Altcoin Newsletter #194
Features STX TAO TON MANTA WIF RVN
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Stacks (STX)
- Current Phase: Price Compression
- Bittensor (TAO)
- Current Phase: Breaking Out, +38% since last week
- Toncoin (TON)
- Current Phase: Pre-Breakout
- Manta Network (MANTA)
- Current Phase: Needs Breakout Confirmation
- dogwifhat (WIF)
- Current Phase: Price Compression
- Raven Coin (RVN)
- Current Phase: Reclaim Attempt
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Stacks - STX/USDT
Historically, STX tends to experience price compression within a market structure into its multi-year Macro Higher Low trendline (green).
This intra-pattern price compression tends to resolve once STX successfully retests the Macro Higher Low as support.
As STX continues to coil into the apex of its existing pattern, it will get closer to reaching its Higher Low for a potential breakout trigger into a new Macro Uptrend.
More, STX tends to experience clean breakouts from its respective patterns which it ultimately forms against the Macro Higher Low:
The blue circles show that STX tends to Weekly Close above its pattern resistance in order to retest it into support before confirming trend continuation to the upside in a brand new Macro Uptrend.
Bittensor - TAO/USDT
Last week, we spoke about how TAO was consolidating inside its current ReAccumulation Range, developing a potential Ascending Triangle market structure:
More, we discussed how a green circled post-breakout retest from the structure could be on the cards in the future.
Here's today's update:
TON has rallied +38% since last week, revisiting the green circle area and in fact is breaking beyond the Range High of its ReAccumulation Range, potentially positioning itself for that key post-breakout retest (green circle).
A Weekly Close above the Range High of $350 (black) would potentially position TAO for a dip into said level for a retest.
A retest like that would fully confirm a breakout from the range into a new Macro Uptrend.