Altcoin Newsletter #173
Features ETH ICP NEAR GALA DOT SAND SOL
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Ethereum (ETH/BTC)
- Internet Computer (ICP)
- Near Protocol (NEAR)
- Gala Games (GALA)
- Polkadot (DOT)
- The Sandbox (SAND)
- Solana (SOL/BTC)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Ethereum - ETH/BTC
Let's preface today's analysis on ETHBTC with what I shared in mid-January 2024.
Here is the chart I shared:
And here is the written analysis:
Here is today's analysis:
Over time, it turned out that indeed the blue Range High was setting itself up for a flip into new resistance.
Price rejected from there, back into the blue Range Low and in fact last month ETHBTC Monthly Closed below the Range Low to kickstart the breakdown process.
In fact, this month ETHBTC has turned the blue Range Low into new resistance.
Losing this orange level (i.e. the level ETHBTC downside wicked into in mid-2022 would likely mean ETHBTC would continue its journey to the green area below.
As mentioned in mid-January, this green demand area has historically been a strong region of support so once revisited, there is a chance at a decent-sized reaction from there.
Internet Computer - ICP/USDT
ICP recently broke out from its Bull Flag.
But the breakout saw price rally into a major resistance (red) where price rejected from.
However this rejection has meant that ICP has been able to perform a post-breakout retest of the Bull Flag which is now in progress.
Monthly Close above the Bull Flag Top would likely mean that the retest was successful, which could enable another revisit of the red resistance above.
Generally, ICP needs to reclaim the red resistance above as new support to enable a rally across the entire range mapped out with orange arrows.
It is a fairly wide range which implies a volatile move would take place upon reclaim of the red area as new support.
Is the market ready for a reclaim like that to enable such a move? Probably not but it's a trigger point worth bearing in mind for the future Q2 Altcoin Hype Cycle, for example.