Altcoin Newsletter #172
Features OCEAN NEAR GRT AVAX FIL HIFI VRA
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Ocean Protocol (OCEAN)
- Near Protocol (NEAR)
- The Graph (GRT)
- Avalanche (AVAX)
- Filecoin (FIL)
- HIFI (HIFI)
- Veracity (VRA)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Ocean Protocol - OCEAN/USDT
In last week's edition of the Altcoin Newsletter, I talked about OCEAN's potential upcoming retest of the Macro Downtrend:
For such a retest to occur however, OCEAN needed to offer a bearish argument - and it did in the form of a Double Top:
Here's today's update:
The Double Top played out perfectly.
Because OCEAN crashed -42% upon breaking down from the Double Top.
And this Double Top indeed did facilitate the Macro Downtrend Retest:
Of course, the crash was immense and overextended below the Macro Downtrend considerably, offering bargain-buyers and even better deal than the one we had expected last week.
Nonetheless, OCEAN finds itself above the Macro Downtrend, successfully retesting it as new support thus far.
Retest is in progress and a successful one will precede Trend Continuation towards the upside.
Near Protocol - NEAR/USDT
Here is last week's chart on NEAR:
And here is last week's excerpt on NEAR as well:
And here's today's update:
In the end, NEAR rejected from the Macro Downtrend (black ) and dropped down into the red-arrowed range, tagging the green Range Low for support and rebounding from it.
If NEAR rejects soon from the black $5.97 resistance, then NEAR may need to go through a bout of consolidation between the $4.36 & $5.97 (green and black) levels as price would be range-bound within this range.
On the Weekly, NEAR performed a Weekly Close below this black level and remains below it for the moment; if price Weekly Closes again below here, it may be a struggle for NEAR to reclaim this level and this recent bounce could be one of relief.
Generally, as long as NEAR stays below $5.97, then anything is possible within the green-black range as a rejection from the black resistance would sentence NEAR to consolidation within this range.