Stacks (STX) Rally Hangs on This Key Support; Bearish Signals Point to Upcoming Dip for Bittensor (TAO) Price
In Rekt Capital’s latest newsletter, the analyst discusses the recent developments regarding STX and its breakout from a macro pennant. The current focus is on the retesting process that has been occurring within a sideways channel.
The analyst emphasizes the importance of STX price maintaining its position within this channel, as it serves as a critical parameter for a successful post-breakout retest from the pennant.
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The analyst notes that continued support above the top of the black pennant, which coincides with the bottom of the orange channel, is essential for confirming a breakout over time. To achieve trend continuation, Stacks (STX) would need to close above the orange channel on a weekly basis.
Bittensor (TAO) Price Could Dip Amid Growing Bearish Signals
The analyst also provides an update on TAO, having covered it extensively in previous weeks. To avoid redundancy, the analyst recommends reviewing last week’s analysis for a detailed examination.
In the current update, the focus shifts to the Daily timeframe, where a strong bearish divergence persists alongside a downtrend in the RSI, indicating resistance.
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Due to this ongoing downtrend, the analyst concludes that a bullish price reversal cannot be entertained at this time. Additionally, the Weekly timeframe reflects weakness, as TAO is on the verge of losing its macro range.
Recently, TAO dipped below the Range Low of $521 and has now closed below this level, showing signs of potentially flipping it into new resistance.
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Show more +For TAO to remain within its range, a weekly close above the Range Low is necessary. Furthermore, the analyst stresses that TAO must invalidate the daily RSI downtrend, which currently shows no signs of happening.
Until these conditions are met, TAO appears to be increasingly likely to break down from its established range.
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