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Stacks price analysis: Bullish drive stimulates price movement above $2.34 level

Stacks price analysis Bullish drive stimulates price movement above level

TL;DR Breakdown

  • Price has heightened up to $2.35.
  • Stacks price analysis shows positive trend.
  • Support is profoundly strong at $1.763.

The latest Stacks price analysis is showing signs of an uptrend as the bulls have been leading the game for the past few weeks. The STX/USD price has improved to a great extent with the help of constant support from the buyers’ side. The cryptocurrency has been following an upward trend quite consistently and even today a rise in price has been reported. The bulls have succeeded in taking the price to the $2.35 mark.

STX/USD 1-day price chart: Bullish impulse results in price climbing above $2.34

The one-day Stacks price analysis is showing relatively positive results for the cryptocurrency today. The market has been dominated by the bulls as the past two weeks have also seen a remarkable improvement in the cryptocurrency’s overall value. Today, the price took an upturn once again and has reached the $2.35 position. It is quite higher than the moving average (MA) height, as its value is at $2.182 stand.

Stacks price analysis: Bullish drive stimulates price movement above $2.34 level 1
STX/USD 1-day price chart. Source: TradingView

A crossover between SMA 20 curve and the SMA 50 curve was recorded in the prior week as well which is yet another bullish sign. The upper Bollinger band value has thus increased to $2.375 whereas the lower Bollinger band value has gone down to $1.763. The Relative Strength Index (RSI) score is significantly close to the over-bought limit and is currently 61.80.

Stacks price analysis: Negative trend expected as bears seize momentary control

The four hours Stacks price analysis is dictating a sudden drop in price which is a dangerous sign for the buyers. The price has dropped down to the $2.346 low as a result of the latest bearish strike. Although the bulls were progressing quite swiftly in the earlier hours, the last four hours brought devaluation in price. Nonetheless, the price is still standing higher than the moving average value i.e. $2.315 as the bulls were going stronger in the earlier part of the day.

Stacks price analysis: Bullish drive stimulates price movement above $2.34 level 2
STX/USD 4-hours price chart. Source: TradingView

The volatility has increased which means a further downtrend is to follow in the approaching hours as well. This is why the upper Bollinger band value has now shifted to $2.42 while the lower Bollinger band value is now $2.11. The RSI curve is moving in the descending direction as well and the score has moved down to 57.18.

Stacks price analysis: Bullish drive stimulates price movement above $2.34 level 3
STX/USD technical indicators chart. Source: TradingView

The past few months have brought favorable circumstances for the STX/USD value, as a strong rise in price was observed. This is why the technical indicators chart for STX/USD is indicating a bullish trend. There are 16 indicators standing on the buying position, 10 indicators are on the neutral position and zero indicators are on the selling position.

The moving averages indicator is giving out a strong bullish indication as well. There are 14 indicators present on the buying position, one indicator is on the neutral position while zero indicators are on the selling position. The Oscillators are showing a positive trend as well as with nine indicators on a neutral level, two indicators on buying level, and zero indicators on the selling level.

Stacks price analysis conclusion

The bulls have been ruling the market for the past two weeks, and today’s trend has been no different as the price increased up to $2.35 level. The bullish wave has outlasted the past two weeks because of the constant efforts from the buyers. On the other hand, a decline in price was observed in the last four hours, which means that the coming hours might not be so favorable.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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