Altcoin Newsletter #281
Features analysis on Altcoins such as ETH JASMY DEGEN CPOOL HYPE JUP
Welcome to the Rekt Capital Newsletter, a resource for investors who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.
In today’s Altcoin newsletter I cover the following Altcoins – specifically:
- Ethereum (ETH)
- Jasmy Coin (JASMY)
- Degen (DEGEN)
- Clearpool (CPOOL)
- Hyperliquid (HYPE)
- Jupiter (JUP)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Ethereum – ETH/USD
Ethereum has Monthly Closed below the blue level of historical support ($1785) which now means that any relief rallying into said level could turn it into new resistance.
If ETH is unable to reclaim the blue level into new support, either via a Monthly Close above it or even via a Weekly Candle Close, then this level could act as a point of rejection that could weigh down on price to make it breakdown from the orange region of support.
This orange region has historically acted as a trend reversal zone, however if price produces a very weak rebound from here on this occasion, then that would be a sign of growing weakness as this demand area.
After all, ETH has broken down from the multi-year green technical uptrend line.
The reality is that whether ETH rejects from this current blue resistance or even if it overextends into the old green technical uptrend line to turn it into new resistance - the takeaway would still be the same: the orange area is likely going to produce a much lesser rally in comparison to all the other previous trend reversals from this point.
And it is for this reason that the orange area could lapse as a support over time, allowing for price to explore the depths of the previous 2022 Accumulation Range.
Jasmy Coin – JASMY/USDT
JASMY has been in a consistent Macro Downtrend (black) and that Downtrend has become perfectly confluent with the Range High resistance (red) from the previous 2023 Accumulation Range.
Last month, JASMY Monthly Closed below the Range High resistance (red) and this month price is turning the underside of that old support into new resistance.
This Range High resistance is confluent with the Macro Downtrend which likely strengthens this area as a point of rejection.
As a result, there is a good chance price will reject from here to drop deeper inside this current red-red Macro Range, with scope for even a revisit of the Range Low over time.
JASMY would need to Monthly Close above the Downtrend/Range High resistance to invalidate this possibility but such a bullish Monthly Close seems unlikely at this moment.