Altcoin Market Update
Features analysis on Altcoins such as OP 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)
- Ondo (ONDO)
- Vanar Chain (VANRY)
- TrueFi (TRU)
- Bonk (BONK)
Optimism - OP/USDT
In recent weeks, we spoke about OP's downside deviation below the Macro Higher Low (purple):
Then, last week, we touched upon how OP needed to position itself above the black $1.91 level to reclaim said level as new support to enable trend continuation to the upside:
And here's today's update:
OP has successfully retested the Macro Higher Low (purple) as support and the monthly candle has even flipped green for the first time this July.
OP is on the cusp of potentially positioning itself above the black level for a reclaim via the green path.
On the Monthly timeframe, this positioning isn't very visible but on the Weekly it is clear that OP is trying to already reclaim said level:
OP Weekly Closed above the black level, breaking that level as resistance and now price is pulling back to retest it as new support.
The retest is in progress and a successful retest would enable upside via the green path.
In fact, a previous retest attempt at similar price levels occurred in early 2023 (green circle).
Back then, a Weekly Close above the black level followed by a downside wicking retest attempt enabled upside to as high as the orange area of resistance in the $3 region.
Could history repeat with a similar move upon successful retest here?
Ondo - ONDO/USDT
Last week, we spoke about an expectation for ONDO to dip as part of established a new range at highs:
Since then, ONDO has indeed began its pullback via the green path:
ONDO rejected from the black resistance which is a confluent rejection point with the red multi month downtrend.
It's possible ONDO will continue its dip into the light blue level for a key retest attempt.
Successful retest there and ONDO would reverse to the upside to revisit the black highs from which it rejected from earlier this week via the green path.