Welcome back to the Rekt Capital Newsletter.
Let's dive into today's Altcoin Market Update.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- Polkadot (DOT)
- UniSwap (UNI)
- Coti (COTI)
- Chiliz (CHZ)
- VeChain (VET)
- Theta Token (THETA)
- Polygon (MATIC)
- Binance Coin (BNB)
Let’s dive in.
Polkadot - DOT/USDT
On Twitter (X), we spoke about how DOT would be going for a pullback into the green region in an effort to reclaim green as new support:
DOT had followed the blue path in its entirety by mid-January:
DOT rallied +32% to the black resistance and followed the blue path to completion.
However, this entire rally has been retraced and while this blue path has already taken place, it looks like DOT could repeat this move in the future.
Here's today's update:
DOT is in the process of retesting this green area as support on the Monthly timeframe.
Once again, it bears repeating that the green area has historically acted as a resistance in the past (most notably pre-2021 and early 2023) but there's a good chance this area will now figure as new support now that price has broken beyond it last month.
Retest is still in progress.
And with the Monthly Close not too far away, a Monthly Close just like this should suffice for the retest to be successful.