Altcoins: Are These Rallies Fake-Breakouts?
Altcoin Market Update: UNI, DOT, DUSK, ENJ, EGLD, CRO, HBAR
Welcome to the Rekt Capital newsletter, a place for people who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.
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 newsletter, I’ll share my thoughts on the macro bearish invalidation that many Altcoins are showing signs of but haven’t yet fully confirmed.
Because for Altcoins to invalidate a bearish bias, Altcoins need to then confirm a bullish bias.
So while Altcoins may be positioning themselves for an invalidation of a bearish bias, they are yet to confirm a bullish bias; as a result, Altcoins find themselves in a strange transitional, macro trendless vacuum.
In today’s Altcoin market update, I will cover a few Altcoins today, including:
- UniSwap (UNI)
- Polkadot (DOT)
- Dusk Network (DUSK)
- Enjin Coin (ENJ)
- Elrond (EGLD)
- Hedera Hashgraph (HBAR)
- Crypto Com (CRO)
Let’s dive right in.
UNI/USDT - UniSwap
UNI has enjoyed a rally from the red horizontal support, a level that has enabled a strong rally in the Summer of 2022.
However, just like in the Summer of 2022, even now UNI is close to the black Macro Downtrend.
This downtrend has been a point of rejection for UNI.
Technically, breaking the Macro Downtrend would be bullish for UNI.
Losing the red level as support on the other hand would be bearish for UNI because it may be currently forming a Macro Descending Triangle with the Macro Downtrend being the sloping resistance the red level acting as a base of the predominantly bearish macro structure.
In a nutshell:
Macro consolidation in towards the apex of a potential Descending Triangle.
Break the Macro Downtrend = bullish.
Lose the red level as a support: bearish, with scope for a revisit of the orange area below.
DUSK/USDT - Dusk Network
Red area will act as resistance in the short-term.
But if this red area rejects DUSK and it manages to land on the blue support and retest it as such, then DUSK could follow the green path.
Lose blue and I won’t be interested in watching it going forward.
In a nutshell:
I’m only interested if blue holds as support.