Market Analysis with Rekt Capital – August 14, 2024

In today’s edition, the following cryptocurrencies will be analysed & discussed:

• Injective (INJ)
• Solana (SOL)
• Bonk (BONK)
• Optimism (OP)
• Vanar Chain (VANRY)

Injective — INJ/USDT

INJ is showcasing initial signs of reclaiming the black $18 level as support, despite the fake-breakdown from two weeks ago.

Any dips into the black $18 level would be a retest attempt and price stability above $18 is crucial for this early-stage bullish divergence to play out.

The RSI is developing a Higher Low (green) whereas the price action may be developing a Lower Low (blue) to bring about a budding bullish divergence.

Hold $18 (black) as support and INJ could challenge for a revisit of the red $21.68 resistance.

More, the RSI itself may be developing an Ascending Triangle; the green Higher Low is the base of it and the red boxed resistance the top of it.

Breaking the red resistance on the RSI would not only see a breakout on the RSI but it would confirm the validation of the bullish divergence and likely precede upside in INJ’s price action.

Solana — SOL/USDT

SOL is still sitting on the ~$145 (blue) Monthly level, as it has been doing for the past 2.5-months.

Of course, price has been downside wicking as long as into the ~$120 area (orange and slightly below) as part of a volatile retest, but SOL has maintained itself above $145 every time such a volatile downside wick occurred.

Continued stability at $145 would enable a move via the red path towards $165 (blue).

Price strength confirmation at current levels is crucial now.

So far, so good.

BONK — BONK/USDT

Two weeks ago, BONK Weekly Closed below the blue base of the pattern and also Weekly Closed below the black level.

Last week, BONK upside wicked into the black level to potentially turn it into new resistance.

BONK will need to reclaim the black level as support over the coming weeks if it wants to register a successful retest on the Monthly of this same level:

On the Monthly timeframe, BONK has performed downside wicking below the black level for the past five and a half months, but nonetheless managing to Monthly Close above black to secure the retest of this level.

BONK still has 1/2 a month to secure the black level as support on the Monthly to further cement is ranging between the two black levels.

Optimism — OP/USDT

Since last week, OP hasn’t necessarily changed its price predicament on the Monthly but promising technical feats are potentially being achieved on the Weekly.

According to the Monthly timeframe, OP is still in the process of retesting the $1.33 (black) level as support this month, after downside wicking into the same level last month.

Whereas on the Weekly, OP is showcasing potentially promising signs of a Bullish Divergence developing at current levels:

The RSI is forming an early-stage Higher Low and the price action potentially a new Lower Low.

This potential divergence is still very early-stage and could still change, especially if the price action flips the $1.33 (black) level into new resistance this week as price is currently below said level.

But it would be promising to see OP reclaim black as support as that would be a contributing sign that OP may be ready to move to the upside from here.

Vanar Chain — VANRY/USDT

VANRY is showing promising signs of potentially reclaiming the blue $0.088 level as support, despite briefly losing it as one two weeks ago and showing initial signs of resistance against it last week.

If VANRY is able to Weekly Close above this blue level then there could be a real possibility for a dip into the blue level for a retest to reclaim this blue level as support so as to propel price into trend continuation from this point.

VANRY needs to enjoy continued stability above the blue level throughout this week to remain in the position for a successful reclaim.