Altcoin Watchlist #159

Hello and welcome back to the Rekt Capital Newsletter

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

• Uniswap (UNI)
• Hyperliquid (HYPE)
• JasmyCoin (JASMY)
• Jupiter (JUP)
• Non-Playable Coin (NPC)
• OKB (OKB)

But before we dive in, this Friday I’ll chart your Altcoin picks in an exclusive subscriber-only TA newsletter and will cover as many as I can

So if you’d like to have an Altcoin charted, feel free to share max. two TA requests each in the comments below.

I’ll chart the Altcoins that get mentioned and ‘Liked’ the most

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

Uniswap – UNI/USDT

We've been covering Uniswap for a few good weeks now, where we spoke about the retest of the black $4.1574 level, the same exact retest UNI had produced many years prior (green circle).

Here is the analysis from August 6th, as a preface:

Back in early August, we discussed the price positioning above this black level, preparing to retest the black level as support much like in late 2020, early 2021.

By late August, UNI had produced a very volatile retest to the downside, but ultimately maintained its positioning above the black level:

And by early September, that retest had become successful, in line with the August analysis:

UNI rallied over +50% to revisit the Macro Downtrend following a successful retest of $4.15 into new support.

UNI followed the path cited in the analysis to perfection, though not without some wicking to the downside first.

UNI now sits right at this Macro Downtrend resistance.

But FOMO wicking beyond this point has taken place before.

Which is why price would need to Monthly Close above the Downtrend and retest it as support to fully confirm the breakout. 

And because we're early on in the month, it would be really important to see that already take place on the Weekly timeframe, if price is able to break out from here to continue its rally.

Looking back to the past, this is a really, really risky point for UNI because it hasn't actually confirmed the Downtrend as new support.

All in all, fantastic over +50% move for Uniswap.

But now it needs to confirm whether it can break that Macro Downtrend to rally even higher over time and for that UNI would need Weekly Closes above the Downtrend and a successful retest and as of this writing - that isn't happening.