Altcoin Newsletter #183
Features ADA FET INJ XLM WOO NOIA
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Cardano (ADA)
- Fetch ai (FET)
- Injective (INJ)
- Stellar (XLM)
- Woo Network (WOO)
- Syntropy/Synternet (NOIA)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Cardano - ADA/USD
In late 2023, ADA broke out from its blue-blue Accumulation Range to kickstart a new Macro Uptrend.
However, this past June ADA Monthly Closed below its old Range High resistance to potentially kickstart a return to deeper levels within the Accumulation Range.
In fact, ADA is showing initial signs of turning the Range High into new resistance early this month.
If this continues, then ADA will confirm a breakdown back into the Accumulation Range.
In which case, price could tumble deeper into the Accumulation Range, with the Macro Higher Low (orange) and the Accumulation Range Low (blue $0.24) a major confluent support area potentially awaiting.
ADA needs a Monthly Close above the Range High to avoid this fate.
Can ADA do it?
Fetch ai - FET/USDT
FET has been in a Downtrend for almost four months now and is now testing the old All Time Highs from late 2021 (black).
Retest is in progress but turn the black level into new resistance and the downtrend will continue to even as low as the red area below; the red area was a major resistance back in 2021 and so retesting it potentially as support could be on the cards if the downtrend continues.
FET will need to break the orange Downtrend to end its corrective phase but until then, bearish bias may prevail.
Even if FET were to bounce from this black level, the orange Downtrend will likely await and if price fails to break the Downtrend, then the black level would likely lapse on subsequent retest in that scenario.