Altcoin Market Update
Features analysis on Altcoins such as INJ VANRY ETH KDA AVAX BRETT
Hello and welcome back to the Rekt Capital Newsletter.
In today’s edition, the following cryptocurrencies will be analysed & discussed:
- Injective (INJ)
- Vanar Chain (VANRY)
- Ethereum (ETH)
- Kadena (KDA)
- Avalanche (AVAX)
- Based Brett (BRETT)
Injective - INJ/USDT
Last week, we spoke about how INJ could be going for a retest attempt of the black $18.02 level as support:
Here's today's update:
This Bullish Divergence has played out for INJ, as price rallied +27% since successfully retesting the black $18.02 level as new support to springboard across the range to revisit the light blue highs at $21.68.
Generally, INJ is rejecting at this Range High region which is approximately confluent with the bottom of the light blue wedge which INJ broke down from several weeks ago.
INJ would need to Weekly Close above the base of this old wedge for price to enjoy additional trend continuation, otherwise price could drop deeper into its existing range for further consolidation.
Lastly, on the RSI it is clear that there is a Higher Low which is playing an integral part in developing the Bullish Divergence, but also recently a new Lower High has formed on the RSI as well.
This Lower High just accentuates the fact that the red boxed resistance on the RSI needs to be totally breached for the INJ uptrend to really flourish; if the RSI continues to reject from the newfound Lower High resistance then the RSI will drop into the light blue Higher Low for another retest soon, and price could also inch closer to the Range Low once again.