Altcoin Market Update
Features analysis on Altcoins such as AR COTI AVAX KNC BCH THETA
Welcome back to the Rekt Capital Newsletter.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- Arweave (AR)
- Coti (COTI)
- Avalanche (AVAX)
- Kyber Network (KNC)
- Bitcoin Cash (BCH)
- Theta Token (THETA)
Arweave - AR/USDT
The entire market is pulling back.
All of us have seen pullbacks like these before and yet we feel differently about it, in the moment.
Nonetheless, AR broke out from its light blue Bull Flag last month and this month, price went for retest of the top of the Bull Flag to retest it as new support.
Of course, price is overextending, even dropping into the Bull Flag right now, but there is a possibility that this is a volatile retest for AR.
Generally, AR has a pivotal support at the confluent support that is the Bull Flag Bottom and the Macro Downtrend (purple) which will likely support the trend if things get even more volatile.
Worse-case scenario, AR pulls back into the Macro Downtrend and produces more downside wicks below it, like it did in recent months.
For the time being however, there is still plenty of time left in the month for AR to perform a volatile post-breakout retest of the Bull Flag.
Lots can still change over the next few weeks.
Coti - COTI/USDT
If we look to the very, very left of this chart, we'll notice that the light blue area acted as resistance to reject price.
In 2021, this light blue area acted as a home for downside wicks in COTI's price.
Throughout 2022-2023, this light blue area acted as resistance.
And now, COTI has the chance to turn this area into support.
The light blue box is approximately confluent with the orange $0.13 which we've been discussing in recent weeks; they serve the same function and share the same historical tendencies.
COTI is sandwiched between the light blue box and the orange level.
COTI needs to hold this light blue area to turn it into a new support which would be historic.
Since late 2019, we've seen just how many times these switches happen.
In fact, if this retest is successful, this will be only the second time in COTI's almost 5-year history that price will have turned this light blue area into support.
And in doing so successfully, that would enable price to reclaim the orange level as support for further upside.
The reclaim of the orange level via a Monthly Close above said level would be pivotal.
There's time in June for that to still happen.