In the latest newsletter published by Rekt Capital, the analysts provided updates on two cryptocurrencies, Stacks (STX) and Dogwifhat (WIF), using insightful market analysis.
A few weeks prior, the newsletter highlighted how STX typically develops market structures around its Macro Higher Low, which has been established for over 1.5 years.
This recent period followed the same trend, as STX broke out from its primary pattern. The analysts noted that such breakouts usually lead to a retest of the breakout point, which serves to confirm the validity of the breakout.
Last week, they reported a successful retest of the pattern’s top, resulting in a notable +17% price increase. However, after this initial surge, the price showed limited follow-through and returned to the retest point.
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The analysis indicated that Stacks (STX) is still in the process of this retest, with price wicking below the pattern top yet managing to hold that area as support.
The ongoing stability in this area is considered crucial for potential upside movement, emphasizing the need for STX to maintain a weekly close above the pattern top to align with its historical price behaviors.
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Show more +Dogwifhat (WIF) Must Maintain the $0.25 Key Level
In their coverage of WIF, the analysts revisited a discussion from several weeks ago regarding WIF’s preparation for a breakout from its Macro Market Structure.
They identified the red resistance level at $2.52 as a significant hurdle. In this latest update, Dogwifhat (WIF) has successfully broken out upwards, achieving a +26% rally into the $2.52 resistance. The analysts noted that WIF’s weekly close above this resistance suggests an attempt to reclaim this level as new support.
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The overall goal for WIF is to re-enter the $2.52-$3.22 range, where it had previously consolidated earlier in the year. For WIF to build on its recent rally and aim for a revisit of the range high at $3.22, it will need to hold the Range Low of $2.52 during the ongoing retest.
Overall, both STX and WIF are navigating crucial technical levels that will determine their short-term price movements and potential for future gains.
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