Altcoin Market Update

Hello and welcome back to the Rekt Capital Newsletter.

In today’s edition, the following cryptocurrencies will be analysed & discussed:

• Stacks (STX)
• Vanar Chain (VANRY)
• Sui (SUI)
• Bittensor (TAO)
• Aerodrome Finance (AERO)
• Wormhole (WU)

But before we dive in, this Friday I’ll chart your Altcoin picks in an exclusive subscriber-only TA newsletter and will cover as many as I can

So if you’d like to have an Altcoin charted, feel free to share max. two TA requests each in the comments below.

I’ll chart the Altcoins that get mentioned and ‘Liked’ the most

Click the button below to leave a comment with your TA request!

Let's dive in to today's Altcoin Market Update.

Stacks - STX/USDT

In recent weeks, we've been monitoring the progression for STX when it comes to its breakout from its macro pennant (black) and the retesting process that has been ongoing ever since within a sideways channel (orange).

STX needs to continue holding this orange channel as that channel essentially offers parameters for a successful post-breakout retest from the black pennant.

Continued support on top of the black pennant top (which is coincidentally the bottom of the orange channel because this is a confluent region of support) is needed to confirm a breakout over time.

STX would need to Weekly Close above the orange channel to breakout into trend continuation.

Bittensor - TAO/USDT

Over the past few weeks, we've been covering TAO in a lot of detail.

But to avoid extensive repetition on my part, I'd definitely recommend checking out last week's analysis for a detailed look at TAO.

In today's update, we'll merely add an update to the analysis which is as follows:

On the Daily timeframe, the Bearish Divergence continues to remain strong, with the RSI Downtrend persisting as a resistance.

As a result, we cannot entertain a bullish price reversal.

In fact, the Daily RSI would need to break that Downtrend to become a bit more bullish about TAO.

And the price is reflecting weakness on the Weekly timeframe as well:

Because TAO is threatening to lose this blue-blue macro range.

Only a few weeks ago, TAO downside wicked into and below the Range Low of $521 (blue) whereas last week, TAO Weekly Closed below said Range Low and is this weak showing potential signs of flipping this level into new resistance.

TAO needs to Weekly Close above the Range Low if price is to remain in the range.

Even better, TAO would need to invalidate this Daily RSI Downtrend which isn't happening.

Until those two aforementioned things happen, TAO is slowly showing more and more signs of nearing a breakdown from the range than not.