Altcoin Market Update
Features analysis on Altcoins such as INJ VANRY ETH OP AVAX BRETT
Hello and welcome back to the Rekt Capital Newsletter.
In today’s edition, the following cryptocurrencies will be analysed & discussed:
- Vanar Chain (VANRY)
- Injective (INJ)
- Ethereum (ETH)
- Avalanche (AVAX)
- Optimism (OP)
- Based Brett (BRETT)
Vanar Chain - VANRY/USDT
Last week, we spoke about how VANRY was on the cusp of a retest, and should that retest be successful, price would challenge the top of its existing market structure for a potential breakout:
Here is today's chart:
VANRY has successfully retested the blue $0.088 level as support and is now challenging the top of the blue pattern for a breakout attempt.
Weekly Close above the top of this pattern (followed by a retest of it) would kickstart the breakout process.
Of course, the Bullish Divergence that is emerging will also lend a hand in a potential breakout when VANRY is ready:
Breaking out from the blue structure would enable a move to the black Macro Downtrend which is the most formidable resistance for VANRY at this time.
Breaking that Macro Downtrend would enable a new Macro Uptrend for price.
Once VANRY breaks out from this blue pattern, that breakout would act as a precursor to finally breaching that Macro Downtrend.
However, if VANRY Weekly Closes below the blue diagonal, then a breakout from this existing pattern would be postponed and price would consolidate inside the structure for a little while longer.