Stacks (STX) Set to Rally as Familiar Pattern Returns; Vanar Chain (VANRY) Price Struggles to Break Out
In the latest edition of the Rekt Capital newsletter, the analysis provided by the team covers two notable altcoins: Stacks (STX) and Vanar Chain (VANRY).
The newsletter explains that Stacks (STX), has been a consistent subject of discussion due to its historical price behaviors. The analysis points out that STX typically forms macro market structures in alignment with a Macro Higher Low (indicated in green).
Following this formation, STX usually breaks out, retests the upper boundary as new support (illustrated by blue circles), and ultimately embarks on a bullish trend continuation.
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This time around, the behavior has remained consistent, albeit with a somewhat extended timeline compared to previous patterns. STX has successfully broken out from its macro triangular market structure (marked in black) and has retested this structure as support, albeit with some volatility reflected in downside wicks.
As a result, STX appears well-positioned for an uptrend continuation. The analysis concludes that sustained stability in this phase would further strengthen the bullish sentiment surrounding STX.
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Show more +Vanar Chain – VANRY/USD
In discussing Vanar Chain, or VANRY, the newsletter notes that the altcoin recently broke its Macro Downtrend (indicated in black) and is currently in the process of retesting this level as new support.
Approximately three weeks ago, VANRY initiated this breakout. However, two weeks ago, it experienced a pullback that resulted in a weekly close beneath the downtrend line.
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Last week, VANRY made a significant recovery by closing above the downtrend, setting the stage for another potential retest. The newsletter speculates that VANRY might dip back into the downtrend for an additional retest attempt.
Interestingly, this downtrend now represents a lower price compared to the previous week, indicating a dynamic shift. The overall sentiment suggests that VANRY is working to establish a stable base before it can effectively transition into a new Macro Uptrend, pending confirmation that the downtrend has indeed concluded.
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