Altcoin Newsletter #139
Features RLC, NEO, DUSK, ADA, EGLD, INJ AND OCEAN
In today’s Altcoin newsletter, I cover 7 different Altcoins, specifically:
- iExec RLC (RLC)
- Neo (NEO)
- Dusk Network (DUSK)
- Cardano (ADA)
- Elrond (EGLD)
- Injective (INJ)
- Ocean Protocol (OCEAN)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in.
iExec RLC - RLC/USDT
Back in April of this year, I shared the following RLC chart here in the Rekt Capital Newsletter:
Here is today's update:
Right now, RLC is sitting at the Neckline of the Head and Shoulders, the Right Shoulder of the formation having formed on declining volume.
This Neckline is a confluent support with the purple historical retest area.
Right now, that confluent support is being tested.
However, lose this area as support and this bearish formantion will play out, with the immediate support belog being the purple area around the ~$0.70 region.
Neo - NEO/USD
Here is my analysis on NEO from Novemeber 2022:
In the months that followed, NEO had rallied +100% to the upside:
And that is when I proposed two clear paths.
If NEO was able to reclaim the red resistance as new support, that would've essentially confirmed a new Bull Cycle for NEO.
Fail to do so however and NEO could over time drop via the green path, into the green horizontal support again.
This appears to be slowly happening:
NEO has been retracing ever since.
More, with the recent Monthly Close below the blue $9.61 level (which has also been flipped into new resistance) it looks like NEO is positioned for further downside, indeed looking increasingly likely to complete its green path and follow it to the green horizontal support.
Effectively, NEO looks to be consolidating between the green $6.67 level and red ~$15 resistance area; a range that NEO historically tends to consolidate in prior to its Bull Phase when NEO finally breaks beyond ~$15.