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In a recent analysis, Analyst Rekt Capital highlighted the significance of focusing on specific altcoins that have broken their macro downtrends. This break is crucial as it signifies the entry into a new macro uptrend that could last for a considerable period.
Rekt Capital stressed the importance of a macro downtrend break, dating back to 2021. According to the analyst, when a price breaks a macro downtrend, it signals the beginning of a new macro uptrend that could last a similar amount of time. This could extend up to two years or more.
The analyst discussed five altcoins that have recently broken their macro downtrends and are potentially gearing up for new macro uptrends. Rekt Capital’s analysis suggests that these altcoins are on the verge of entering new macro uptrends, and investors should keep a close eye on their price movements.
Solana (SOL)
The first altcoin in focus is Solana (SOL), which successfully broke its macro downtrend by forming a reaccumulation range and then pulling back before resuming its micro uptrend. At the time of writing, Solana is trading at $60.25.
Avalanche (AVAX)
The second altcoin on the list is Avalanche (AVAX), which has broken its downtrend and is ready for a new trend. Rekt Capital highlighted the potential for AVAX to comfortably break its macro downtrend in the future. At the time of writing AVAX is up by more than five percent and is trading at $22.
Polygon (MATIC)
Matic (Polygon) is the third altcoin discussed, currently forming a major market structure. While it’s in the balance whether Polygon will break out from this macro structure, a monthly candle close above a critical level could signify the end of the macro downtrend. Matic is trading at $0.79 at the time of writing.
Polkadot (DOT)
Altcoin number four is Polkadot (DOT), which, similar to Matic, is in a major market structure. Polkadot has shown strength by potentially preparing for a monthly close above a key level, indicating the possibility of a new macro uptrend. DOT is trading in red and slightly above the $5 levels.
Chainlink (LINK)
The fifth altcoin highlighted is Chainlink (LINK), which recently broke its macro downtrend. Rekt Capital emphasized the importance of LINK reclaiming certain resistance areas, signaling the start of a new macro uptrend. LINK is trading in green and is nearing the $15 levels.
#PriceAnalysis #Altcoins [Source: Coinpedia]