Altcoin Newsletter #234

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:

• Dogecoin (DOGE)
• Sui (SUI)
• Ondo (ONDO)
• SPX6900 (SPX)
• Stellar (XLM)

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

Let’s dive in...

Dogecoin - DOGE/USDT

Dogecoin has successfully retested its multi-year technical uptrend (black) as support and is now trying to break its Pre-Halving highs.

What's interesting about that retest of the multi-year technical uptrend however is that DOGE essentially mimicked Crypto Total Market Cap:

After all, Crypto Total Market Cap also preserved its multi-year technical uptrend (blue) and has since broken out to new All Time Highs.

So if DOGE mimicked this metric, it's likely trend-following it.

It's been true thus far and for the moment remains to be true, as DOGE is now developing a Double Bottom on the Weekly timeframe:

Weekly Close above and post-breakout retest of the red region into new support would confirm a full breakout from the market structure.

A measured move from the Double Bottom would technically foresee DOGE revisiting $0.36 but on the way, price would need to first break beyond and reclaim the black horizontal resistance above; a true pivot point.

So while in the interim DOGE will need to validate its current formation, over time it may very well continue to mirror Crypto Total Market Cap's footsteps which would entail a breakout to highs not seen since 2021.

Sui - SUI/USDT

SUI has been consolidating inside this Macro Triangle and is challenging to breakout from it as we speak.

Over the past several months, SUI would point-blank reject from the black diagonal or upside wick beyond it to precede rejection, whereas now SUI is actually pressing beyond this resistance and positioning for a positive Weekly Close.

Weekly Close above here would kickstart the breakout process and any post-breakout retest into the top of the pattern would need to be successful to fully confirm the breakout.

The signs are promising on the Daily because price is clustering above the black diagonal:

This Daily clustering never occurred in previous rejection moments, which is demonstrating a shift in the tide for price relative to the top of this market strucutre.

SUI simply needs to stay above the black diagonal heading into the end of the week and any dips into it, if at all necessary, would likely constitute retest attempts to confirm an exit from the pattern.