Stacks recently found support and bounced back with a notable 18% gain over the past 24 hours. This comes with a surge above two-week resistance. A potential bullish reversal seems to be underway.
STX’s started the yearly trading above $0.2 and rallied by over 500% to the peak of $1.3 in the first quarter. It rejected that peak price and negotiated for a week before initiating a sale, which led to a deep correction for six weeks.
After witnessing almost 50% correction, it found temporal support and traded above the $0.67 level for two weeks. While holding strong at the level, the price has recovered significantly over the past hours as trading volume increases daily.
Apart from that, the price finally broke out of the descending wedge that suppressed buying pressure for weeks. This breakout was characterized by a daily engulfing candle, which brought the current price to $0.811
The performance of STX has been so impressive since yesterday and more positive actions should be expected in the coming days. Although it may look for a retest at $0.74 before the price fully takes off.
There are no signs of bearish right now. However, if the bears return, they will have to pull the price below the holding recovery level to confirm a continuation. For now, it is technically bullish while leading the top-gainers chart as per CoinMarektCap data.
STX’s Key Level To Watch
The immediate resistance level to keep in mind right now is $0.85. A surge above that level should allow buying towards $0.957 and $0.105. The price level for a full recovery lies at $1.3.
If the cryptocurrency loses momentum again and the $0.671 support level fails to hold, the potential support for a decrease would be $0.6 and the March low of $0.522.
Key Resistance Levels: $0.85, $0.957, $0.105
Key Support Levels: $0.74, $0.671, $0.6
- Spot Price: $0.81
- 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.