Amid the bearish trend in the crypto market, the sudden 10% surge in Stacks (STX) has put the coin in the spotlight among traders.
The Stacks coin appears to have been the talk of the town for a while after a 10% price surge amid the turbulent crypto market. STX price analysis indicates a favorable opportunity for traders to add it to their portfolio until the token price reaches the $1.0 resistance level.
According to data from Coinmarketcap, the market capitalization of The Stacks (STX) increased to $1.05 billion and the fully diluted market capitalization surged to $1.41 billion.
Does a bullish breakout open the door for buyers?
According to the price graph, technical analysis displays a bullish breakout as buyers have pumped Stacks (STX) price over the monthly resistance trendline. Despite selling pressure in crypto market, bulls finally flipped the price trend of STX.
The price of Stacks broke out of the descending wedge channel on the 4-hours chart, registering gains of 13.6% overnight. Currently, STX is trading at $0.778 with 2.89% intraday pump. Despite the upside move, bears may attempt a minor sell-off at 0.382 level of the Fibonacci retracement, taking advantage of the resistance at the price of 0.00.817.
Buying Pressure Building Up
Heavy buying pressure could be seen in the last few hours. Trading volume increased by 350% to $143 million overnight. Traders can observe more than average buying in altcoin by trading volume, which will play a vital role in a healthy ascending trend.
On the daily price chart, the Bollinger Bands indicator is likely to push STX price higher. Today, STX price is at the mid-band of the BB indicator. Above this bullish barrier, Stacks Coin is expected to climb 15%. In addition to technical analysis, bulls should be aware of the overall market sentiment.
Gaining the Momentum
The daily RSI is going to touch the 50 mark after crossing over the RSI-based moving line. RSI could lead to further price rally after dipping into the oversold region.
In the context of bullish signals, MACD also displayed a bullish crossover into the negative region last night. Buyers have the opportunity to take a step ahead to make favorable profit in STX.
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