STX, the native token of Stacks Network, has experienced a remarkable 30% price increase in the first week of 2024.
The price was $1.5 at the beginning of the week and is currently $1.92. STX is up by 10.93% in the past 24 hours.
Stacks’ trading volume increased by an impressive 169% to $694 million over the past week. The increase in STX’s price coincides with a 1.9% decrease in the worldwide crypto market value during the last 24 hours, which is at $1.7 trillion.
According to data provided by Santiment, the total open interest (OI) in Stacks surged from $64.8 million to $80.8 million in just the last 24 hours.
Over the past week, the price of STX has been trading in a rectangular pattern and has now taken a bullish path. On January 1, the price was around $1.5, and from there it went up to $1.7, faced resistance, and moved down again below $1.5.
After this short-lived rally, bulls again attempted to gain dominance in the market but once again failed to cross the $1.7 resistance. Fortunately for them, $1.4 acted as strong support, and another price rally was observed.
The resistance level of $1.7 again came into play and rejected the bulls a third time. However, the 50 SME came to the rescue, providing pivotal support at $1.6 and helping the price overcome the resistance and eventually start a rally towards $2.
Conversely, during the week, the STX Relative Strength Index (RSI) increased above 70 points twice. Right now it is 73.58, which demonstrates that the STC is presently overpriced, and looking at it with increased trading volume, the price may be rising because of large whale movements.
An asset’s significant price volatility is typically anticipated when its RSI rises. For STX to continue gaining bullish momentum, its RSI would have to drop below 60.
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