Altcoin Newsletter #294
Features analysis on Altcoins such as USELESS AAVE LTC AERO SOL TAO
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)
- Aave (AAVE)
- Litecoin (LTC)
- Aerodrome Finance (AERO)
- Solana (SOL)
- Bittensor (TAO)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Useless Coin – USELESS/USDT
Useless is a memecoin that, whenever it has Weekly Closed above and retested the red region, would go into $0.364211 (blue).
This time, USELESS managed to Weekly Close and retest there, but after rejecting from that blue level, the follow-through didn’t come.
Generally in the short term, price would rebound from red into $0.364211 before moving down into $0.171922 (blue, Range Low).
That has happened on two separate occasions, and it seems to be the case on this occasion as well, with price dropping into the Range Low.
So it’s really important that USELESS Weekly Closes above this Range Low to keep the blue-to-blue range alive.
A Weekly Close below it, followed by a bearish retest, would be a bearish price predicament that could send price maybe even as low as the black downtrend it broke several weeks back.
Because when we think about where price is rejecting from on the Monthly, this red region is a Monthly supply zone.
The Range Low, meanwhile, is a key demand area, but one that has showcased weakness in the past, giving very limited rallies into the Range High.
If USELESS does tag the Range Low, maybe price goes into another red region revisit, or even a Range High revisit.
But a Weekly Close below it and a bearish retest would be a sign that this level is actually weakening, and price could be dropping a lot lower.
A lot lower could indeed be the very top of that black downtrend.
That downtrend is actually confluent support with a 3-month supply region from earlier this year at $0.076609 (orange), which could turn into demand on a post-breakout retest of that key downtrend.