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
Here is last week's analysis on OP:
And here is today's analysis:
OP has indeed managed to reclaim the Higher Low (purple), performing a downside wick below it, offering a bargain-buying opportunity below this crucial technical uptrend.
For OP to continue building on this momentum, price would need to reclaim the $1.91 level as support.
That sort of reclaim would really kickstart trend continuation.
But the prerequisite in the meantime is price stability at this recently protected Higher Low.
Render Token - RNDR/USDT
RNDR remains unchanged since last week's update however the main takeaway here is that price stability continues to persist.
This Higher Low (blue) is also acting as a confluent support with the purple $6.25 level (i..e the late 2021 resistance).
The fact that RNDR is holding the late 2021 resistance (purple) as new support just shows what a dramatic shift in market psychology has occurred over the past three years or so.
Continued stability here would enable a move back into the $7.33 level for a pivotal reclaim of that said red level as new support.
Reclaiming the red $7.32 level would mean that RNDR has broken back into the red-red Re-Accumulation Range ($7.32-$10.64).
And seeing as BTC has reclaimed its own ReAccumulation Range as of late, why wouldn't RNDR do the same over time?