Altcoin Market Update

🎄 Christmas Holiday Announcement 🎄

As we head into the holiday season, we’ll be closing our virtual doors December 23 - January 3 to give everyone time to rest, recharge, and enjoy some well-deserved moments in the warm company of family, friends, and significant others.

As a result, the next newsletter will be published on Monday the 6th of January 2025.

Thank you for a phenomenal 2024 thus far and I cannot wait to see what 2025 has in store in the crypto markets for us.

Wishing you a Merry, Merry Christmas and a Happy New Year 2025!

Hello and welcome back to the Rekt Capital Newsletter.

In today’s edition, the following cryptocurrencies will be analysed & discussed:

• Optimism (OP)
• Pendle (PENDLE)
• Aptos (APT)
• Popcat (POPCAT)
• Dog go to the moon (DOG)
• Near Protocol (NEAR)

But before we dive in, this Friday I’ll chart your Altcoin picks in an exclusive subscriber-only TA newsletter and will cover as many as I can

So if you’d like to have an Altcoin charted, feel free to share max. two TA requests each in the comments below.

I’ll chart the Altcoins that get mentioned and ‘Liked’ the most

Click the button below to leave a comment with your TA request!

Let's dive in to today's Altcoin Market Update.

Optimism - OP/USDT

This past November, we spoke about how OP tends to have clear cycles in its price action:

OP has since rallied to the upside, as per its historical tendencies:

And now, once again, as per historical tendencies from 2023, OP is dipping into the top of its orange box for what could very well be a retest attempt:

Cycle-wise, the orange area represents a macro accumulation area for OP and a potential drop into the top of that area would likely serve a post-breakout retest to confirm the end of accumulation and the beginning of uptrend continuation.

The retest occurred to an extent briefly last week via a downside wick, but 2023 shows that some continued price action could possibly develop in and around that area in the future (blue circle).

Pendle - PENDLE/USDT

Over the past few weeks, PENDLE has repeated history with a successful retest of the red $5.35 Range Low support (green circle) to enable a move to the Range High of $6.82 (red).

PENDLE also repeated history with a rejection at the Range High, which could send price back to the Range Low (black circle).

However, earlier this year, when PENDLE went for its second retest of the Range Low of $5.35, it actually failed it (black circle).

So it will be absolutely pivotal for PENDLE to actually successfully retest the Range Low as support on this next attempt.

In fact, last week PENDLE downside wicked into the Range Low for a successful retest but there is possibly still scope for additional downside into that level again, given the volatility in the market right now.

Most importantly, PENDLE needs to hold the Range Low for it to built a re-accumulation range at these highs to enable the next uptrend in the future.