tl;dr
The Stacks (STX) price has seen a significant increase, reaching its highest price since March 2023 and creating its eighth successive weekly bullish candlestick. Despite signs of weakness in the daily time frame, including bearish divergence, a breakout from the current trading channel could lead t...
The Stacks (STX) price has seen a significant increase, reaching its highest price since March 2023 and creating its eighth successive weekly bullish candlestick. Despite signs of weakness in the daily time frame, including bearish divergence, a breakout from the current trading channel could lead to a 35% increase to $2.40, while a breakdown could cause a 30% drop to $1.20. The weekly RSI is showing signs of a bullish trend, despite overbought territory, and the recent flash crash in the cryptocurrency market did not prevent STX from continuing its upward movement. The Stacks (STX) price is moving above an important resistance area and is creating its eighth successive weekly bullish candlestick. The increase starkly contrasts the altcoin market, which suffered a significant correction during the past three days.
STX price has increased significantly since the end of November 2023. The upward movement has been swift, with no pullback observed whatsoever. Last week, STX experienced a flash crash, which was also seen in the rest of the cryptocurrency market. However, the price created a very long lower wick (green icon), validating the previous resistance as support. Then, it closed the weekly candlestick bullishly and resumed its increase this week. So far, STX has reached a high of $1.83, the highest price since March 2023. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset. The weekly RSI is increasing and above 50, which are signs of a bullish trend. The STX price has traded inside an ascending parallel channel for 20 days. A breakdown from the pattern will be the most likely scenario, but a breakout from the channel could lead to a 35% increase to $2.40. Despite this bullish STX price prediction, a breakdown from the channel can cause a 30% drop to the closest support at $1.20. For BeInCrypto's latest crypto market analysis, click here.
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