Altcoin Market Update
Features analysis on Altcoins such as DOGE ETH LTC CRO KNC RUNE
Welcome back to the Rekt Capital Newsletter.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- Dogecoin (DOGE)
- Ethereum (ETH)
- Litecoin (LTC)
- Crypto Com (CRO)
- Kyber Network (KNC)
- Thorchain (RUNE)
Dogecoin - DOGE/USDT
Dogecoin has broken its Macro Downtrend late last month.
The multi-year downtrend is now over and DOGE is ready for a new Macro Uptrend.
With its most recent Monthly Close, DOGE has began its break into the red-red Range ($0.20-$0.27).
However, with break-ins into a new range, it occurs in two steps:
- Monthly Close above key level (this indeed occurred as DOGE Monthly Closed above the red $0.20 level)
- Followed by a successful retest of said level (DOGE is arguably in the process of this retest, however it is a volatile one).
Moreover, historically, DOGE tends to perform very volatile retests of its $0.20 level, as the 2021 green circle shows.
So with the Month still young, lots could still change and DOGE could still Monthly Close in April above the $0.20 red level to confirm a successful Monthly retest.
However until then...
DOGE could still dip even deeper.
In fact, DOGE broke out from a Weekly Bull Flag (orange) last week to actually enable this bullish Monthly Close above the red $0.20 level.
As is the case with breakout moves however, price sometimes needs to dip into that post-breakout structure for a retest.
DOGE could thus still dip into the Bull Flag top for a retest; a successful one would see price try to then recover back above the red $0.20 level.
However, the way I view DOGE's price is that any dips even into as low as the blue Macro Downtrend would still technically be fine; after all, the Macro Downtrend could be retested as support as well.
This Macro Downtrend retest of course happened on the Weekly timeframe a few weeks ago, but what if DOGE wants to retest it on the Monthly timeframe as well?
Many Altcoins have broken such Macro Downtrends but didn't have to retest them as new support to rally higher.
So while this is a possibility, it is the best bargain-buying opportunity DOGE could ever offer at this point in the cycle but it does feel too good to be true given DOGE's 2024 overall bullish momentum.