- Stacks price analysis is bullish today.
- Resistance is found at $2.29.
- Strong support is present at $2.04.
The Stacks price analysis shows bullish momentum is taking the price higher every day. The recent bullish wave had brought brighter prospects for STX/USD as the crypto pair had gained significant value since 19th November, when the bulls took over the price function and started to elevate the price level by taking the bar higher every time.
Yet, there has been no considerable bearish hindrance seen as the bulls continue to rally high on a daily basis, however corrections have been observed on an hourly basis, but they have not impacted the daily uptrend. The next resistance for STX/USD is present at the $2.29 level. On the contrary, support for the coin is present at the $2.04 level, just above the psychological mark of $2.
STX/USD 1-day price chart: Bulls mark seven percent gains.
The 1-day price chart for Stacks price analysis shows that an increase in price has been observed today as today is the fourth day the price has been rising consecutively. The price has reached $2.20 at the time of writing, and a further increase is also possible. The crypto pair has gained 7.40 percent value over the last 24 hours, but the crypto pair is still at a loss of 5.4 percent is observed over the course of the last seven days. The trading volume has surged by 183 percent over the last 24 hours, resulting in a market dominance of 0.11 percent. The market cap shows an improvement of 6.23 percent.
The volatility is mild, with the Bollinger bands showing no considerable change, but the lower end of the indicator is traveling slightly upwards. The price has moved above the mean average of the indicator, and the mean average represents support for the coin at the $1.87 mark, and the upper limit of the indicator at the $2.42 represents resistance for the crypto pair.
The relative strength index (RSI) is trading on an upwards slope at index 53 in the upper half of the neutral zone. The RSI is hinting at the buying activity in the market.
Stacks price analysis: Recent developments and further technical indications
The 4-hour Stacks price analysis shows that after the price breaking upwards today, bears ruled for eight hours, hindering the further upwards movement. However, the damage was comparatively small, and bulls have taken over the market again as the price is rising again.
The volatility is high on the 4-hour chart, with the upper Bollinger band at $2.24 representing resistance for the cryptocurrency, and the mean average is at $2.10, representing support for the coin. The moving average is trading at the $2.15 mark below the price level. The RSI shows an almost straight curve trading at index 56, indicating balanced buying and selling activities with a slight inclination towards buying side, which is a hopeful sign for a further move higher.
Stacks price analysis conclusion
The Stacks price analysis shows the coin is covering range upwards as bullish momentum is healthy. The 4-hour price function is also hinting at a further increase in price. If the bullish momentum continues, the STX/USD may face selling pressure at the $2.24 resistance level. If the selling pressure exceeds and the price falls back, STX will look for support near the $2.10 support zone.
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