Altcoin Newsletter #220
Features ETH DOT FET FIL XLM VET
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:
- Ethereum (ETH)
- Polkadot (DOT)
- Artificial Superintellingence Alliance (FET)
- Filecoin (FIL)
- Stellar (XLM)
- VeChain (VET)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Ethereum - ETH/USD
ETH has lost its Macro Range of $2196-$3904 (black-black), effectively validating the Double Top that developed within that range.
On breakdown from the range, ETH dropped into the light blue area, which has been a historical pool of liquidity.
On Monthly Closing inside the light blue area, ETH effectively has positioned itself for a bearish retest of the top of the light blue area, potentially turning it into new resistance.
Historically, turning this level into resistance has seen price drop deeper into the light blue area:
In other words, turning the red level into resistance (red circle) has historically preceded a drop into the support at the bottom of the light blue historical demand area (orange circle).
ETH needs to reclaim the top of the light blue area to challenge for a move to the old Macro Range Low of $2196 (black) because otherwise it could actually reject from the light blue area top to drop into the ~$1550 area instead.
Polkadot - DOT/USDT
DOT is located inside its Macro Range of $4.09-$8.60 (black-black).
Price has rallied from Range Low to Range High quite a few times over the years.
And with price now at the Range Low, it's important that DOT is able to reclaim the Range Low of $4.09 so as to position itself for a traversal across the entirety of the range to revisit at least the red resistance box above and at most the Range High resistance at $8.60.
To confirm a rally across the higher portions of the range, DOT will need to first break this Weekly Downtrend (green):
A Weekly Close above the Downtrend followed by a post-breakout retest could set DOT up for a move across the range.
Until this Weekly Downtrend is broken, it will resist price and try to force DOT to lose the Macro Range Low as support.