Table of Contents
Do not index
Do not index
In today’s Altcoin newsletter, I cover 8 different Altcoins, specifically:
- Litecoin (LTC/USD)
- Thorchain (RUNE/USDT)
- Glimmer/Moonbeam (GLMR/USDT)
- Cardano (ADA/USD)
- Near Protocol (NEAR/USDT)
- Render Token (RNDR/USDT)
- Crypto Com (CRO/USDT)
- Solana (SOL/USD)
Let’s dive in.
Litecoin - LTC/USD
As a preface to this analysis, it is worth sharing my thread on Litecoin and how the Litecoin Halving impacts LTC’s price. Feel free to retweet if you find it valuable!
That being said, here is the LTC chart.
Of course, history suggests LTC will continue to enjoy a pre-Halving rally for a few more months.
With the general macro trend heading up, it is prudent to focus more on dipping opportunities, should they come, given the time we have to a Local Pre-Halving Top.
Outlined are my levels of interest: ~$95, ~$85, and the Monthly Bull Flag top (post-breakout retest zone).
The major resistance ahead is the orange ~$110-$120 area which I think could be eclipsed in the future (even if with just a volatile upside wick) whence the more exponential phase of the run-up creeps in.
Thorchain - RUNE/USDT
RUNE is inside the black-blue range, hovering just below the Range High resistance of $1.86.
Because RUNE just broke beyond the black Range Low of $1.46 without a retest, it’s a distinct possibility for RUNE to dip via the green pathway to achieve such a technical event.
But then again, understanding the euphoria underpinning bullish markets, sometimes textbook technical events like retests are foregone due to FOMO, so if RUNE is able to instead reclaim the $1.86 level as support, then it would confirm a re-entry to the blue-black range ($1.86-$2.62).
Those are the two scenarios for RUNE’s price progression.
Moonbeam - GLMR/USDT
GLMR is trying to breakout from its red-red range, currently retesting the old Range High resistance into a potential support.
Successful retest here and GLMR would rally via the “1” green pathway.
Further pathways are outlined but only if they satisfy certain technical requirements.
For instance, the “2” green pathway would only be activated via a Weekly Close above $0.62 (orange) and the “3” green pathway only via a Weekly Close beyond $0.79 (blue).
In the meantime and the short-term however, GLMR needs to hold this local red area as support to enable a successful retest and set up for trend continuation via the “1” green pathway.
Cardano - ADA/USD
Very simple price predicament for ADA right now.
Does ADA need to reclaim the $0.33 black level as support via a dip?
Or does it continue towards the blue region above?
From a risk:reward standpoint, I’d be more interested in a dipping scenario.
On top of that, there are other Altcoins that have enjoyed such analogous dips, making them more attractive prospects compared to coins like ADA that haven’t (yet?) performed such a dip.
In short, ADA would join my Altcoin Watchlist if a dip occurs.
Near Protocol - NEAR/USDT
NEAR has performed a very decent Monthly Candle Close inside the orange region.
In late 2020, this region acted as resistance but was promptly flipped into support in the following month, enabling a strong move to the upside.
In mid-2021, this orange region acted as strong support yet again.
And though NEAR lost this area as support in November, this February it has the chance to reclaim this region as support.
Currently, a retest attempt in the works.
Successful retest here and NEAR could at least revisit the blue highs above at $3.35.
Render Token - RNDR/USDT
RNDR has enjoyed a phenomenal rally last month and is now seeking to find some support.
The question is, where does that support form for RNDR?
Given how RNDR has Monthly Closed beyond the green $1.37 August 2022 highs, it is possible that this level will act as support, and it has for the time being already.
Some consolidation between green and orange could take place.
Break beyond the orange level however and a move to the red resistance above could take place, in which case the orange level would be a bullish trigger for me.
Crypto Com - CRO/USDT
CRO is inside the black-blue range after a tremendous recovery.
And the last time CRO was around these price levels was in early 2021.
It’s a little different this time and here’s why:
- In early 2021, CRO held orange support whereas this time there was a fake-breakdown.
- In early 2021, CRO upside wicked beyond the black and blue levels but ultimately Monthly Closed below both. This time, CRO has actually Monthly Close just below the blue level, so showcasing a more sustainable Monthly Candle with legitimate buy-side interest.
- In early 2021, CRO retested the orange and black levels as support. This time, CRO is hovering below the blue level, awaiting its next move.
For me, the bullish trigger would be breaking beyond the blue resistance to enter the green arrowed Volume Gap.
Until that happens however, any dipping towards the black level would be healthy and even in line with history.
But the difficulty here is that it was easier for CRO to retest those levels in early 2021 given how the Monthly Candle started at a lower price; this time, CRO would need quite a retrace to retest those levels.
Solana - SOL/USD
The purple area used to act as strong support but may act as strong resistance in the future, unless SOL is able to Monthly Close inside the purple area and turn the bottom of it into support.
But until then, SOL could dip into the $19.54 level for a retest attempt.
Generally, SOL’s recent recovery saw SOL break beyond three major Monthly resistances (all orange) and so technically, on a dip SOL could go ahead and retest any one of these, with the deeper ones being increasingly less likely.
If I were accumulating SOL, those would be the ladders in my dollar-cost-averaging strategy.
However if SOL doesn’t dip and challenges that purple area and even successfully retests it, that would be a bullish trigger for me because though some extended consolidation could follow after such a retest, this purple area would likely display re-accumulation qualities in preparation for the next run-up.
Thank you for reading.