In today’s Altcoin newsletter I cover 7 different Altcoins, specifically:
- Celo (CELO)
- Kadena (KDA)
- Yearn Finance (YFI)
- Arbitrum (ARB)
- Radix (XRD)
- Astar (ASTR)
- Filecoin (FIL)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter
Let’s dive in...
Celo - CELO/USDT
In last week's Altcoin Newsletter, we spoke about CELO and its volatile retest.
Here is the chart from last week and its analysis:
And here is today's analysis:
This was indeed a volatile retest of the red Monthly level as new support.
We spoke about CELO's retesting intent to as low as the black level and maybe even the blue Higher Low.
CELO got close to the black Monthly level and has rallied +29% since then.
Anything on that wick could've been captured and so congratulations to anyone who did.
Those on the conservative side may have simply played the retest of the red level, leading to a conservative +8% in upside.
Profit is profit, nonetheless.
And a successful retest is a successful retest.
CELO looks well-positioned for continued upside going forward and will continue to be as long as it stays above red.
If last month was the breakout month for CELO, then this month is the retesting month.
Could then February be the trend continuation month?
Any volatility in and around this red level is fair game still (after all, we still have half of January to go), for as long as the Monthly Close occurs above the red level.
Kadena - KDA/USDT
Here is last week's analysis on KDA:
And here's today's analysis:
KDA downside wicked close to the red area and rallied +50% in total.
Let's turn to the Monthly to better understand the predicament for price:
KDA is holding above the black $1.19 level, holding it as support.
Early 2023 resistance is now acting as early 2024 support.
That's beautiful psychological story; from supply zone to demand zone, from winter to spring.
Hold here and KDA will have a legitimate chance to reclaim the $1.52 level in the future.
But it's key for KDA to Monthly Close above the black level.
CELO is essentially in the same situation as KDA; both are retesting key levels and doing so in a volatile way but successfully so.
They both just need to demonstrate stability at current levels for the next few weeks.
And even if some downside volatility occurs again, it will be key for both to revert to their current positioning above the keys levels in time for the Monthly Close.