Stacks price analysis: STX gains 20 percent value as bullish momentum escalades

Stacks price analysis STX gains percent value as bullish momentum escalades

TL;DR Breakdown

  • Stacks price analysis shows aggressive bullish price function.
  • Resistance is found at $2.66.
  • Strong support is present at $2.22.

The Stacks price analysis shows bulls are marching towards new discoveries. After a bearish downside, yesterday and today brought big wins for bulls as price made some high spikes. The next target for the bulls is the resistance at $2.66, which happens to be just below the all-time high of $2.7, but selling pressure is high at this point, and some downside may follow for a short time. The support for STX/USD is quite strong at $2.22.

STX/USD 1-day price chart: Bullish momentum to challenge the all-time high

The 1-day price chart for Stacks price analysis shows the price is trading at $2.57 at the time of writing as STX price made another steep jump today. Overall, STX/USD gained more than 20 percent value over the last 24 hours and has gained more than 21 percent value over the course of the last seven days. The trading volume shows some unusual high figures as it has increased by 688 percent over the last 24 hours, raising the market cap by 22 percent.

Stacks price analysis: STX gains 20 percent value as bullish momentum escalades 1
STX/USD 1-day price chart. Source: TradingView

The volatility is still high for the STX/USD pair with the upper Bollinger band at $2.54 below the price level representing support for STX, and the lower band at $0.89, the average of the indicator is present at $1.71, representing another support for STX. The moving average is found at a $2.12 level complementing the bullish trend.

The relative strength index (RSI) entered the overbought zone yesterday, leaving behind the neutral region, and is present at index 75 as of now, and continues to move upwards, indicating a presence of bullish current at the present price level. The steep slope of the RSI suggests the overwhelming bullish activity.

Stacks price analysis: Recent developments and further technical indications

The 4-hour Stacks price analysis shows selling pressure has appeared as the red candlestick indicates bears appearance on the price charts. As the price reached $2.64, near the all-time high record of $2.7, selling pressure kicked in, which is natural at this level, and bulls need more consolidation to break through the ATH. Bears have brought down the price to the $2.58 level, but the last red candlestick is fluctuating by elongating and contracting at a high pace at the time of writing, which proves buyers are fighting back and will not yet allow a downtrend.

Stacks price analysis: STX gains 20 percent value as bullish momentum escalades 2
STX/USD 4-hours price chart. Source: TradingView

The volatility is also high on the 4-hour chart as well, as the Bollinger bands suddenly took on to sharp divergence yesterday and continue their expansion today. The price, though on decline currently, is still trading above the upper Bollinger band, which is at $2.46, acting as a support for the price level. The RSI has taken a reverse turn on the 4-hour chart, though still in the overbought region at index 73, but at downslope now, indicating high selling pressure in the market at the current price level. But chances are there for the RSI to take an upturn in the overbought zone again.

Overall the technical indications are in support of further investment in STX/USD assets as almost all technical indicators either support buying or stand neutral, and none of them shows a bearish sign. Around 17 technical indicators show buy signals, including the MACD and the Momentum indicator, and nine technical indicators are neutral.

Stacks price analysis conclusion

The Stacks price analysis suggests that despite the selling pressure at the current price level, as mentioned earlier, the last candlestick on the 4-hour chart is fluctuating, the buyer may overcome the selling pressure, and the price may continue upside for the coming hours. There are ample chances for a breakthrough towards a new record high in the coming hours.

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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