Hello and welcome back to the Rekt Capital newsletter, a place for people who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.
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Let’s dive into today’s edition of the Rekt Capital newsletter.
In today’s newsletter, I will cover 6 Altcoins, specifically:
- Avalanche (AVAX)
- Nano (NANO)
- Crypto Com (CRO)
- Fetch ai (FET)
- Fantom (FTM)
- Oasis Protocol (ROSE)
Let’s dive in.
Avalanche - AVAX/USDT
Since recovering from the late 2022 lows, AVAX has rallied into the psychological $20 resistance (blue horizontal), experiencing a reject earlier this year but with this rejection transitioning in a U-Shaped formation.
AVAX, to confirm the U-Shaped formation and subsequent breakout from it, needs to reclaim the psychological $20 level as support.
Upon doing so, AVAX could then follow the black path.
Generally, consolidation within the orange box here is fine as long as the box holds as support, as that would preserve the U-Shaped formation.