Altcoins are back on a positive note with Stacks exploding massively in the past hours. This impressive gain puts the asset in the market top-gainer spot after seeing a trading volume of $ million in the last 24 hours.
Two weeks ago, Stacks entered a correction mode after rallying by over 200% in two months. It found support above $0.80 earlier last week and bounced back strong.
It climbed above the important $1 level and flipped through the current yearly high to mark a new one at $1.57 today. It encountered resistance there and retraced slightly under the $1.5 level, looking for a key level to foot more increase.
However, we can expect a bigger price movement as soon as it finds close support on the lower timeframe. Although, the price remains strong on the daily with current trading price at $1.455.
A continuous daily close above the current high could propel rally towards the $2 range by the end of the week. On other hand, there’s still room for a pullback up to $1.3 before resuming buy on the daily chart.
Currently, there’s no sign of selling in the market. If that comes into play, the asset may retest the recently flipped resistance as support. Whichever way, STX’s trend remains bullish on the current daily chart.
Stacks STX’s Key Level To Watch
If the price surges through the current daily high, the next level to consider for an increase lies at $1.78. The $2 level is the next resistance to keep in mind for more gain. It may even surpass these levels if the price goes parabolic.
Apart from the mentioned pullback in case of a drop, the lower price level to consider for decrease lies at $1.14 and potentially $1.
Key Resistance Levels: $1.57, $1.78, $2
Key Support Levels: $1.3, $1.14, $1
- Spot Price: $1.46
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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