Altcoin Newsletter #180
Features INJ STX SOL HIFI API3 XRP
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Injective (INJ)
- Stacks (STX)
- Solana (SOL)
- HiFi (HIFI)
- API3 (API3)
- Ripple (XRP)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Injective - INJ/USDT
In an Deep Dive earlier this month, we spoke about how INJ was preparing for a breakout from its blue wedging structure:
In the Deep Dive, I'd discussed a few key technical features in INJ's price action:
INJ had broken out with time:
But there was a catch to this uptrend and that catch was that INJ needed to break the RSI downtrend to stop this rally from becoming a relief rally where price would reject from the orange level above.
This is essentially what I'd discussed last week here in the newsletter:
Here's today's update:
INJ broke out into a +31% rally and rejected from the orange level of resistance and we can see that the RSI actually rejected from its green Downtrend.
This rally has been confirmed to figure as relief to turn the orange level from old support to new resistance.
If INJ wants to give the orange resistance another try, it would need to hold the top of its previous breakout structure as support on the Daily timeframe:
INJ has been holding here quite well in recent memory but how price is starting to look quite heavy here but support holds nonetheless until it doesn't.
Losing this light blue level would mean that INJ would drop back into the structure for another bout of consolidation.
Stacks - STX/USDT
Very simple price predicament for STX, price is simply consolidating between the $1.84-$2.18 range (black-black).
Earlier this month, STX overextended beyond the black Range High briefly but failed to reclaim it as support.
Reclaiming that level as support would enable a future move via the blue path, but price is not ready for that yet.
Instead, STX looks set for another bout via the orange path, potentially even dipping into the black Range Low for another retest of said level just to further stabilise itself inside this current range.