Altcoin Watchlist #166

Hello and welcome back to the Rekt Capital Newsletter

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

• Render (RENDER)
• Aster (ASTER)
• Injective (INJ)
• EigenCloud (EIGEN)
• Celestia (TIA)
• io.net (IO)

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.

Render – RENDER/USDT

Like Injective, Render is developing a cluster of price action very similar to 2023, except that was the Pre-Halving Year, whereas this has effectively been a Bear Market year.

And RENDER’s price action is taking place inside a key region of historical clustering, at a Higher Low (blue trendline), which is a sign of premium buying behaviour.

Going forward, it’ll be very important for RENDER to Monthly Close above $2.088 (red horizontal), essentially the psychological $2 level, to position itself for a retest.

A successful retest would see price break beyond the major resistance that is the light blue region around $3.

Historically, RENDER has performed two such retests, with one failing to breach the light blue resistance (orange circle) and the other succeeding (green circle).

So that Monthly Close would be pivotal in setting up the retest, but the retest itself is what would position price for additional upside.

If at some point in the future the light blue region doesn’t budge on first contact, RENDER could drop back into the red level for a retest, like in the previous green circle.

However, a bearish Monthly Close below the red level followed by a bearish retest into new resistance would send price into the very bottom of the range, toward the Higher Low.

That would effectively invalidate RENDER’s breakout.

A successful Post-Breakout Retest, on the other hand, would be the bullish confirmation RENDER needs to finally breach this light blue region of resistance.

At this time, the current Monthly candle for Render is actually developing a Lower High relative to the rejection from ~$2 earlier this year, which could bring about a macro symmetrical triangle pattern to form within the $1.36-$2.00 range.

Ultimately, the upcoming Monthly Close will dictate whether RENDER is ready for breakout or if it will sentence itself to continued consolidation within the range.