Altcoin Newsletter #214

***Announcement***

I'm absolutely thrilled to announce that my brand new course Technical Analysis 2 is available for Pre-Order.

Welcome to the Rekt Capital Newsletter, a resource for investors who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.

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

• Ondo (ONDO)
• Solana (SOL)
• Deepbook (DEEP)
• Litecoin (LTC)
• Telcoin (TEL)
• Render (RENDER)

These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.

Let’s dive in...

Ondo - ONDO/USDT

ONDO had a very real chance of attempting a breakout from this blue Weekly Ascending Triangle but ultimately failed to Weekly Close above the top of the pattern, upside wicking beyond the resistance multiple times and each time at progressively lower and lower highs, never finally Weekly Closing above the resistance.

And as a result, price is teasing to lose this pattern altogether.

Now it's all about the Monthly and how ONDO reacts from the red level here:

This red level is the final major Monthly resistance from 2024 which price has been trying to retest as new support for three months now.

ONDO has downside wicked quite extensively to the downside but if it is able to Monthly Close above the red resistance of $1.24 later this month, then price will have successfully Monthly Closed above this level and retested it as support for 3 consecutive months.

Reclaim red as support and ONDO will be able to revisit the black highs at $1.49 which are actually the new major Monthly resistance before new All Time Highs.

Ultimately, it's all about how ONDO behaves relative to this red level going into March.

Solana - SOL/USDT

SOL is currently in the process of retesting the orange area which has figured as a point of rejection throughout 2024 and has been acting as support over the past 3 months or so.

Over the past few months, SOL has been downside wicking into this orange area and this month, SOL has downside wicked even deeper, getting closer to tagging the blue diagonal which represents the previous re-accumulation structure that SOL broke out from a few months ago.

As a result, there's still scope for this retest to be a successful one and for SOL to potentially end the month with a Monthly Close above the black level above which represents the bottom of the prospective Bull Flag.

Let's see how the Monthly Closes but as long as the orange area holds as support, then price should be able to challenge for a reclaim of the black Bull Flag Bottom and if successful on that reclaim, to then challenge for a revisit of the green boxed area above.