Market Analysis with Rekt Capital – June 26, 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

Last week, we spoke about how AR was downside deviating below its Macro Downtrend as part of a Macro Retest, with scope for finishing the month as a downside wick.

Here is last week’s analysis:

And here is today’s analysis:

Arweave has recovered +31% to the upside after deviating below the Macro Downtrend and is right back above it, having produced a long downside wick in the end.

AR is now therefore positioning itself for a positive Monthly Close to essentially confirm a successful Macro Retest of the Macro Downtrend as new support.

This retesting has been taking place for three straight months now.

More, with this recent successful retest, AR has returned into the Monthly Bull Flag as well, finding its way above the base of the flagging pattern.

Monthly Close just like this and this will confirm not just a successful retest of the Macro Downtrend but a successful reclaim of the Monthly Bull Flag which could entail a future breakout to challenge the $43 (black) highs again.

Coti — COTI/USDT

Last week we spoke about how COTI needed to make significant strides to reclaim the light blue area as new support going into July.

COTI has rebounded but not enough thus far:

However, there is potential for COTI to at least Monthly Close inside the light blue area which could be enough to classify this recent downside deviation below it as a retest attempt.

Ideally, a Monthly Close above the light blue box would remove all doubt when it comes to a successful retest but a Close inside the box may just be enough to preserve the box as support.

Avalanche — AVAX/USDT

AVAX is still in retesting mode, retesting the Macro Downtrend as support.

The Downtrend represents the price point of $26.55 and this is the price AVAX needs to Monthly Close above to secure a successful retest.

Price is currently downside deviating below the Downtrend but is only +4% away from actually reclaiming it.

There’s a good chance this retest will be successful going into July.

Kyber Network — KNC/USDT

Since last week, KNC hasn’t done much in the way of upside, however it has performed perhaps the most important thing it could have at this junction and that is successfully demonstrate stability at the Macro Higher Low (blue).

As we see from AVAX and AR, stability is the name of the game for Altcoins and KNC is no different.

Continued stability here will confirm a successful retest of the Higher Low which should predispose price to upward climb in the future.

Bitcoin Cash — BCH/USD

Much like AR and AVAX, BCH is also in the process of retesting its old Macro Downtrend as new support.

AR has been successful in doing so, AVAX is +4% away from successfully doing so, and BCH here is also not too far away from doing so going into July.

A few days left until the Monthly Close but it’s a strong possibility that BCH will succeed in retesting its Macro Downtrend.

Awaiting that confirmation.

Theta Token — THETA/USDT

Last week we spoke about how THETA was in the process of retesting a multi-year resistance into new support:

Here’s today’s update:

THETA has successfully retested the black level as new support, rallying over +20% to the upside.

Holding the black $1.34 level as support is what will predispose price to a revise for the light blue level at $2.26 over time.

After all, THETA is now consolidating between the black and light blue levels.

THETA has recently rebounded over +20% from the

Thank you for reading.

Rekt Capital