- STX continues on a bullish run, showing impressive gains as the coin drives above $0.80.
- STX is trading at $0.7639, a bounce off key support level earlier this week.
Stacks price analysis shows STX opened the daily trading session with the bullish sentiment, moving from an intraday low of $0.673 to a high of $0.824, registering 13.36% gains.
On the technical front, Stacks’ price has pushed past the 38.2% Fibonacci retracement level and recently broke above the key resistance of $0.7776 in an attempt to reach the next resistance near $0.80.The Relative Strength Index (RSI) shows an upward trend, indicating further bullish momentum on Stacks’ price.
Stacks price action (Source: CoinMarketCap)
On the other hand, the Moving Average Convergence Divergence (MACD) has given a bullish crossover signal and remains in the positive zone to indicate that STX may continue its uptrend in the near future.
STX trades above the MA-200
STX is trading above the MA-200 and MA-50 on the daily chart. The MACD shows a bullish crossover signal, while the RSI indicates strong buying sentiment with values at 57.25.
STX price action over the last 7 days indicates the altcoin has been trending in an ascending channel and is currently trading in the upper band of the channel. The price volatility of Stacks has been high as indicated by the bulged Bollinger bands.
STX/ USD 1-day price chart (Source: TradingView)
Looking ahead, Stacks is likely to remain bullish as long as it continues trading above the MA-200 and MA-50 on the daily chart. Bulls may target $0.80 if STX breaks past the key resistance at $0.7776 and is likely to remain volatile in the short term. On the other hand, if the price falls below $0.75, STX will likely face significant support at $0.73 and may retrace its gains in the near future.
The key resistance level for Stacks at $0.80 remains a major target for bulls as they aim to push past this level and continue their upward momentum.
Further, if STX manages to break above the $0.80 mark it could move towards its all-time high at $0.99. On the downside, support exists near $0.707 and a further dip could push the price below this level which could result in STX testing its previous lows at around $0.52.
In conclusion, Stacks currently trades above the MA-200 on the daily chart with strong bullish momentum. If STX is able to break and sustain above the $0.80 resistance level, it may move toward a high of $0.99 in the near future. The key support levels are evident at $0.707 and $0.52.