strengthening as support, while $0.27 is slowly losing its role as resistance. Historically, in late 2024, $0.27 never functioned as a major barrier and while it is putting up more of a fight this year, it looks poised to fail at some point in the future.

Should $0.27 be reclaimed and retested as support, DOGE would be well-positioned to accelerate into $0.34 (green). 

That level represents the next key trend-defining resistance, but for the moment, the focus is on the gradual shift of supply into demand around $0.27 which suggests that continuation may only be a matter of time.