Altcoin Market Update

Features analysis on Altcoins such as OP RNDR ONDO VANRY TRU BONK

Hello and welcome back to the Rekt Capital Newsletter.

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

  • Optimism (OP)
  • Render Token (RNDR)
  • Ondo (ONDO)
  • Vanar Chain (VANRY)
  • TrueFi (TRU)
  • Bonk (BONK)

Optimism - OP/USDT

Last week, OP was testing the Macro Higher Low as support and now price is slinking below it. 

This could still end up as a volatile retest. After all, this has been the case of a few notable occasions throughout OP’s price history. 

Could history repeat?

If this retest turns out to be successful, then this macro technical uptrend will have been protected which would in turn likely act as the bottom of this correction, only to predispose a price reversal here.

Render Token - RNDR/USDT

RNDR consolidate within a Macro Range for four consecutive months, successfully retesting the Range Low as support in the process. 

In fact, RNDR has closely mimicked BTC in that respect. 

However, much like BTC in recent weeks, RNDR has also lost ground and dropped to lower levels. 

For RNDR, price is now in the process of retesting a Higher Low that is connecting the downside wicks in RNDR’s Monthly Candles. 

A successful retest here would be a good sign to price rallying back to the recently lost Range Low. 

If this Higher Low indeed does hold, then price would need to reclaim the Range Low to avoid confirming it to new resistance. 

As we’ll see from the many Altcoins covered today, this is a recurring trend that coins will have to wrestle with in the near future. 

That is, will lost supports flip into new resistances? Or will those lost supports actually be reclaimed to confirm fake-breakdowns?

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