This Friday, I’ll chart your Altcoin picks in an exclusive subscriber-only TA newsletter and will cover as many as I can.
So if you’d like to have an Altcoin charted, feel free to share max. two TA requests each in the comments below.
I’ll chart the Altcoins that get mentioned and ‘Liked’ the most.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed and discussed:
- TomoChain (TOMO)
- Chainlink (LINK)
- Solana (SOL)
- Polygon (MATIC)
- Ocean Protocol (OCEAN)
- UniSwap (UNI)
Let’s dive in.
TomoChain - TOMO/USDT
Let's recount the mid-July Altcoin Watchlist analysis on TOMO.
Essentially, I was looking for a retest via the orange path for TOMO to confirm a reclaim of the black level ($1.12) as support:
Here's an update:
TOMO had successfully retested the black level as support and perfectly followed the orange path to the red resistance area above, even overextending beyond it with an upside wick.
TOMO has completed its anticipated move of +36%; in actuality, TOMO even rallied +54% since the retest, due to it upside wick, offering more than expected.
For TOMO to make it back to my Altcoin Watchlist, it would need to retrace into the black support below for a potential repeat of the move we just witnessed, or a break beyond the red resistance and reclaim of this resistance as new support.
But because TOMO Monthly Closed below the green resistance, it may struggle to break beyond the very red resistance it had recently rejected from, which thus favours the scenario of revisiting the black support over time.
Chainlink - LINK/USDT
Here is my analysis from early July on LINK:
And here is an update:
LINK has rallied +37% since the Range Low reclaim, rallying towards the Range High resistance and even upside wicking beyond there.
LINK upside wicked into the red diagonal resistance and for the 5th time inside a year-long period - that's where price rejected.
The most recent Monthly Close has also occurred below the Range High resistance which technically sets LINK up for further consolidation inside the range, which could see price drop into the Range Low once again, like the many times in the past.
Unless LINK is able to reclaim the Range High as support, the Range Low could be next, over time.