Altcoin Market Update
Features analysis on Altcoins such as VET ETH TRX UNI THETA COTI CHZ
Welcome back to the Rekt Capital Newsletter.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- VeChain (VET)
- Ethereum (ETH)
- Tron (TRX)
- UniSwap (UNI)
- Theta Token (THETA)
- Coti (COTI)
- Chiliz (CHZ)
VeChain - VET/USDT
Over the past few weeks, we've been discussing VeChain's price action in a lot of detail.
In fact, VET has become a frequent feature here in the Rekt Capital Newsletter and with good reason as we'll soon find out.
Because in late January, VET revisited the Range Low of its current range (black-blue):
The green area was in general the support region that VET was trying to reaffirm stability at; the goal was to retest the Range Low as support.
VET managed to do just that by mid-February:
But it has been over the past week or so that VET has produced the most gains as a result of its successful retest of the Range Low as new support:
Because VET has rallied +105% to the upside since the retest, breaking out from the range and even revisiting the orange resistance area above.
Despite cancelling out some of the gains since the rejection at the orange resistance, still VET is up +70% since the Range Low retest.
And since VET has broken out from the macro range, it is possible price is pulling back for a post-breakout retest of the Range High into new support.
Price could indeed follow the green path, but technically VET could produce a volatile retest into the light blue area:
After all, this general light blue area figured as support in earlier 2021 (green circle), resistance in late 2023 (red circle), and possibly new support in 2024 (green circle):
So while the Range High is awaiting a retest, any downside volatility in and around the light blue area are fair game.