Rekt Capital’s latest analysis of Stacks (STX) against USDT highlights a recurring behavior in STX’s price movements.
Stacks (STX) price is gearing up for its next move as it approaches a key level that could determine its path for the coming weeks.
Stacks (STX) price is forming a recurring pattern that could lead to a breakout into a new Macro Uptrend. Meanwhile, Bittensor (TAO) price is rallying rapidly, breaking out of a crucial level that could set it up for a significant post-breakout retest.
Stacks (STX) Price AnalysisStacks (STX) price has been rallying notably throughout 2023. As it continues to coil within its established pattern, it approaches the apex, setting the stage for a potential breakout.
A close examination of STX’s price movements reveals a recurring behavior. As it approaches its multi-year Macro Higher Low trendline, indicated in green, Stacks (STX) tends to experience price compression within a specific market structure.
Typically, this price compression resolves as STX successfully retests this trendline, acting as support, before continuing its rally within the new Macro Uptrend.
In previous instances, Stacks (STX) price has tended to close weekly above its pattern resistance, which is then followed by a retest, confirming its role as support.
This behavior is crucial for confirming a continuation of the trend upward, signaling the start of a new Macro Uptrend.
As highlighted by the analysis, this pattern has occurred multiple times in the past, setting a precedent for STX’s price movements.
Bittensor Price Chart Breaks Out Of Key LevelIn their previous analysis, Rekt Capital discussed TAO’s consolidation within its current ReAccumulation Range. As the analysis noted, a potential Ascending Triangle market structure developed, with the expectation of a green circled post-breakout retest in the future.
This week, TAO has rallied by +38% since their last update, now revisiting the area indicated by the green circle and breaking out further, moving past the Range High of its ReAccumulation Range.
This movement positions TAO for a significant post-breakout retest, as highlighted by the green circle. 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 fully confirm a breakout from the range, leading TAO into a new Macro Uptrend.
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