Altcoin Market Update
Features analysis on Altcoins such as VANRY INJ FET EDU OP TIA
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)
- Fetch ai (FET)
- Open Campus (EDU)
- Optimism (OP)
- Celestia (TIA)
Vanar Chain - VANRY/USDT
In recent weeks, we discussed VANRY and its Falling Wedge-like structure and how it needed to retest the blue level of $0.088 as support to follow through on its green path:
By following this green path, VANRY would breakout from the structure:
Here is today's chart:
Though VANRY Weekly Closed below the diagonal resistance of the blue pattern, price has still managed to position itself for a post-breakout retest of the top of said pattern into new support so as to springboard price to higher levels.
The retest is in progress and looks to be successful thus far, and as long as this continues VANRY will be able to finally challenge the black Macro Downtrend above for a crucial decision on trend.
Because a breakout beyond the Macro Downtrend (black) would enable a new Macro Uptrend.
And as long as this Bullish Divergence continues to play out...
VANRY will be in a very good position to give the Macro Downtrend a legitimate challenge for a breakout.
Injective - INJ/USDT
Last week, we spoke about INJ and how it was still consolidating inside its Downtrending Channel (light blue):
Since then, INJ has increased in its price action but only to the point that it has revisited the top of the key pattern for a potential breakout attempt:
INJ would need to Weekly Close above the top of this pattern to kickstart a new uptrend after a multi-month downtrend and dwindling within this downtrending channel.