The Stacks (STX) Price Breaks Resistance
The Stacks (STX) price is showing strength as it moves above a crucial resistance level and continues its upward trajectory. This is in contrast to the recent correction seen in the altcoin market.
STX Surges Above $1.80
Since late November 2023, the Stacks price has been on a significant upward trend without any major pullbacks. Despite a flash crash last week, STX managed to bounce back and close the weekly candlestick in a bullish manner. The price has now reached a high of $1.83, its highest level since March 2023.
Bullish Signs in Weekly RSI
The weekly Relative Strength Index (RSI), which measures momentum, is above 50 and still increasing, indicating a bullish trend for STX. Although the indicator is currently in overbought territory, there are no bearish divergences suggesting an imminent decrease.
Signs of Weakness in Daily Time Frame
Despite the overall bullish sentiment, there are some signs of weakness in the daily time frame. STX has been trading within an ascending parallel channel for 20 days, which typically leads to corrective movements. Additionally, the daily RSI has generated a bearish divergence.
STX Price Prediction: $2 Next?
While these signals don’t guarantee a breakdown, they do raise doubts about the sustainability of the upward trend. However, if STX breaks out of the channel, it could potentially rise by 35% and reach the next resistance at $2.40. On the other hand, a breakdown from the channel could result in a 30% drop to support at $1.20.
Hot Take: Stacks (STX) Price Shows Strength Amidst Altcoin Correction
The Stacks (STX) price is defying the recent altcoin market correction, surging above a key resistance level and creating a bullish trend. While there are signs of weakness in the daily time frame, the weekly RSI remains bullish. The potential breakout from an ascending parallel channel could lead to further gains, while a breakdown could result in a significant drop. Overall, the STX price is showing resilience and may continue its upward trajectory.
By
By
By
By