Altcoin Market Update
Features analysis on Altcoins such as ETH DOGE UNI THETA VET CRO KNC
Welcome back to the Rekt Capital Newsletter.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- Ethereum (ETH)
- Dogecoin (DOGE)
- UniSwap (UNI)
- Theta Token (THETA)
- VeChain (VET)
- Crypto Com (CRO)
- Kyber Network (KNC)
Ethereum - ETH/USD
As a preface to today's analysis, here is last week's commentary:
Here is today's analysis:
Ethereum has convincingly rejected from the orange resistance box, confirming it as a Range High resistance to its new red-orange range ($2791-$3300).
As a result, ETH is tumbling lower into the range, getting closer to the Range Low at $2791 (orange circle).
In recent weeks, ETH would downside wick close to the Range Low but not actually touching it.
Right now, ETH is at those same downside wicking prices but in candle-bodied form.
ETH is pretty much right at the Range Low and this is where ETH needs to hold support to begin range-bound consolidation between the $2791-$3300 range (red-orange).
Last note: the mid-2021 orange circle shows that downside wicking could occur even below the $2791 and woulds still be bullish as long as the Weekly Close occurs above said level.
Dogecoin - DOGE/USDT
Last week we spoke about a potential Head & Shoulders formation developing on DOGE's price that, if validated, would see DOGE drop into the confluent support area that is the blue Macro Downtrend and the black Range Low support:
Here is today's analysis:
The Head & Shoulders formation has been validated and has enabled an all-important macro retest attempt at the confluent area of support that is the Macro Downtrend and the black Range Low.
Absolutely crucial retest is in progress right now.
It's important to note that this is a Monthly trendline so on the Weekly the confluence looks almost perfect whereas on the Monthly this confluence is approximate:
This difference across timeframes just shows that DOGE could still dip below the black Range Low to touch the blue Macro Downtrend on the Monthly timeframe and that would still be a technically sound price development for DOGE.
In any case, a successful retest at the Macro Downtrend/Range Low area would successfully confirm a new macro uptrend for DOGE.