Altcoin Newsletter #131
Features chart analysis on 8 Altcoins: INJ LINK SOL ADA DOT SAND MATIC FLUX
In today’s Altcoin newsletter, I cover 8 different Altcoins, specifically:
- Injective (INJ)
- Chainlink (LINK)
- Solana (SOL)
- Cardano (ADA)
- Polkadot (DOT)
- The Sandbox (SAND)
- Polygon (MATIC)
- Flux (FLUX)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in.
Injective - LTC/USD
As a preface, here is what I discussed about INJ’s price action a few weeks back:
And here is today’s update:
INJ has dropped into the green support area, following the green path.
However, INJ is actually hovering below the green area, despite finding support there for a few weeks before.
Last week’s Weekly Close below the green area means that price could be setting itself up for a flip of the green area into new resistance to reject price via the red pathway.
Of course, another Weekly Close below green could indeed set price up for that downside continuation.
However, a Monthly Close above the green area instead would mean that the green area will remain as support and price stability will be achieved here, which would set price up for a possible move to the black downtrend:
The black downtrend is the one INJ needs to break if it is to move higher via the green path.
All about the higher timeframe closes right now.