Market Analysis with Rekt Capital – June 19, 2024

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

• Arweave (AR)
• Coti (COTI)
• Avalanche (AVAX)
• Kyber Network (KNC)
• Bitcoin Cash (BCH)
• Theta Token (THETA)

Arweave — AR/USDT

Arweave faked a breakout from its light blue Bull Flag and failed to retest the $43 (black) level as support to confirm that breakout.

AR has since retraced back into the blue Macro Downtrend, even overextending below is considerably.

But until that Monthly Close is in — nothing is confirmed.

The downside volatility has been quite extreme as of late and extreme fear tends to precede opportunity.

Which is why it’s key for AR to hold this blue Macro Downtrend.

In the past, AR has experienced volatile retests of this Macro Downtrend, producing downside wicks below the Downtrend.

With AR now below the Macro Downtrend, could it be that this is another volatile retest?

For that to be true, AR would need to Monthly Close above the Macro Downtrend later this month.

Coti — COTI/USDT

In mid-2021, COTI would find support at the orange level and downside-deviate considerably into the light blue order block and even as low as the black level at $0.08.

In 2024, COTI has actually turned that major orange support into resistance this month, rejecting into the light blue order block and even teasing to drop into the black level as well.

The light blue box represents a support from mid-2021 and a resistance in 2022 through 2023 so COTI finally has a chance to reclaim this area as support once again.

The entire Altcoin market is retracing heavily, but not much is needed from Altcoins like COTI to end the month with a volatile downside wick to secure a major support.

COTI needs a Monthly Close above the light blue box to secure it as support but in the meantime, downside volatility to the black level could be on the cards if BTC retraces a bit more.

Avalanche — AVAX/USDT

Much like Arweave or Dogecoin for example, AVAX has pulled back into its respective Macro Downtrend (purple).

Crucial trend-defining retest is now in progress and if late 2023, early 2024 are any indication, then this retest could become volatile with some downside wicking.

Ultimately, AVAX needs a Monthly Close above the Macro Downtrend to secure it as support once again.

Kyber Network — KNC/USDT

KNC enjoyed a strong move to the upside in recent weeks but like many of the other moves from the past year, each of those moves would reject from the black $0.78 resistance.

This move was no different and in fact, the rejection has brought price back to the blue Macro Higher Low for support.

Downside volatility is occurring below this Higher Low, much like it occurred also last month and in April, but even in June 2023 which is intriguing synchronicity seeing as KNC is once again retracing in June but this time in 2024.

Monthly Close above the Macro Higher Low (blue) is essential for price to maintain the technical uptrend dating back to late 2022, early 2023.

Ultimately, this Macro Higher Low isn’t the most important level for KNC but it is key for denoting a technical uptrend; generally, KNC is inside the green-red Macro Range and it has been downside wicks into the green area that have ended extreme retraces to preserve the blue Higher Low as support.

Bitcoin Cash — BCH/USD

BCH much like many Altcoins is testing crucial levels right now.

For BCH, this major area comes in the guise of a Macro Downtrend (black).

For years, this Macro Downtrend acted as a point of rejection.

In this cycle, for the first time ever, BCH has a chance to reclaim this perennial resistances as a new source of demand.

A historic retest is in progress and BCH has less than two weeks to Monthly Close above the Macro Downtrend to confirm the retest as successful.

Theta Token — THETA/USDT

THETA’s recent breakdown means that price has dropped into the $1.33-$2.69 macro range (black-light blue), ever since failing the early-stage multi-month Higher Low (green).

This $1.33 black level as well as the red box below it have both acted as resistance from 2022 to late 2023, early 2024 and THETA now has a chance to flip it into a new source of support.

Once again, a key retest for an Altcoin at a major potential demand area.

For THETA, a retest of the black and red boxes lay ahead in an effort to turn old multi-year resistance into a new support.

Thank you for reading.