2024-10-4 23:00 |
In the latest Rekt Capital newsletter, the analysts discussed Stacks (STX) and its market behavior. They observed that STX typically develops market structures at its Macro Higher Low, which has been in place for over 1.5 years.
This pattern was evident once again, as STX broke out from its main pattern and subsequently retested the breakout point, confirming the overall upward movement.
The analysts noted that STX experienced a +14% breakout move, followed by an additional +14% rebound during the retest. This successful confirmation of the breakout positions STX favorably for continued upward trends in the future.
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Show more +Show less – Dogwifhat Could Rally If…The newsletter also provided an update on dogwifhat (WIF). Two weeks prior, the analysts highlighted how WIF was on the verge of breaking out from its Macro Market Structure, with a notable resistance level at $2.52.
The recent update indicated that WIF did indeed break out, marking the end of its Macro Downtrend and achieving a +26% rally toward the key resistance.
However, the price faced rejection at $2.52 and has since pulled back to test the 21-week EMA, which has served as a critical momentum indicator for WIF in previous months. The analysts emphasized that this EMA is crucial for validating a potential trend shift.
So far, the retest has been successful, and moving forward, it will be essential for WIF to close above the $2.52 resistance on a weekly basis to pave the way for a potential rally toward $3.22 over time.
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The post Stacks (STX) and Dogwifhat (WIF) Prices to Rally Following Resistance Breakouts—But There’s a Catch appeared first on CaptainAltcoin.
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