Altcoin Newsletter #197

Welcome to the Rekt Capital Newsletter, a resource for investors who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.

In today’s Altcoin newsletter I cover the following Altcoins - specifically:

• Stacks (STX)
  • Current Phase: Post-Breakout Retest in Progress
• dogwifhat (WIF)
  • Current Phase: Macro Downtrend Breakout, Reclaim Attempt in Progress
• Cosmos (ATOM)
  • Current Phase: Crucial Retest In Progress
• Sui (SUI)
  • Current Phase: Re-Accumulation In Progress, Upside Deviation In Progress?
• UniSwap (UNI)
  • Current Phase: Retest Successful, on the cusp of a major Trend Decision
• Bittensor (TAO)
  • Current Phase: Potential Mounting Weakness

These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.

Let’s dive in...

Stacks - STX/USDT

A few weeks ago, we spoke about how STX tends to develop market structures at its Macro Higher Low:

In a nutshell, STX tends to form key macro market structure against its now more than 1.5 year long Macro Higher Low (green).

This time was no different.

More, whenever STX breaks out from its main pattern, it goes on to retest the top of it for a post-breakout retest to fully confirm the breakout overall (blue circles):

Last week, we covered the breakout that ensued:

But based on history, we also expected a pullback for that crucial post-breakout retest.

Fast forward to last week successfully retested the top of the pattern as new support to promote a +17% move to the upside:

However, there has been limited follow-through on the retest since then, because price has returned to the retest point:

STX is still in the process of a retest, downside wicking into and below the pattern top, successfully still holding that area as support.

Continued stability here should enable upside over time; it's important that STX continues to Weekly Close above the pattern top for STX's historically recurring price tendencies to once again repeat.

dogwifhat - WIF/USDT

A few weeks ago we covered how WIF was preparing for a breakout from its Macro Market Structure, with the red resistance of $2.52 a key first resistance for WIF:

Here is today's update:

WIF has since broken out to the upside, rallying +26% straight into that $2.52 resistance (red).

In fact, WIF Weekly Closed above this resistance which technically means that price is trying to reclaim that level as new support.

Generally, WIF is trying to break back into the $2.52-$3.22 (red-red) range where price spent several weeks consolidating within earlier this year.

In reclaiming the Range Low of $2.52 as support, WIF would be able to build on its rally and try to challenge for a revisit of the Range High at $3.22 in the future.

A retest of the Range Low is now in progress and WIF will need to hold here to position itself for a range-bound move over time.