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, VANRY broke its Macro Downtrend (black) but appears to have failed its post-breakout retest for the moment (orange circle).
VANRY Weekly Closed below the Macro Downtrend last week, failing to reclaim it as support but if price can maintain itself around current prices for the rest of the week, naturally VANRY will once again position itself for a retest of the Macro Downtrend.
This Macro Downtrend retest is important because once it becomes a successful one, a new Macro Uptrend should ensue over time.
Injective - INJ/USDT
A few weeks back, we spoke about INJ and how it was still consolidating inside its Downtrending Channel (light blue), slowly preparing for breakout:
On breakout, INJ rallied straight into the orange $23.46 resistance and rejected there, leading to last week's analysis:
In last week's retest, we'd anticipated a retest of the top of the pattern, which has since occurred (blue circle):
Technically, INJ has confirmed a breakout from the Downtrending Channel but has since transitioned into a potential re-accumulation phase within its current black-0range range ($18.02-$23.46).
More, INJ could still dip inside this current range into the black Range Low for a retest and if the retest is volatile enough, a downside wick could even tag the top of the Downtrending Channel (light blue) for yet another post-breakout retest attempt.
Generally, INJ is looking to solidify a base of support around the approximately confluent support area that is the black Range Low and the top of the Downtrending Channel.
Holding there would precede upside across the Range to revisit the Range High (orange) over time.