Altcoin Newsletter #95

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:

• Cosmos (ATOM/BTC)
• Syscoin (SYS/BTC)
• Shiba Inu (SHIB/USDT)
• Thorchain (RUNE/USDT)
• Stellar (XLM/USDT)
• Monero (XMR/USD)
• Hedera Hashgraph (HBAR/USDT)
• Injective (INJ/USDT)

Let’s dive in.

Cosmos - ATOM/BTC

ATOM demonstrates cyclical qualities.

In short, bottoms occur near the green box and tops occur either at the red box or if the trend is strong - they occur at the red horizontal above.

These tops tend to occur when the Monthly RSI = 60 is reached and ATOM is slowly getting there.

This orange level is a gatekeeper to ATOM’s success because ATOM has never been able to claim it as support after a successful Monthly Close above it.

ATOM has a chance to revisit the red horizontal above, especially if orange is flipped into support.

The Weekly timeframe shows the importance of the orange level:

Successful Weekly Closes above orange has preceded strong moves to the red level above; ATOM is positioning itself for a Weekly Close above orange this time around as well.

Successful Weekly Close above orange and the red level above would likely be next.

It’s worth noting that the Weekly RSI is also overextended, entering the overbought territory.

Reaching this red boxed area on the RSI has preceded tops in the past and the risk will continue to mount for ATOM the deeper it presses into this RSI resistance area.

Once ATOM finally rejects, it would probably dive into the lower red box area on price action, which would enable a rebound but not a major one; perhaps enough to flip orange into resistance.

Generally, the lower red and blue regions will be bounce areas for me. But they are there for another day.

First, this strong move needs to conclude and since it is currently overextending, the clock is ticking.