Altcoin Newsletter #290
Features analysis on Altcoins such as USELESS XCN TAO NPC ETH ARB
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:
- Useless Coin (USELESS)
- Onyxcoin (XCN)
- Bittensor (TAO)
- Non-Playable Coin (NPC)
- Ethereum (ETH)
- Arbitrum (ARB)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Useless Coin – USELESS/USDT
We've spoken about USELESS before, and it now needs to position itself relative to this red mid-range.
Price is currently ranging between the two blue levels, $0.171922 (blue horizontal, Range Low) and $0.364211 (blue horizontal, Range High).
If USELESS can produce a Weekly Close above the red mid-range, price could then travel into the Range High.
We have seen exactly that twice before (previous light blue circles).
Two Weekly Closes, two Range High revisits as a result of those closes and retests.
But USELESS never really managed to maintain price stability above the mid-range, and never effectively broke the Range High over time either.
The sequence was the same on both occasions.
Price would initially retest the mid-range as support, rally into the Range High, and ultimately reject, before breaking down into the Range Low, and maybe even into a deeper retrace.
So if price isn't able to reclaim the mid-range this time, that Range Low support becomes quite important.
And it would be worth watching out for a potential sweep below the Range Low if that does occur.
Alternatively, a Weekly Close above the red region followed by a retest of it would put the Range High back in play.
But USELESS would then need a Weekly Close and retest above the Range High itself to break out from this overall range.
And that is really the open question.
In the past this was a distribution range.
Now that a new uptrend has potentially been confirmed, it could become a range of Re-Accumulation in the future, provided the correct Weekly Closes and retests emerge.