Market Analysis with Rekt Capital – July 17, 2024

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

• Optimism (OP)
• Render Token (RNDR)
• Ondo (ONDO)
• Vanar Chain (VANRY)
• TrueFi (TRU)
• Bonk (BONK)

Optimism — OP/USDT

Here is last week’s analysis on OP:

And here is today’s analysis:

OP has indeed managed to reclaim the Higher Low (purple), performing a downside wick below it, offering a bargain-buying opportunity below this crucial technical uptrend.

For OP to continue building on this momentum, price would need to reclaim the $1.91 level as support.

That sort of reclaim would really kickstart trend continuation.

But the prerequisite in the meantime is price stability at this recently protected Higher Low.

Render Token — RNDR/USDT

RNDR remains unchanged since last week’s update however the main takeaway here is that price stability continues to persist.

This Higher Low (blue) is also acting as a confluent support with the purple $6.25 level (i..e the late 2021 resistance).

The fact that RNDR is holding the late 2021 resistance (purple) as new support just shows what a dramatic shift in market psychology has occurred over the past three years or so.

Continued stability here would enable a move back into the $7.33 level for a pivotal reclaim of that said red level as new support.

Reclaiming the red $7.32 level would mean that RNDR has broken back into the red-red Re-Accumulation Range ($7.32-$10.64).

And seeing as BTC has reclaimed its own ReAccumulation Range as of late, why wouldn’t RNDR do the same over time?

Ondo — ONDO/USDT

ONDO has managed to break above the light blue level but is currently rejecting from the black resistance, which is a confluent resistance with the multi-month Downtrend (red).

In the short-term, this could reject price back into the light blue level via the green path all in an effort to reclaim said level as support.

A successful retest of the light blue level as support would enable another revisit of the black level above for a chance at breaking this level as well as the red Downtrend.

Vanar Chain — VANRY/USDT

Here’s last week’s chart on VANRY:

And here’s this week’s chart on VANRY:

VANRY has been able to since rally +15% into the orange level, following the red path to completion.

However, VANRY is even exhibiting signs of possibly even reclaiming this orange level as support, in which case price would transition into following the green path.

Now VANRY needs to hold this orange $0.12 level as support and doing so successfully on this retest would enable a move via the green path over time.

TrueFi — TRU/USDT

TRU has enjoyed a strong rebound from the green Range Low area which has enabled price to reclaim the blue Higher Low as support, despite briefly losing it as support and deviating to the downside earlier this month.

In essence, TRU has reclaimed the Higher Low as support, which will continue to predispose price to a revisit of the red Range High resistance.

After all, TRU is consolidating inside the macro range, with the Range Low (green) as major support and the Range High (red) as major resistance.

Bonk — BONK/USDT

BONK’s price stability has been impressive over the past few weeks.

However, for BONK to rally higher, it needs to reclaim the black level just above price as support.

In the past, BONK has tried to reclaim the black level as support but failed on two occasions (red circles).

This time however, a successful reclaim would be pivotal for this uptrend as it would enable a challenge of the blue diagonal resistance above.

When BONK manages to revisit this blue diagonal, a Weekly Close beyond it would be essential to kickstarting the breakout process from this overall blue market structure; after all, upside wicks beyond the blue diagonal has occurred before, hence the need for Weekly confirmation beyond that trendline.

For the moment however, it is all about this upcoming retest attempt of the black level.

Thank you for reading.

Rekt Capital