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In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed and discussed:
- Stacks (STX)
- Ocean Protocol (OCEAN)
- Verasity (VRA)
- Power Ledger (POWR)
- Injective (INJ)
Let’s dive in.
Stacks - STX/USDT
In late May, I discussed how STX needed to drop into the blue Range Low support:
And then when STX rebounded +77% from the blue Range Low, price rejected at the $0.78 Range High resistance and we spoke of additional downside back into the blue Range Low again:
And here is today's update:
STX has finally dropped into the blue Range Low.
So what's next?
STX has been meandering inside this purple downtrending channel for a while now.
Now that price has dropped into the blue Range Low, it's possible that STX could bounce and challenge for a Channel breakout.
However, upside wicks beyond this Channel Top have happened before (yellow circles) which is why a Weekly Close beyond the Channel Top would be necessary for price to breakout from the structure.
Because a failed breakout beyond the Channel Top would see STX drop back into the blue Range Low support and maybe even have to dip below it to tag the Channel Bottom, something like this:
- It's possible a STX bounce to the Channel Top is on the horizon,
- At Channel Top resistance, a Weekly Close below the Channel Top could set price up for a rejection,
- And if STX fails to hold blue, it could drop into the Channel Bottom for a retest
The blue level right now is crucial for support for STX.