Altcoin Watchlist #160

Hello and welcome back to the Rekt Capital Newsletter

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

• Lighter (LIT)
• Ethena (ENA)
• Arbitrum (ARB)
• Aster (ASTER)
• Monero (XMR)
• Celestia (TIA)

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

Click the button below to leave a comment with your TA request!

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

Lighter – LIT/USDT

In late July, we were awaiting a key bullish confirmation trigger for Lighter when it comes to opening up scope for a breakout into trend continuation.

Here is that analysis from late July:

In the end, the July Monthly Candle Closed above the blue region and in August price successfully retested said region into new support, rallying into a +135% uptrend by early September:

In the early September update, we spoke about how LIT would probably keep going up to revisit the Range High resistance:

Here's today's update:

Indeed, LIT continued its move all the way to the Range High resistance, turning into a +170% move in the process.

And right now, the most important technical milestone will be a Weekly Close followed by a post-breakout retest of the red Range High resistance into newfound support.

Because LIT has a history of performing Weekly Closes above this resistance, by failing the subsequent post-breakout retest (red circles).

As a result, that double-confirmation is essential for LIT to continue its uptrend.

Until then, price will remain range-bound and in fact, LIT has a history of dropping all the way back into the Range Low at $3.20 after failed breakouts beyond the Range High resistance.

So in the absence of bullish confirmation to confirm a breakout, LIT will remain range-bound and could consolidate within this range, which would mean scope for deeper downside within the range, to as low as the Range Low itself.

Weekly Close above the Range High resistance however followed by a post-breakout retest and LIT would confirm a breakout from the Range and could even challenge $7 next.

All about that Weekly confirmation, or lack thereof going forward.