In today’s Altcoin newsletter, I cover 7 different Altcoins, specifically:
- Polkadot (DOT)
- Coti (COTI)
- Synthetix Network Token (SNX)
- ThorChain (RUNE)
- Shiba Inu (SHIB)
- Stacks (STX)
- Verasity (VRA)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in.
Polkadot - DOT/USDT
Last month, DOT rejected once again from the blue Downtrend.
And though in June DOT was able to generate a decent buy-side reaction from the bottom of the overall blue triangle, it's possible price will simply dwindle towards that area again anyway.
That's the area that is a historical support (pre-2021 support was found there) and it is also the support at which DOT formed its late 2022 lows.
However, should DOT continue to consolidate into the apex of this blue triangle, rejecting from the Downtrend resistance to drop into the triangle base, it's possible DOT could produce some downside volatility in the form of wicks into the outlined orange area.
I'd expect absolute fear and pessimism when DOT deviates into the orange region.
Coti - COTI/USDT
Unfortunately for COTI, price Monthly Closed below the multi-year black trendline.
This black trendline acted as:
- Resistance in mid-2019 upon listing on Kucoin
- Resistance again in late 2020
- As the breakout point in early 2021
- As support in late 2022
- And now as potential new resistance this mid-2023
Interestingly, we can see from this brief history that price reacts to this black trendline in a decisive way once per year.
If this trend continues, then this trendline may continue to figure as resistance for the end of 2023.
However, on the flipside of that - COTI could reclaim this trendline as new support in 2024.
That aside however, it is clear that last month COTI Monthly Closed below the black trendline to kickstart the breakdown process.
And for the moment, this trendline is acting as new resistance and if this continues, price could experience downside continuation to as low as the blue boxed region.
Of course, the immediate support is the green level, but historically price has somehow found a way to reach close to the blue boxed area, even if support successfully held.
It's not clear if this support will hold this time; chances are it won't, given the strength of the downtrend.
COTI needs to reclaim the black trendline as support, otherwise it a prolonged winter awaits for this Altcoin.