Welcome to the Rekt Capital newsletter, a resource for people who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.
Every Friday, I host an Altcoin TA session where I share my exclusive commentary on the price action of a wide variety of coins, requested by valued premium members of the Rekt Capital Newsletter.
I share charts on 8 coins today.
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In today’s Altcoin newsletter, I cover 8 different Altcoins, specifically:
- Litecoin (LTC)
- Polkadot (DOT)
- VeChain (VET)
- Cosmos (ATOM)
- Flow (FLOW/USDT)
- Theta Token (THETA)
- Near Protocol (NEAR)
- Avalanche (AVAX)
Let’s dive in.
Litecoin - LTC/USD
LTC has been holding the multi-year trendline for five weeks now.
This trendline is located within a historical accumulation area for LTC, an area that has been a home to 2018 and 2020 market cycle lows.
The top of this green accumulation area is the resistance to beat for a new macro uptrend.
At this moment in time, LTC hasn't really tagged this level, though it certainly tried over the past few weeks via upside wicks.
A Weekly Close above the top of the green box would be a strong confirmation for new upside, however upside wick beyond that level and Weekly Close inside the green box could signify early 2020 fake-out vibes and lead to the black Higher Low being challenged again.
Price-stability at this Higher Low is crucial for that Range High of the green accumulation area to be tested for a chance at breaking out.
It is entirely possible that this Higher Low could hold as support but fail to withstand a retest upon rejection from the top of the accumulation area, as LTC would absorb higher sell-side orders, adding to the seller pressure.
Either way, the black Higher Low is the crucial support and the green accumulation area top a crucial resistance and it will be worth watching how price reacts at those key levels.
Polkadot - DOT/USDT
Over the past two weeks, DOT broke down from its symmetrical triangle (black), but this week it looks like DOT is trying to reclaim the bottom trendline as support.
In fact, DOT looks like it was able to reclaim the orange area as support after briefly losing it.
Weekly Close like this, above the black trendline, could set DOT up for a small dip into the trendline for another retest before spring boarding higher within the market structure as part of its intra-pattern consolidation.