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I’ll chart the Altcoins that get mentioned and ‘Liked’ the most
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Let's dive into today's Altcoin Watchlist.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- Ocean Protocol (OCEAN)
- SushiSwap (SUSHI)
- Theta Token (THETA)
- Woo Network (WOO)
- Chainlink (LINK)
- Fetch ai (FET)
- Coti (COTI)
- Polygon (MATIC)
Let’s dive in.
Ocean Protocol - OCEAN/USDT
OCEAN has been an Altcoin we've been covering for weeks now.
It started with downside wicking below the Channel:
And then OCEAN rallied +78% since then:
And here's today's analysis:
The downtrending channel from the previous analysis brought us this far.
Now, this new view on the Monthly timeframe will help understand OCEAN going forward.
By breaking the Monthly diagonal (purple), OCEAN broke back into the green-red macro range.
Because OCEAN is not positioning itself above the red Range High resistance (in fact quite the contrary, it is rejecting from it) it appears OCEAN may spend some time consolidating within this range.
Therefore, as part as consolidation, it's possible OCEAN could enjoy a healthy dip into as low as the Range Low of this macro range; this Range Low is approx. confluent support with the purple diagonal trendline that OCEAN broke out from last month.
Retesting this Range Low as support would also constitute a post-breakout retest of the trendline as well.
Reclaim the red Range High resistance as resistance at any point however and that would be a trigger suggesting OCEAN is ready to break out from the range.
SushiSwap - SUSHI/USDT
Here is the chart I shared for SUSHI earlier this month, suggesting a retrace into the Range Low area (green):
Here's a follow-up to that chart, one week afterwards:
SUSHI had indeed dipped into the Range Low for a retest.
The path suggested further upside after a successful retest there.
Here's today's update:
SUSHI has rallied more than +38% since successfully retesting the Range Low as support, following the path perfectly thus far.
SUSHI looks set for a Monthly Close within this range which would mean that any dips into the green Range Low again in December would constitute another retest attempt as part of consolidation within this range.
Overall, SUSHI is on the cusp of confirming its return to this macro range (green-red) and any dips would likely solidifying and re-affirm green as new support, with the red region above acting as the major resistance ahead for SUSHI.