Altcoin Newsletter #176


In today’s Altcoin newsletter I cover the following Altcoins - specifically:

  • The Graph (GRT)
  • Arweave (AR)
  • Render Token (RNDR)
  • Bepro Network (BEPRO)
  • Ronin (RON)
  • Sui (SUI)
  • Velo (VELO)

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 then my early March update:

After GRT finally performed that entire move, price strongly from the Range High resistance:

And finally, here's today's update:

GRT has rebounded +30% from what is essentially the mid-range of its current red-red macro range but no meaningful trend shift has occurred for price.

Neither of the two confirmation signals mentioned in the previous analysis have been achieved and GRT continues to meander in the upper half of this macro red-red range.

Losing the black mid-range at $0.23 would open price up to a potential revisit of the red Range Low at $0.15 but for the time being, GRT is closer to revisiting the red Range High at $0.37 and it will be important to watch whether a outright rejection takes place there or whether GRT will be ready to perform a reclaim of the Range High to turn it into new support and breakout.

Arweave - AR/USDT

Arweave has been a consistent feature here in the Altcoin Newsletter over the past few months.

We first covered AR when it was near its Macro Downtrend:

We then covered it when it had broken the Macro Downtrend and launched into a new Macro Uptrend:

And finally, we covered it when discussing a crucial Macro Retest of a new Macro Downtrend:

And now here's today's analysis:

AR successfully retesting the blue Macro Downtrend as new support, despite downside wicking below it as part of a volatile retest.

AR has since confirmed a breakout beyond this Macro Downtrend and is now rallying into Macro Uptrend Continuation.

In rallying now, AR is trying to break back into the black-black range of $43-$59.

Any dips into the Range Low of $43 would be considered as retest attempts (with scope for downside wicking even to the orange area below) as per the purple circle.

Successful retest there would likely enable a move to revisit the Range High over time.

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