STX Price Analysis
As the overall market enters the second week of 2024 on a slightly bearish note, the altcoins are divided on the sentiments stand. With giants like Bitcoin falling almost 1% and Ethereum down by 2.25%, STX price stands out with a 1.41% intraday jump.
Currently, the uptrend in the daily chart shows a bearish roadblock at $1.79 and leads to a sideways trend under it. Nevertheless, the STX price prediction projects a high likelihood of a breakout trend ready to surpass the $2 mark this year.
Technical Indicators:
RSI Indicator: The daily RSI line shows a negative trend, taking support from the halfway line ready for a comeback.
MACD Indicator: The negative crossover possibility looms with the MACD and signal lines struggling to sustain an uptrend.
Therefore, the momentum indicators are struggling to revert the trend and tease a comeback potential.
STX Price Projection
With an ascending trendline formation, the STX price shows a bullish failure to make higher high formations in the 4H chart. The continuation of the bullish trend demands a breakout of the $1.79 mark. However, the lack of buying pressure leads to a sideways trend.
In this sideways trend, not everything is against the bullish sentiments for Stacks. The support trendline helps sustain the uptrend with multiple bounce-backs. Further, the lack of volume support to either side moves prolongs the consolidation range.
Will The STX Price Reach $2?
The STX price is slowly gaining momentum despite the market being under stress, reflecting a strong bounce back from buyers turning heads towards Stacks. However, the long-term trend struggles to boost beyond the $1.79 obstacle. Therefore, the confirmation for sideline price action traders can be the $1.79 breakout or the trendline breakout in the 4H chart.
The breakout rally can cross the $2 mark to challenge the $2.15 level. Conversely, if the bullish move fails to sustain above $1.50, it will retest the $1.20 level.
Hot Take
The STX price projection seems to be on a bullish trajectory with a potential to surpass the $2 mark in the near future, despite the current sideways trend and lack of buying pressure. The technical indicators suggest a possible comeback that could aid in reaching this milestone. However, the confirmation for traders will be the $1.79 breakout or the trendline breakout in the 4H chart, indicating a pivotal point for the STX price.
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