Stacks (STX) and Dogwifhat (WIF) to Rally If Prices Close Above These Levels This Week

In the latest newsletter published by Rekt Capital, the analysts provided updates on two cryptocurrencies, Stacks (STX) and Dogwifhat (WIF), using insightful market analysis.

Stacks (STX) and Dogwifhat (WIF) could rally further if prices close above key levels this week, according to the latest technical analysis from Rekt Capital.

A few weeks ago, Rekt highlighted how STX typically builds out market structures around its Macro Higher Low, which has been in place for over 1.5 years. This recent period followed suit, with STX breaking out from its primary structure.

Typically, these breakouts see a retest of the breakout point, which confirms the validity of the breakout. Last week, we saw a successful retest of the pattern’s top, which was followed by a 17% price move up from the breakout. However, after this initial move, price showed limited follow-through and returned to the retest point.

Stacks (STX) is still in this retest, with price wicking below the pattern top but managing to hold that area as support. This ongoing strength in the area is crucial for potential upside, highlighting the need for STX to secure a weekly close above the pattern’s top, which would align with its historical price behavior.

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Dogwifhat (WIF) price must hold the $0.25 key level

In their coverage of WIF several weeks ago, the analysts discussed how WIF was gearing up for a breakout from its Macro Market Structure, with the red resistance at $0.25 forming a key hurdle in this structure.

In this latest update, we saw Dogwifhat (WIF) break out upwards, achieving a 26% rally into the $0.25 resistance. This breakout saw WIF close the week above this resistance, suggesting an attempt to reclaim this level as new support.

The goal for WIF is to re-enter the $0.25-$0.32 range, where it previously consolidated earlier in the year. For WIF to build on its recent rally and aim for a revisit of the range high at $0.32, it will need to hold the Range Low of $0.25 during the ongoing retest.

Overall, both STX and WIF are navigating crucial technical levels that will dictate their short-term price action and potential for further advances.

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