Altcoin Watchlist

Welcome back to the Rekt Capital Newsletter.

In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:

• UniSwap (UNI)
• Theta Token (THETA)
• Coti (COTI)
• Chiliz (CHZ)
• Crypto Com (CRO)

UniSwap - UNI/USDT

UniSwap has come a long way since retesting its macro market structure:

Here is today's chart:

UNI has broken beyond this orange resistance area (which has acted as support in the early 2022 Bear Market but eventually lapsed as one).

Technically, UNI is positioned for a reclaim of this old orange resistance into new support.

After all, UNI has broken into a wide range that is represented by the orange Range Low and the red Range High at $19.22.

Any pullbacks into the orange region will constitute a retest attempt in an effort to prepare UNI for further upside into the Range High over time.

Theta Token - THETA/USDT

THETA has been on this list for a long time, mainly because it shares the same market structure with UNI and thus both were expected to perform well following their retests of their breakout patterns.

Here is the THETA chart we shared in late January:

Here's today's update:

THETA has rallied an extraordinary amount, essentially rallying over +300% since the retest of the top of the blue pattern.

With THETA now at these highs, it looks like a macro range may be developing (orange-orange), with price hovering at the Range Highs.

However, even though price is at these highs, THETA could still technically retest this orange boxed resistance area into new support, in a similar vein to what it did in early 2022 (green circle).

Should THETA indeed pullback for that retest of this local orange area, the retest itself could be quite a volatile one, akin to the early 2022 downside wicks.

Even in early 2022, this retest of the orange area has been a prerequisite for revisiting the blue highs at $4.41.

Let's see if THETA performs this retesting dip over the coming weeks.