Stacks Price Analysis: STX Rising through an Interesting Pattern, What’s behind this Sudden Recovery?
- Stacks price is rising through an interesting pattern and has gained around 12% of its market capitalization in the last 24-hour period.
- The crypto asset has recovered above 20 EMA and is now preparing for 50 and 100-days Daily Moving Average.
- The pair of STX/BTC is at 0.00002157 BTC with an intraday gain of 13.90%.
Stacks price is trying to surge with strong uptrend momentum over the daily price chart. The token is currently trading inside a rising wedge pattern and is preparing for its escape. However, the token still needs to accumulate buyers in order to successfully escape the pattern but STX got a great start with a steady uptrend momentum. STX coin must accumulate more bulls to register its recovery from the lower levels. STX investors need to wait until the bull sustains at the upper trendline of the rising wedge.
Stacks price presently CMP at $0.455 and has gained 12% of its market capitalization in the last 24-hour period. Trading volume has significantly increased by 1072% in the intraday trading session. This shows that buyers are extremely interested in STX coin’s recovery from the rising wedge pattern. Volume to market cap ratio is 0.152.
STX coin price is trying to escape the rising wedge pattern over the daily price chart. The token looks determined to register its breakout. The volume change can be seen above average and in favor of bulls. Which means bulls are strongly indulging in the trade to plan the rescue of STX coin.
Support on the lower end is at $0.40 and resistance on the higher side is at $0.50.
Will STX maintain this Uptrend Momentum and Sustain?
STX coin price is trading with strong uptrend momentum over the daily price chart. The token is rising through the rising wedge pattern and is planning for its breakout. However, it’s a matter of time to see if STX bulls sustain at the verge of rising wedge pattern. Technical indicators suggest the strong uptrend momentum of STX coin. Relative Strength Index showcases the upward momentum of STX coin. RSI is at 50 and just broke out of neutrality now heading towards the overbought territory.
MACD exhibits uptrend momentum of STX coin. The MACD line is ahead of the signal line after a positive crossover.
Support Levels: $0.40 and $0.30
Resistance Levels: $0.50 and $0.55
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.