Altcoin Market Update

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

Over the past few 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:

VANRY then Weekly Closed above the top of its blue pattern to retest it as support in an effort to confirm a breakout from it:

And here's today's chart:

Overall, VANRY followed its green path to completion, allowing for a breakout from the blue downtrending channel.

But perhaps most importantly, this turn of technical events has enabled a challenge of the crucial Macro Downtrend, dating to mid-March 2024.

VANRY is trying to muster its way beyond this Macro Downtrend and a Weekly Close beyond it would be a compelling trigger for price to challenge for a breakout into a new macro uptrend.

VANRY is on the cusp of a new macro uptrend, it just needs to Weekly Close above it to potentially kickstart the process.

Injective - INJ/USDT

A few weeks back, we spoke about INJ and how it was still consolidating inside its Downtrending Channel (light blue):

Since then, INJ successfully reclaimed the black level of $18.02 to enable a breakout from this Falling Wedge structure:

This breakout has resulted in a +21% move to the upside, revising the orange Range High at $23.46.

For INJ to enjoy trend continuation towards the red boxed resistance at around $27.50, it would need to Weekly Close above the orange Range High first.

Until then, INJ will always be potentially positioned for a pullback into the top of the Wedge it had broken out from, if price really needs to go for a post-breakout retest attempt to fully confirm the breakout.

These two blue circles summarise these two key levels:

The blue circle at the orange Range High emphasises the need for a Weekly Close above said level to rally higher, whereas the lower blue circle demonstrates the possibility for a post-breakout pullback.

Ultimately, while INJ has broken out from the structure, it still is sandwiched between the $18.02 Range Low (black) and the orange Range High at $23.46, therefore still technically consolidating.

While the breakout from the pattern means that a new uptrend is on the horizon, INJ could potentially spend a little bit of time in this aforementioned re-accumulation range first in preparation for building on its newfound momentum.