Altcoin Newsletter #244
Features analysis on Altcoins such as AVAX SUI CRO POPCAT IMX
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:
- Avalanche (AVAX)
- Sui (SUI)
- Cronos (CRO)
- Popcat (POPCAT)
- Immutable (IMX)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Avalanche – AVAX/USDT
AVAX has a history of consolidating inside its blue Macro Wedging structure.
Price has rejected from Wedge Top to drop into the Wedge Bottom before reversing to the upside towards the Wesge Top again.
AVAX has performed these intra-pattern moves on a few occasions and most recently, AVAX has rejected from the Wedge Top.
If price wants to challenge for a breakout once again, it will need to hold the red area as support.
On the Weekly, AVAX will need to Weekly Close inside the red region to preserve this area as support:
At this moment, it looks like AVAX will Monthly Close beneath the Wedge Top resistance and as a result there is a threat for a rejection from here.
Which is why that aforementioned Weekly Close it’s important to cushion the pullback and build support at relatively close levels to the Lower High resistance.
For a bullish case, AVAX will need to hold the red area as support and then get back to the Lower High to try and Weekly Close above that trendline.
Once that Weekly Close is there, price will need to post-breakout retest it as support and do so successfully for at least 1-2 weeks to confirm trend continuation.
SUI - SUI/USDT
SUI is on target to developing a brand new Lower Low in a series of Lower Lows.
These Lower Lows have been successfully retesting the old Macro Downtrend as support for months now, and these Lower Lows have been forming in the technical context of a Downtrending Channel.
This upcoming Lower Low will need to hold the Macro Downtrend as support to keep the Downtrending Channel alive and to position itself for the black path.