Altcoin Market Update
Features analysis on Altcoins such as AR COTI AVAX KNC BCH THETA
Hello and welcome back to the Rekt Capital Newsletter.
In today’s edition, 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
Arweave faked a breakout from its light blue Bull Flag and failed to retest the $43 (black) level as support to confirm that breakout.
AR has since retraced back into the blue Macro Downtrend, even overextending below is considerably.
But until that Monthly Close is in - nothing is confirmed.
The downside volatility has been quite extreme as of late and extreme fear tends to precede opportunity.
Which is why it's key for AR to hold this blue Macro Downtrend.
In the past, AR has experienced volatile retests of this Macro Downtrend, producing downside wicks below the Downtrend.
With AR now below the Macro Downtrend, could it be that this is another volatile retest?
For that to be true, AR would need to Monthly Close above the Macro Downtrend later this month.
Coti - COTI/USDT
In mid-2021, COTI would find support at the orange level and downside-deviate considerably into the light blue order block and even as low as the black level at $0.08.
In 2024, COTI has actually turned that major orange support into resistance this month, rejecting into the light blue order block and even teasing to drop into the black level as well.
The light blue box represents a support from mid-2021 and a resistance in 2022 through 2023 so COTI finally has a chance to reclaim this area as support once again.
The entire Altcoin market is retracing heavily, but not much is needed from Altcoins like COTI to end the month with a volatile downside wick to secure a major support.
COTI needs a Monthly Close above the light blue box to secure it as support but in the meantime, downside volatility to the black level could be on the cards if BTC retraces a bit more.