Rekt Capital's Altcoin Watchlist
Features analysis on 6 Altcoins: DOT UNI MATIC THETA VET SUSHI
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:
- Polkadot (DOT)
- UniSwap (UNI)
- Polygon and Theta Token (MATIC & THETA)
- VeChain (VET)
- SushiSwap (SUSHI)
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 is now following the blue path:
DOT is in the process of retesting the green area as new support.
It's important to remember that DOT experienced strong resistance at this very same area back in late 2020 but also in early 2023.
Green acted as resistance whereas now it has the chance to flip into new support.
A successful retest here would enable an over +30% rally to the Range High resistance.
If price holds this green area as support, this would mean two important things.
The first we've already touched upon - an old resistance would flip into new support
But we must also emphasise a second things and that's the possibility of the Range High resistance itself weakening:
When DOT rejected from the Range High resistance of $8.60 (black), Polkadot retraced -58% in total.
However on this rejection, DOT has retraced only -25% in total.
And as long as the green area holds as support, we'll have confirmation that the Range High resistance is weakening as a point of rejection which would of course increase the chances for a breakout beyond it once it is revisited as some point in the future.
Retest is in progress and it's an important retest for more reasons than one.