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Vikram
Apr 18, 2022
by Vikram

STX Technical Analysis: New Bull Cycle Hints 20% Surge In STX

STX
The STX coin price rebounds from the $1.18 support with a massive pump in trading volume. Will $14.6 be your next target?

Key technical points:

  • The symmetrical triangle patterns govern the STX price action

  • The potential bullish reversal would soar the Stacks coin price by 20%

  • Finally, the 24-hour trading volume of Stacks is $95.5 Million, marking a 1044% rise.

    • Past Performance of STX

    Over the last two months, the STX coin price has been wobbling in a symmetrical triangle pattern. Amid the recent sell-off, the altcoin reverted from the $1.5 and tumbled by 28%. However, the ascending trendline of the price pattern prevented any further losses and sustained the coin above the $1.1 mark.

    STX Technical Analysis 

    STX price rebounded from the support trendline with a bullish engulfing candle. As a result, the coin price presented a 15% gain around the early hours; however, a sudden selling pressure lowered the price, with a long-wick rejection.

    A bearish sequence among the downsloping EMAs(20, 50, 100, and 200) indicated a solid bearish trend. Moreover, a 200-day EMA offers a dynamic resistance to the Stacks coin price. 

    RSI Indicator: The RSI slope is on the verge of entering the bullish territory. This crossover would indicate a positive turn in market sentiment.

    MACD Indicator: The narrowing gap between the fast and slow lines suggests a potential bullish crossover. This buy signal gives an additional confirmation for coin price rebounding from the support trendline.

    In a nutshell, the STX technical analysis accentuates the high possibility of initiating a new bull cycle from the $1.11 mark.

    Upcoming Trend 

    The STX price bounced back from the support trendline($1.18) with a massive 1000% surge in trading volume. The sustained buying would push the price to the overhead resistance trendline($1.46), providing a breakout opportunity from the triangle pattern.

    A genuine breakout from either converging trendline would offer a directional move in Stacks.

    Support Levels: $1.1 and $1

    Resistance Levels: $1.3 and $1.57

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    Stacks STX
    STX Technical Analysis: New Bull Cycle Hints 20% Surge In STX
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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