In today’s Altcoin newsletter I cover 6 different Altcoins, specifically:
- Ocean Protocol (OCEAN)
- Avalanche (AVAX)
- Eternity Chain (ERN)
- Syntropy (NOIA)
- Cosmos (ATOM)
- Thorchain (RUNE)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Ocean Protocol - OCEAN/USDT & OCEAN/BTC
OCEAN has once again failed to breakout from this red downtrending channel, rejecting the Channel Top resistance for the 5 time this year.
Now OCEAN will travel back to the Channel Bottom and may even downside wick below the Channel Bottom into the blue circle.
As for the OCEAN/BTC pair:
In recent months, OCEAN broke the 2023 downtrend (orange) and is technically in the process of retesting it as support; this downtrend is also confluent support with the macro Range Low that OCEAN is trying to confirm a break back into.
It's possible that this current Monthly Candle will become volatile to the downside; the most important thing here is for price to Monthly Close above the blue Range Low to confirm this current retest as successful.
Monthly Close above the blue Range Low will technically confirm OCEAN back in the blue-blue range and as a result could predispose price to move higher up in the range over time, with even scope to as high as the Range High (and beyond depending on how long the upside wick becomes).