Welcome back to the Rekt Capital Newsletter.
Let's dive into today's Altcoin Watchlist.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- UniSwap (UNI)
- VeChain (VET)
- SushiSwap (SUSHI)
- Polygon (MATIC)
- Band Protocol (BAND)
Let’s dive in.
UniSwap - UNI/USDT
As a preface to today's analysis, here's last week's analysis on UNI:
And here it today's update:
In the end, UNI retested the top of the blue channel even though it Monthly Closed above the black level.
But the macro picture is promising because UNI has completely confirmed its breakout from the blue market structure.
In other words, UNI has fully confirmed its new macro uptrend.
It has done this via a Monthly Close above the blue Channel Top and a successful retest of the Channel Top as new support.
If December was the breakout month for UNI, January will be the retesting month for UNI as a result.
That's the major technical event for UNI but let's focus on another one as well.
UNI is also holding the black $6.53 level which acted as a point of rejection in mid-2023 and early 2023 as well.
Holding here as support would notably change the market psychology at this level.
Long-term, the macro uptrend has been confirmed.
Short-term, this retesting phase could continue but as long as price remains above the Channel Top, the short-term volatility will act as noise.