Altcoin Watchlist #156

Hello and welcome back to the Rekt Capital Newsletter

In today’s edition, the following cryptocurrencies will be analysed & discussed:

• Cronos (CRO)
• Hyperliquid (HYPE)
• Jupiter (JUP)
• Virtuals Protocol (VIRTUAL)
• Ripple (XRP)
• Zcash (ZEC)

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Let's dive in to today's Altcoin Market Update.

Cronos – CRO/USDT

The blue-to-blue macro range is the structure that matters most for Cronos, and price has just deviated below its Range Low of $0.04956 (blue horizontal). 

That behaviour is not new here. 

Back in mid-2023 price performed the very same downside deviation beneath the Range Low, dropping to newer lows for that point in time.

What's interesting is the timing. 

Three years later, almost exactly, price has repeated that same deviation to newer lows once again.

To avoid this becoming a genuine breakdown from the blue-to-blue range, price needs to reclaim the Range Low, first on the Weekly and then on the Monthly. 

A Monthly Close above that level would allow price to cluster within the lower half of the range, which is precisely what built out a bottom in the previous cycle.

That stability now needs to translate into this cycle, and so far it hasn't. 

Price has dropped quite quickly through the entire range this time round. 

The past cycle saw a similarly quick sell-off, but there was more stability at the orange region back then, whereas on this occasion price simply turned that region into new resistance.

So can price resynchronise with the bottom half of the blue-to-blue range? 

Can it Monthly Close above the Range Low before the month is over?

Monthly Closing below the Range Low would instead set price up for a resistance check of that level, and a confirmed breakdown could see price continue to tumble down again, even to equal those downside wicking lows again.

Hyperliquid – HYPE/USDT

Price is retesting the old All Time Highs region (orange zone) as support, and has upside wicked into the previous range at $59.400 (blue horizontal), a range that extended from there up to $72.220 (blue horizontal).

The last time price rebounded from this region, it rallied to newer highs. 

The concern now is what happens if that repeat fails to materialise.

If price cannot break beyond the blue level and instead treats it as resistance, rebounds out of the old All Time Highs region (orange) would grow progressively weaker. 

That could develop brand new Lower Highs and see this region weaken as support before breaking down into levels beneath $49.094 (black horizontal) over time.

So it is really important for the bulls that HYPE does not turn $59.400 into new resistance.

Technically price has just broken down from $59, and the upside wicking from last week into the level shows some bearish retesting intent.

But there is no picture-perfect rejection just yet, so this isn't a solidified technical resistance at this stage.

Should it flip into a genuine point of rejection, holding the orange region later on.could prove quite difficult, since the potential for weakening support there remains on the table.