Altcoin Market Update

Hello and welcome back to the Rekt Capital Newsletter.

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

• Virtuals Protocol (VIRTUAL)
• Fartcoin (FARTCOIN)
• Sui (SUI)
• Bittensor (TAO)
• Monero (XMR)
• Stellar (XLM)

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.

Virtual Protocols - VIRTUAL/USDT

Two weeks ago, we spoke about how VIRTUAL was on the cusp of breaking its Downtrend:

And since that time, VIRTUAL has been rallying without interruption:

VIRTUAL has rallied +179% since breaking its Downtrend.

And price will need to maintain its current black-black range to avoid a deep drop into the sub-$1.12 region.

In fact, retesting the $1.12 level as support could be on the menu and downside wicking as part of a volatile retest would be fine but price needs to continue Weekly Closing above $1.12 if it is to build a re-accumulation structure between the two black levels.

Because losing the $1.12 as support could open price up to a dip via the green path and it would be a shame to lose profits made on the way up by not having any risk measures in place to mitigate potential downside due to a failed retest.

Fartcoin - FARTCOIN/USDT

Fartcoin has been one of the major market leaders in recent weeks.

Back in mid-March, we first covered FARTCOIN as follows:

In the weeks since then, price continued to follow through on the blue path...

To the point that Fartcoin revisited the orange circled region via the blue path.

Here is the mid-April analysis:

And here's today's analysis:

FARTCOIN successfully retested the orange circled region and rallied towards the $1.29 (blue) resistance above, effectively rallying +191% since first embarking on the blue path mentioned over a month ago.

Going forward, it will be important for FARTCOIN to Monthly Close above $0.93:

Because doing so would mean that price is ready to reclaim an old major resistance into new major support.

So a Monthly Close above blue here would position price for a retest of $0.93 level in May.

And a successful retest of $0.93 into new support would technically mean that FARTCOIN is ready to breakout from its overall blue-blue Monthly Macro Range.

Holding above $0.93 is key for this coin if it wants to continue ascending higher and in the meantime, it's worth having risk measures in place to protect the ROI already made just in case that retest fails for whatever reason.