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Rekt Capital brings you the latest technical analysis on 7 different altcoins, offering valuable perspectives for traders and investors.
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Let’s dive into today’s Altcoin Market Update.
In today’s edition, the following cryptocurrencies will be analysed and discussed:
- Ocean Protocol (OCEAN)
- Polygon (MATIC)
- Polkadot (DOT)
- Theta Token (THETA)
- Verasity (VRA)
- Virtua (TVK)
- Binance Coin (BNB)
Let’s dive in.
Ocean Protocol — OCEAN/USDT
OCEAN has been an Altcoin we’ve been covering for weeks now.
It started with downside wicking below the Channel:
Followed by an immense +57% rally last week:
And here’s today’s update:
OCEAN is now trying to retest this green region as new support on the Weekly timeframe.
This green region is very important as it represents a Monthly reference point for OCEAN:
From the Monthly, we can observe that this green region is a major resistance area beyond which price tends to upside wick.
But if the Weekly retest is successful, this Monthly picture will drastically shift.
Crucial retest for OCEAN on the Weekly right now.
Failing the retest could then set price up for a bearish Monthly Close or at the very least for a dip into the black $0.32 level below.
Polygon- MATIC/USDT
Polygon has broken out from its macro market structure.
Of course, a Monthly Close beyond this Macro Downtrend would confirm the breakout.
However, there are still many weeks left in the month.
Which is why it is important for MATIC, should it dip, to retest the Macro Downtrend as support on the lower timeframes first.
It is that sort of stability on the retest going into the end of the month that would enable a Monthly Close above the Macro Downtrend to kickstart the beginning of a new macro uptrend.
Polkadot — DOT/USDT
Polakdot is similar to Polygon in the sense that it has also broken out beyond the Macro Downtrend of its main market structure, on the cusp of entering a new macro uptrend.
The only difference to MATIC is that DOT is now pulling back, as if going for that retest of the Macro Downtrend.
Once again, a Monthly Close beyond the Macro Downtrend would kickstart and confirm the trend shift, in the meantime DOT needs to reclaim the Macro Downtrend as support on the retest to begin the confirmation process of this breakout rally.
Theta Token — THETA/USDT
THETA has rallied from Channel Bottom to Channel Top.
And now that THETA Weekly Closed beyond the Channel Top, it seems like price is enjoying the initial steps of bullish…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
