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Let’s dive into today’s Altcoin Market Update.
In today’s edition of the Newsletter, the following cryptocurrencies will be analysed & discussed:
- Polkadot (DOT)
- UniSwap (UNI)
- Coti (COTI)
- Chiliz (CHZ)
- VeChain (VET)
- Theta Token (THETA)
- Polygon (MATIC)
- Binance Coin (BNB)
Let’s dive in.
Polkadot — DOT/USDT
On Twitter (X), we spoke about how DOT would be going for a pullback into the green region in an effort to reclaim green as new support:
DOT had followed the blue path in its entirety by mid-January:
DOT rallied +32% to the black resistance and followed the blue path to completion.
However, this entire rally has been retraced and while this blue path has already taken place, it looks like DOT could repeat this move in the future.
Here’s today’s update:
DOT is in the process of retesting this green area as support on the Monthly timeframe.
Once again, it bears repeating that the green area has historically acted as a resistance in the past (most notably pre-2021 and early 2023) but there’s a good chance this area will now figure as new support now that price has broken beyond it last month.
Retest is still in progress.
And with the Monthly Close not too far away, a Monthly Close just like this should suffice for the retest to be successful.
UniSwap — UNI/USDT
UNI is enjoying a post-breakout macro retest of the Channel Top as new support.
I’d expect some volatility around this region but generally UNI needs to Monthly Close above the Channel Top to not only confirm the breakout from the blue Channel but to position itself for a new macro uptrend as well.
Chiliz — CHZ/USDT
CHZ is still pressing beyond the Macro Downtrend of its overall blue market structure.
This is what CHZ needs to continue to do; pressing beyond the Macro Downtrend, positioning itself for a Monthly Close above the Falling Wedge Top resistance.
The Monthly Close is pivotal as upside wicks have occurred in the past and have preceded strong rejections into the lower areas of the blue pattern.
A Monthly Close above the Macro Downtrend would kickstart the breakout into a new macro uptrend.
Should a Monthly Close above the Macro Downtrend indeed occur, the two black paths will be of interest.
Coti — COTI/USDT
If COTI turns the top of the green area…
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.
