Recurring Stacks Pattern Shows Path for STX Price’s Next Leg Up: Bittensor (TAO) Must Surpass Crucial Level This Week to Soar
Rekt Capital’s latest analysis of Stacks (STX) against USDT highlights a recurring behavior in STX’s price movements.
Historically, STX experiences price compression within a specific market structure, approaching its multi-year Macro Higher Low trendline, indicated in green. This price compression often resolves when STX successfully retests this trendline as support.
As STX continues to coil closer to the apex of its current pattern, it nears its Higher Low, setting the stage for a potential breakout into a new Macro Uptrend. Rekt Capital notes that STX typically exhibits clear breakouts from its established patterns relative to the Macro Higher Low.
The analysis points out that in previous instances, STX has tended to close weekly above its pattern resistance, subsequently retesting it as support. This behavior is crucial for confirming a continuation of the trend upward, signaling the start of a new Macro Uptrend.
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Bittensor Price Chart Breaks Out Of Key Level
In analyzing Bittensor, they revisit the previous discussion about TAO’s consolidation within its current ReAccumulation Range. The analysis noted the development of a potential Ascending Triangle market structure, with the expectation of a green circled post-breakout retest in the future.
This week, Rekt Capital reports that TAO has rallied by +38% since their last update, revisiting the area indicated by the green circle and breaking beyond the Range High of its ReAccumulation Range. This movement positions TAO for a significant post-breakout retest, as highlighted by the green circle.
They emphasize that a Weekly Close above the Range High of $350 (marked in black) would set the stage for a potential dip back to this level for a retest. Such a retest would serve to fully confirm a breakout from the range, leading TAO into a new Macro Uptrend.
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