In its latest update on October 18, renowned crypto analyst Rekt Capital has highlighted six altcoins that have caught his attention, showing potential for the remainder of 2023, Ocean Protocol (OCEAN), Dogecoin (DOGE), Woo Network (WOO), Verasity (VRA), Stellar (XLM), and Injective (INJ).
Mixed Signals For Dogecoin
Rekt Capital’s analysis suggests a crucial moment for the Ocean Protocol. Whether the current price deviation will result in a downside wick below the red channel placed at $0.2763 or if the price will close below it weekly.
While a downside wick followed by a recovery could lead to a move toward the Channel Top at $0.3247, a weekly close below the Channel Bottom would necessitate keen observation for price rejection as new resistance.
On the other hand, Rekt Capital notes that Dogecoin has been meandering at the bottom of its channel at $0.058890.
DOGE’s downtrend channel. Source: Rekt Capital.
However, recent price developments indicate that the potential bullish divergence in its 1-week chart is likely no longer valid.
The lower low has shifted from support to resistance, confirmed by price action and a breakdown in the RSI’s trendline. Although a scenario of DOGE reclaiming its lower low remains possible, Rekt believes that a more definitive reaction is needed to confirm a potential fake breakdown.
Injective Dominates The Altcoins Market
Woo Network has experienced a relatively subdued quarter compared to the first half of 2023. Despite the uncertain macro outlook, WOO Network remains confident in its vision and mission.
Notably, the network successfully negotiated the repurchase of shares and tokens from the estate of Three Arrows Capital, alleviating uncertainty for WOO Network’s community and investors.
Verasity is a protocol and product layer platform for esports, video entertainment, and digital content management. Rekt Capital acknowledges the breakout from the mid-term downtrend structure in Verasity’s native token.
The token has been establishing higher lows after reaching a low point on October 4, indicating a potential shift in momentum.
Stellar is a blockchain-based payments network that facilitates global, efficient digital asset issuance and exchange. XLM has recently displayed sideways price action, trading below its 50-day and 200-day moving averages. Nonetheless, Rekt Capital includes Stellar in their altcoin watchlist, suggesting it is one to watch.
Injective is an open and interoperable blockchain optimized for DeFi applications, utilizing the Tendermint PoS consensus mechanism. Rekt Capital highlights the significant uptrend in INJ’s native token in the past 24 hours and over the past year, with a remarkable surge of 290%.
As Rekt Capital’s analysis indicates, these six altcoins – OCEAN, DOGE, WOO, Verasity VRA, XLM, and INJ – have caught the attention of the crypto analyst.
While each cryptocurrency presents its unique opportunities and challenges, investors and enthusiasts can look forward to monitoring their performances and assessing their potential for the remainder of 2023.
The total altcoin market cap on the daily chart is between $310 and $330 billion over the past three months. Source: TOTAL 3 on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Author: Ronaldo Marquez
