Altcoin Newsletter #293
Features analysis on Altcoins such as ENA ADA NEAR SOL XCN 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:
- Ethena (ENA)
- Cardano (ADA)
- NEAR Protocol (NEAR)
- Solana (SOL)
- Onyxcoin (XCN)
- Jupiter (JUP)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Ethena – ENA/USDT
ENA broke out from its Double Bottom and has already completed its 1:1 Measured Move, so any upside beyond that is effectively a bonus.
That bonus, however, has come in the context of a Weekly Close above the light blue region.
Historically, whenever ENA has Weekly Closed above this region and turned it into new support (blue circles), some upside has followed.
In fact, successful retests of this Range Low have seen price rally to impressive highs over the following weeks, even as high as the red Range High in and around the $1 region.
So as long as the Range Low holds as support, ENA could produce a major range-wide traversal over time.
But it does need to successfully retest this area first. For the time being, that retest is successful, and long may it continue.
Still, this retest would fail if Bitcoin fails its own retest.
ENA is now on the cusp of potentially entering this Macro Range for additional clustering and consolidation.
One possibility is that ENA successfully retests here, rallies a little higher, and then pulls back for a mid-term retest of the Range Low.
Either way, this is the major area price needs to hold to target a $1 revisit over the next few months.