Table of Contents
Do not index
Do not index
In today’s Altcoin newsletter, I cover 8 different Altcoins, specifically:
- Polkadot (DOT/USDT)
- The Graph (GRT/USDT)
- Avalanche (AVAX/USDT)
- Fantom (FTM/USDT)
- Waves (WAVES/USDT)
- Aptos (APT/USDT)
- Moonriver (MOVR/USDT)
- Internet Computer Price (ICP/USDT)
Let’s dive in.
Polkadot - DOT/USDT
DOT is currently enjoying price stability on top of the orange box.
The last time DOT broke beyond the top of the orange box, it rallied to new All Time Highs.
Of course, DOT has a bit more resistance above these prices in this cycle but the good thing about these resistances is that they are spread out rather than clustered.
As a result, upon breaking these resistances, DOT could enjoy bouts of strong volatility.
Hold the top of the orange box as support and DOT could try to reclaim the red level as support, which in of itself would enable an orange path move within the then newly reclaimed range.
In preparation, the only requirement is that DOT continues to exhibit price-strength confirmation at the top of this orange box, if needed maybe even retesting it as support again.
The Graph - GRT/USDT
GRT is positioning itself for a strong Monthly Close above the $0.16 level.
Granted, GRT has already seen a fantastic rally with very little dipping if any on the way up.
If GRT were to dip and slow down a bit for a moment, the green-green range ($0.12-$0.16) would be the place to do it for a bout of re-accumulation.
So in fact, a Monthly Close below the $0.16 level could reject price into the range, whereas a Monthly Close above it followed by a retest could enable a move to the red region above.
A note on that red region above: it may not act as a strong resistance; the downside wicking of early 2021 and late 2021 formed this region as support, but I don’t expect strong rejection from it.
If anything, this resistance could just serve as additional information on how strong this current uptrend is.
Avalanche - AVAX/USDT
AVAX is holding the highs well, holding the orange area as support but still struggling to break the blue resistance.
Price stability is necessary for AVAX to have a chance at breaking the blue level because losing orange as support tends to be problematic, as November 2022 showed or early early Q2 of 2021.
For a bullish move, AVAX needs to follow the black path, and at the moment it is retesting the orange area as support, but needs to reclaim the blue level to confirm further upside.
Fantom - FTM/USDT
The last time FTM broke out from this red-red range was in early 2021.
There are some key differences compared to this cycle right now.
In early 2021, the first Monthly Close above the red resistance of that red-red range marginally formed, enabling a retest.
In this cycle, the Monthly Close was very clear above the red resistance, indicating strong buy-side momentum but at the same time setting FTM up for a deeper retest of the red level as support.
This is what is happening right now - the red level is being retested as support.
But it’s important to note that in early 2021, the retest candle retested both the top of the preceding Monthly Candle which was also confluent with the red resistance.
In this cycle, FTM has retested both these levels already, even though they are at different points.
Thus far, FTM is displaying signs of successful retesting. Continue in this vein and FTM could rally into the blue resistance.
That blue resistance will be crucial for trend acceleration; breaking it would enable strong upside volatility.
Waves - WAVES/USDT
WAVES broke into the green-blue and is now retesting the green level as support.
Hold here and WAVES will be able to move up towards the blue Range High over time.
Aptos - APT/USDT
APT is forming this triangular market structure at highs.
Break the diagonal resistance and APT would once again enjoy strong upside.
However lose the Higher Low - the local technical uptrend would be over and the next major support lies at the red region below.
Price compression will likely be occurring in towards the apex of this triangle as APT prepares for its next move.
Moonriver - MOVR/USDT
When we conceptualise MOVR’s price action as a blue-blue range, MOVR’s December & January candles were a deviation below that range, and this month MOVR is now reclaiming the Range Low as support.
The red resistance is just above however, but continued stability here at the blue Range Low support should enable MOVR to reclaim the red resistance to enable upside to the blue Range High.
Internet Computer Price - ICP/USDT
Very similar to MOVR, ICP is reclaiming its Range Low as support after a multi-month downside deviation below it.
Interestingly, ICP and MOVR may be market laggards behind other market leaders and their time in sun could come, especially once these Range Low supports are properly reclaimed - and so far so good.
For ICP, hold here and the green Range High would be next over time.
But let’s zoom in for additional context:
ICP is now extending beyond the orange resistance; historically Weekly Closes beyond the orange level has set price up for a retest before further upside to the upper orange ($7.22).
That could reasonably be the next path for ICP upon successful 1W close above the lower orange ($6.26).
And upon revisit of the orange $7.22 level, reclaiming that as support would enable another trend to the green $9.04 resistance above.
Thank you for reading.