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

Ethereum hasn't been able to break its fall on its current retrace.

A few weeks ago, we spoke about a scenario where it could reject from the blue circled area, which could turn into new resistance:

Here is last week's analysis:

And lastly, here is today's analysis:

Ethereum has lost the black level as support and is now getting increasingly close to tapping the Range Low at $2791 (orange circle).

It's important to emphasis that the previous revisits into the orange circled Range Low occurred via downside wicks whereas now ETH is approaching this level with candle closes.

This just showcases a weakening in the support strength of this region.

Going forward, if ETH rebounds from here to turn the black level into new resistance, then the chances would be very highs of the orange circled level giving way as a support.

Generally, ETH hasn't lost this red level as support in years so it would be very interesting to see how price reacts to that level.

On the Monthly, it all comes down to one key level:

The light blue psychological level of $3000.

In mid-2021 ETH held this level while downside wicking into the orange circled level before moving higher.

Last month, ETH was able to preserve this level as support but this month it is slinking below it; lots can still change until the end of May which is why it is important that $3000 doesn't turn into new resistance in the coming week or two, because that could really weigh down on the orange circled support.

Dogecoin - DOGE/USDT

Over the past few weeks, we've been discussing DOGE's Macro Downtrend and the Macro Retest of it as new support:

DOGE has been able to rebound from the Macro Downtrend, successfully retesting it as support, but to move higher it will need to reclaim the green level as support:

That's the level that is keeping DOGE from rising higher.

Until that green level is reclaimed as support, DOGE will continue to meander, maybe even try to form a new Higher Low.

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