Mixed signals for Dogecoin

Rekt Capital’s analysis suggests that Ocean Protocol is at a critical juncture. Will the current price deviation result in a downside wick below the red channel at $0.2763 or will the price close weekly below this red channel.

While the subsequent recovery from the downside shadows could lead the price towards the top of the channel at $0.3247, a weekly close below the bottom of the channel will require keen observation of price rejection as new resistance.

On the other hand, Rekt Capital noted that Dogecoin has been hovering at the bottom of the channel at $0.058890.

DOGE’s descending channel. Source: Rekt Capital.

However, recent price developments suggest that a potential bullish divergence on its 1-week chart may no longer be valid.

The breakdown of the price action and RSI trendline confirms that the lower lows have flipped from support to resistance. While it is still possible for Doge to recover its lower lows, Rekt believes that a more definitive reaction is needed to confirm a potential false breakdown.

Injective dominates the altcoin market

WOO Network experienced a relatively down 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 a buyback of shares and tokens from Three Arrows Capital’s estate, alleviating uncertainty for the WOO Network community and investors.

Verasity is a protocol and product layer platform for esports, video entertainment, and digital content management. Rekt Capital acknowledged that the Verasity native token has broken out of a medium-term downtrend structure.

The coin has been making higher lows after hitting a low on October 4, indicating a possible shift in momentum.

Stellar is a blockchain-based payment network that facilitates efficient digital asset issuance and trading around the world. XLM has recently shown sideways price action, trading below its 50-day and 200-day moving averages. Nevertheless, Rekt Capital included Stellar in its altcoin watchlist, indicating that it is worth keeping an eye on.

Injective is an open and interoperable blockchain optimized for DeFi applications, leveraging the Tendermint PoS consensus mechanism. Rekt Capital highlighted the significant uptrend of the INJ native token over the past 24 hours and over the past year, with gains of up to 290%.

As shown in Rekt Capital’s analysis, these six altcoins – OCEAN, DOGE, WOO, Verasity VRA, XLM, and INJ – have caught the attention of cryptocurrency analysts.

While each cryptocurrency presents its own unique opportunities and challenges, investors and enthusiasts can look forward to monitoring their performance and assessing their potential throughout the remainder of 2023.

Altcoin market cap on the daily chart has been between $310 and $330 billion over the past three months