Altcoin Market Update
Features analysis on Altcoins such as ETH DOGE UNI DOT VET CRO KNC RUNE
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)
- UniSwap (UNI)
- Polkadot (DOT)
- VeChain (VET)
- Crypto Com (CRO)
- Kyber Network (KNC)
- Thorchain (RUNE)
Ethereum - ETH/USD
Ethereum is consolidating just above the orange are of support.
For a few weeks now, ETH has been holding here, downside wicking in the process however still forming Higher Lows on those wicks nonetheless.
ETH needs to simply hold this orange area as support as it has done thus far if it is to remain positioned for potential upside (blue circle).
The blue circle showcases how successful retests here have preceded upside to the green ~$4000 resistance.
Can ETH continue to hold here?
Again, the downside wicks forming a Higher Low are an encouraging sign, so is the multi-week price stability here - but at some point ETH needs to produce trend continuation from here.
The orange circled region represents a bargain-buying scenario that may not come if ETH continues to exhibit this price-strength confirmation at the orange boxed support.
And the Monthly timeframe depicts this well:
According to the Monthly timeframe, this orange area used to act as resistance in mid-2021 and mid-2022 and even as recently as earlier this year.
Now, ETH is in the process of retesting this area as new support for the first time, arguably ever, because in mid-2021 ETH simply broke beyond this orange area which acted as resistance back then.
So for the first time ever, ETH is in the process of retesting this historical area of resistance as new support.
Retest is in progress and the current and previous Monthly candles are forming downside wicks at a Higher Low.
Continued stability here should see ETH a revisit of the green ~4000 resistance.