Table of Contents
Do not index
Do not index
In today’s newsletter, I will cover 11 Altcoins, specifically:
- Hedera Hashgraph (HBAR)
- Zilliqa (ZIL)
- Dusk Network (DUSK)
- Verasity (VRA)
- Aave (AAVE)
- UniSwap (UNI)
- SushiSwap (SUSHI)
- Chainlink (LINK)
- Algorand (ALGO)
- Arweave (AR)
- Litecoin (LTC)
Let’s dive in.
Hedera Hashgraph - HBAR/USDT
HBAR has enjoyed a strong uptrend since deviating below the red region of support, then breaking back above the orange horizontal to turn it into support for multiple weeks via a sideways Flagging Stucture, before finally breaking into the orange box.
This orange box area may become a home to another sideways Flagging Structure, much like it was the case in early 2021.
I’d expect downside volatility below this box during the retesting period, something we’ve already seen with the latest downside wick.
Generally, I’d be watching for a) HBAR to hold the bottom of this orange box as support (wicks allowed) for a few weeks before b) breaking beyond the orange box, though retesting the top of the orange box as support (wicks allowed to as deep as the very bottom of the orange box) before breaking out to new yearly highs.
I would be open to another Flag-like structure developing upon breakout from the orange box but that’s a topic for another day.
Right now, most important is price-stability inside this orange box as that would indicate re-accumulation before the next leg up.
Zilliqa - ZIL/USD
ZIL has been maintaining a technical uptrend for multiple weeks now (green Higher Low).
And it is not just the technical uptrend that has led to ZIL earning a place in this Watchlist but the context of the uptrend:
On the Monthly timeframe, ZIL has enjoyed a Monthly Close beyond the blue historical support area.
Historically, upside wicks beyond this region are a commonality but when there is enough strength in the market, ZIL produces a Monthly Close beyond the blue region and prepares itself for a sustained uptrend.
ZIL has performed a Monthly Close just like that this past January which indicates that ZIL may be ready for further upside.
As long as the technical uptrend holds, then this thesis remains intact.
Should the technical uptrend on the Weekly get lost though, then ZIL would likely dip to the top of the blue support region for a retest (though this is something that ZIL has never performed in its history).
However, history suggests ZIL could hang about these highs before continuing upwards.
Dusk Network - DUSK/USDT
DUSK has been a favourite and top performer here in the newsletter for weeks now.
Much like MATIC, DUSK has been ascending in its uptrend in a level-by-level fashion, making its key regions of rebound or rejection a little bit easier to pinpoint and assess ahead of time.
DUSK is currently hanging about just below the dashed red resistance after having briefly dipped deeply.
A healthy dip would be even to as low as the black level however the momentum has been quite strong, offering only a shallow dip.
If DUSK flips the red level into support, then it would open itself up to a strong move via the orange pathway.
Until then, any dipping towards the black level as well as price-stability above black would be a positive contributing sign signalling that DUSK is still enjoying its uptrend.
Verasity - VRA/USDT
VRA is similar to DUSK in the sense that it is consolidating inside a sideways channel, not having yet confirmed its next direction.
And similar to DUSK, VRA also dipped but not as deep to retest the red dashed support.
VRA is hovering below the black resistance.
Reclaim that level as support and VRA would trend accelerate, opening itself up to a +70% or even at most a +125% move.
Dipping into the red level would be healthy as long as price holds it as support.
Woo Network - WOO/USDT
After breaking out from the Bull Flag and rallying straight into strong resistance, WOO has since rejected and dipped into the Bull Flag top for a post breakout retest.
WOO is currently enjoying a successful retest and continued price-strength confirmation here would enable a likely revisit of the red resistance above via the blue path.
Aave - AAVE/USDT
The next three Altcoins show a slowly emerging trend of decentralised exchanges gearing up for a new macro uptrend.
AAVE has recently breached the green downtrend and has dipped recently to successfully retest the downtrend as support.
Now, AAVE is trying to keep this red area as support and doing so successfully would begin the new macro uptrend.
UniSwap - UNI/USDT
Much like AAVE, UNI has broken its macro downtrend, retested it almost as support and is now trying to find stability outside of its downtrend and the strength to break the immediate resistance ahead.
Break ~$7 and UNI will begin the very beginnings of its macro uptrend.
SushiSwap - SUSHI/USDT
Similarly to AAVE and UNI, SUSHI may be preparing for a new macro uptrend however its market structure on how it would go about that is quite different.
Rather than a macro downtrend, though one could justify drawing one, SUSHI is forming an Accumulation Range (orange-orange) at the lows.
Recently, SUSHI rejected from its orange Range High so there’s a possibility it could still dip into the orange Range Low to form a Higher Low relative to the downside deviation from December/January.
However generally, for the mid-term, SUSHI is worth watching as it’s likely a breakout from its range would give rise to a new macro uptrend.
Chainlink - LINK/USD
LINK has been consolidating inside this black-black range for months, which has been fantastic for range trading.
The +20% “Range Low to Range High” rally has happened a handful of time already but even macro-wise, this range is likely an Accumulation Range before price breaks out into a new macro uptrend.
Though many may think that LINK is boring or doesn’t generate much upside, perhaps its shining point is the fact that it reliably rallies +20% every now and then and there’s value in that quality as well.
Arweave - AR/USDT
AR has recently reclaimed its red wedging structure which is something we’ve covered here in the Newsletter as well and now AR is trying to keep the green area as support, perhaps even forming an early stage Flagging Structure; a breakout from which would see AR revisit the highs of the red wedge.
AR tends to upside wick into the Wedge Top so a Weekly Close above the Wedge Top followed by a successful retest would be the confirmation that AR needs for a breakout from this red wedging structure, likely breaking out first to the orange $18 resistance above.
Algorand - ALGO/USDT
ALGO is more of a mid to long-term candidate as it may be forming a macro W-Shaped formation which is a Double Bottom.
Breaking the black level at which price is currently at has enabled explosive upside movements; however if ALGO isn’t able to break it then a dip via the the blue path could occur.
Litecoin - LTC/USD
It’s important not to forget about the Litecoin Halving and its propensity to experience strong Pre-Halving rallies.
Right now, LTC is dipping, having tagged the first support of interest, with the $85 and Bull Flag top level still being of interest if the dip gets even deeper.
But generally, the Halving is in August so around Q2 is where price could form a local top; until then LTC will remain a staple in my Watchlist.
Another honourable mention is the LTC/ETH pair which is forming a Flag structure just above the blue-blue range LTC/ETH broke out from.
LTC/ETH is forming a Flag-like structure via which it is retesting the Range High and curling up in price action, forming a U-Shaped reversal as part of its retest straight into the red resistance area.
Break red resistance and LTC would significantly gain against ETH.
Thank you for reading.