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:
- Algorand (ALGO/USDT)
- Elrond (EGLD/USDT)
- Chainlink (LINK/USDT)
- Syntropy (NOIA/USDT)
- Cosmos (ATOM/USDT)
- Yearn Finance (YFI/USDT)
- Basic Attention Token (BAT/USD)
- Quant (QNT/USD)
Let’s dive in.
Algorand - ALGO/USDT
ALGO flipping this current black level into resistance would send ALGO down to the black level down below.
Lose that black $0.25 level and ALGO would drop to the green box.
Generally, this current Quarterly candle looks like it wants to flip black into resistance before further downside.
Of course, 3M Close above black $0.35 and $0.50 (blue) would be next.
It’s all about how the 3M Closes relative to this current $0.35 black level that will dictate bias.
Elrond - EGLD/USDT
EGLD is slipping away from this black support.
Monthly Close below it and what was a weak support for the past four months will flip into resistance which would likely reject EGLD to the blue level down below.
That blue level may not stand much of a chance, perhaps aside from mustering a rebound back into the black level, if at all.
Generally, EGLD rejecting from black here means that EGLD is entering the black-black range, which is relatively wide.
Worst yet reasonable case scenario: EGLD goes to $24.