STX coin price breaks crucial resistance in the weekly chart with a boom in buying pressure, indicating the price may soon reach the $3.50 mark.
Stacks is a layer-1 Blockchain solution that brings smart contracts and decentralized apps (DApps) to Bitcoin. These smart contracts are added to Bitcoin without changing its features, including security and stability.
Let us now look at the detailed analysis of Stacks cryptocurrency.
Past Performance of STX
STX coin prices grew more than 65% in the last week. Hence, resulting in a bullish engulfing candlestick in the weekly chart. Furthermore, the coin price manages to rise above the crucial resistance zone near $2. However, the rejection near the $2.68 mark leads to a decline, making the candle close slightly within the resistance zone.
STX Technical Analysis
STX cryptocurrency is currently at $2.20. Additionally, the cryptocurrency has increased by 24.03% in the last 24 hours. Thus, indicating a rise in bullish powers. Moreover, the trading volume has increased by approximately 200% indicating a flood in the number of buyers.
As per the pivot points, the next prominent resistance levels for Stacks coin prices are at $2.70 and $3.44. And, on the flip side, the support levels are at $1.98 and $1.30.
MACD and signal lines on the daily chart rise higher above the zero line. Moreover, the lines maintain a bullish alignment as the fast line stays above the slow line. Hence, the indicator gives a strong bullish signal.
The RSI indicator is showing no divergence, which means there is no significant underlying weakness in the uptrend. However, the slope is within the overbought territory warning a short-term retracement in STX prices.
As per the Stacks technical analysis, the overall outlook is incredibly bullish for STX crypto. However, the long coming sharp uptrend might see a retracement to $1.98 before rising higher.
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