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)
- Chiliz (CHZ)
- 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 was already following the path in last week's edition of the Altcoin Watchlist, having already bounce +11% from the green region of support:
But here's today's analysis which showcases that DOT followed the blue path in its entirety:
DOT rallied +32% to the black resistance and followed the blue path to completion.
That being said, given how DOT is positioned on the Monthly timeframe, not only could this blue path could still technically repeat but price could move even higher than the blue path.
Especially since the blue path has already occurred to potentially grab sell-side liquidity at the black resistance and as a result potentially weaken that area as a resistance.
After all, on the Monthly DOT is trying to reclaim the green region as support; green acted as resistance on two previous occasions (early 2023 and pre-2021) and now is looking to finally act as support.
Even though the blue path already occurred for a +32% move, there's still scope for this blue path to not only repeat but for price to have a real chance of breaking beyond the black resistance on a second time of asking.
Retest is still in progress.