Table of Contents
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In today’s Altcoin newsletter, I cover 8 different Altcoins, specifically:
- Dusk Network (DUSK/USDT)
- Gala Games (GALA/USDT)
- Oasis Network (ROSE/USDT)
- Basic Attention Token (BAT/USD)
- The Sandbox (SAND/USDT)
- Nano (NANO/USD)
- Fetch ai (FET/USDT)
- Axie Infinity (AXS/USDT)
Let’s dive in.
Dusk Network - DUSK/USDT
DUSK has been one of the top performers here in the Rekt Capital Newsletter.
As a preface, here is the analysis from a few weeks ago:
And in fact, DUSK was able to follow that green pathway perfectly, producing a +100% rally in the process:
And in this chart above, I later suggested healthy pullback into the orange area as past of a retest attempt via the green pathway, which DUSK performed before following the green path to the black resistance level:
Since the retest of the orange area as support, DUSK has rallied +86% to the upside, breaking beyond the black resistance and producing an even more overextended move than expected.
That being said, DUSK is now dipping once again and it is important that DUSK flips this black level into support to move towards and revisit the red dashed resistance.
Turn that red level into a support and DUSK could move even higher.
But that’s a conversation for another day, especially since coins like DUSK or MATIC have been ascending level-by-level and looks like DUSK will continue in that manner.
Gala Games - GALA/USDT
GALA has produced a phenomenal rally from the lows but has rejected from the blue resistance; this resistance also rejected price in mid-2022 to the new lows GALA rallied from last month.
And since the rejection from the blue level, GALA has held the orange support quite well.
The main question that needs answering is: if the blue resistance isn’t able to reject GALA as strongly as it did in mid-2022, then is sell-side pressure declining at this resistance?
And the likely answer is yes, especially if GALA manages to hold the orange area as support.
Essentially, GALA is trying to retest this orange area as support and so far - price strength confirmation is visible.
But GALA may also be forming a new Lower High which may be a factor in the coming weeks.
But as long as GALA holds the orange area as support, this Lower High may actually form a key part of a potential Bull Flagging structure on the Monthly.
The orange area figuring as support is a crucial element to a future GALA uptrend.
Oasis Protocol - ROSE/USDT
ROSE is trying to turn the green level into support.
A dip into the green level for a retest is likely in the future.
Hold there and ROSE will be able to revisit the current highs ROSE is hovering at right now before breaking them to rally to the red resistance area above.
Generally, the green level is key to holding as support as it will showcase that the red area (to which price upside wicked into) - may be running out of steam on the sell-side and weakening, increasing the likelihood of a revisit of the black resistance upon recovery from the green level.
Basic Attention Token - BAT/USD
This is Quarterly chart for BAT.
The green multi-year Higher Low is crucial to a BAT technical uptrend.
But it’s also clear that the ~$0.30 (blue) resistance tends to act as a point of rejection.
Turn the $0.30 level into support on lower timeframes and the blue $0.41 resistance would be next.
We’l revisit BAT before the next upcoming Quarterly close to better understand its future trajectory but it needs to stay above $0.25 if it is to reverse the historical tendency of the $0.30 acting as a strict resistance.
The Sandbox - SAND/USDT
SAND looks to be rejecting from the red resistance area and so a pullback into the blue level for a retest into support could be on the cards.
Mid-2021 showed that a retest of blue tends to be a bullish development in price for SAND.
I’m open to this orange pathway taking a little longer upon successful retest of the blue level as support.
That is, if SAND drops to blue and then rebounds back to red but can’t break red, then it would be sensible for SAND to drop back into blue before rallying back to red to attempt a breakout beyond it and try flip red into a new support.
Either way, hold blue as support and the orange path could reasonably play out.
Historically, breaking the red resistance has been a great signal for trend acceleration and so this region is pivotal to being reclaimed as support at some point in the future.
And the orange pathway is a sensible plan for that occurring over time.
Nano - NANO/USD
NANO needs to turn the blue level into support via the orange path if it is to rebound and challenge the psychological $1 resistance (red).
Essentially, NANO needs to turn $1 into support to rally to $2.
The added complication is that NANO has a mixed history of successful retests of the $1 as support; in mid-2020 there was a failed retest whereas in late 2020 there was a successful retest that made all the difference.
Continued Monthly Closes above $1 is the key confirmation required to NANO’s success, from a technical perspective.
But first, NANO needs to turn the blue $0.77 level into support.
Fetch ai - FET/USDT
FET has enjoyed a phenomenal rally but it is forming a gruesome Weekly candle at the moment.
There are two scenarios for FET between the Weekly Closes and both are highlight with green pathways.
Either FET retests the black level as support (which it has already but could at some point repeat the retest) to rally to the red resistance.
Or FET could try to move beyond the red resistance and flip it into support to rally once again to the red $0.56 resistance above.
It’s clear the FOMO is strong on this one, hence the volatility, but it’s important FET manages to reclaim levels if it is to position itself for further upside.
Axie Infinity - AXS/USDT
AXS has managed to break above the blue $10.14 highs that rejected AX in mid-2021.
In fact, AXS is in the process of a retest of this blue level into new support.
Hold there and AXS will be able to rally via the orange pathway to about $15, with a chance at overextending towards $18.
However, should the retest fail and the blue $10.14 level actually flips into resistance on lower timeframes, AXS may instead drop to its black Higher Low via the red pathway.
This current retest is crucial for AXS.
Thank you for reading.