Altcoin Newsletter #177
Features ETH NEAR DYDX SOL FTM STX
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Ethereum (ETH/BTC)
- Near Protocol (NEAR)
- DyDx (DYDX)
- Solana (SOL/BTC)
- Fantom (FTM)
- Stacks (STX)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Ethereum - ETH/BTC
Ethereum has recovered to the upside and is trying to break back into its blue-blue range.
Any dips into the blue Range Low would be part of a retest attempt, but it's unclear if this retest will be a standard one (black path) or a more volatile one (orange path).
Moreover, if and once the retest is successful, would ETHBTC be able to rally across most of the blue-blue range or rally to the Range High and extend via the green portion of the pathway?
The blue-blue range has been the home to ETH/BTC consolidation for so many months so reclaiming this range would enable further sideways action going forward.
Near Protocol - NEAR/USDT
Near Protocol is on the cusp of breaking its final major Macro Downtrend (black).
Monthly Close above the black Macro Downtrend could set up price for a dip in June, but investors would be lucky if the Macro Downtrend is retested as support.
Because NEAR is also trying to break out from a purple Bull Flag that has formed just below the black Macro Downtrend:
NEAR needs to retest the top of the Bull Flag to confirm the breakout and it just so happens that NEAR will not need to dip too much to do that, meaning that a retest of the Macro Downtrend would only occur if things get really volatile.
NEAR needs a Monthly Close above the Bull Flag and Macro Downtrend to set itself up for potential upside; but before that upside occurs, NEAR would need to reaffirm itself at the highs via retesting the Bull Flag Top and/or the Macro Downtrend as support.