Altcoin Newsletter #174
Features GRT DOT OP EOS INJ RNDR ALEPH
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- The Graph (GRT)
- Optimism (OP)
- Polkadot (DOT)
- Aleph.im (ALEPH)
- Eos (EOS)
- Injective (INJ)
- Render Token (RNDR)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
The Graph - GRT/USDT
In November 2023, we spoke about GRT's Ascending Triangle and how it was developing to enable a breakout into the red-red macro range ($0.15-$0.37):
Followed by its +77% breakout while still being on track to revisiting the $0.37 red resistance:
And finally, GRT has made it, offering even a little bit more than anticipated:
GRT rallied the full +146% from red Range Low to red Range High and even overextended beyond the Range High via an upside wick into the blue resistance at $0.46 for a total +226% move from the Range Low.
Since then however, GRT has been in a downtrend.
In fact, macro-wise, GRT is still just inside its red-red range, the same range price rallied across throughout 2024.
Now, GRT is sitting at the mid-point of this range (black).
This mid-point will be useful in understanding whether GRT wants to continue to occupy the upper half of the red-red range, or whether it will be ready to breakdown into the lower half of the red-red range.
At the moment, price is still in the upper half of the range, holding the mid-range as support.
And for as long as this mid-range continues to hold as support, then there will be scope for consolidation within the upper half of the range.
But when this mid-range flips into resistance, there'll be a chance at GRT revisiting the Range Low over time.
Upper half of the range intact until further notice.
Optimism - OP/USDT
OP is located in a red-red macro range ($1.91-$3.70).
The orange box represents the mid-point of this range.
A reclaim of the orange area as support would mean that OP is ready to enter the upper half of the macro range, to occupy the black-arrowed space.
To confirm a reclaim of the orange area, OP would need to perform a Weekly Close above it followed by a retest (green circle), similar to "weekly close-followed-by-retests" in previous green circles which occurred at the red Range Low.
Weekly Close below the orange box would position OP for rejection into the lower half of the range.
At the moment, orange is acting as resistance so that upcoming Weekly Close will be quite crucial.