The Stargate Finance (STG) witnessed a pullback and retested the upper neckline of the range, but failed to register a breakout near $0.7000. However, the trend is intact and bulls may crack the upside shortly. Moreover, the price action shows a rebound from the support zone of $0.5000 and pumped over 30% this week.
Stargate Finance price has escaped the key moving averages and sharp follow on buying momentum was glimpsed. Moreover, the token has acquired strength and delivers higher high cues amidst the neutral trend. Following the market surge, the token has shown the intention of registering a breakout. Per the Fib retracement levels, the token has sustained above the 38.2% zone and is close to cross the 50% zone which exists near $0.7400.
The Stargate Finance (STG) price was $0.6839 at press time, with an intraday gain of 11.16%, reflecting buyer accumulation on the charts. Moreover, the trading volume increased by 62.38% to $93.16 Million. The pair of STG/BTC is at 0.0000132 BTC, and the market cap is $91.45 Million. Analysts are neutral and suggest that the token price will gain momentum if it exceeds the $0.7000 mark.
STG On Daily Charts Displays Pullback From Range Lows
On the daily charts, STG token has escaped the trendline hurdle of $0.5500 and glimpsed buyer accumulation in the last sessions. Moreover, the token has fled the trajectory neckline of $0.6000 and directs the pullback. Furthermore, the buyers have persisted in accumulating the gains and are willing to crack the upside of $0.7000 to unlock fresh highs.
The Relative Strength Index (RSI) curve stays in the overbought zone and forms a positive divergence on the charts. Similarly, the MACD indicator shows a bullish crossover and formed green bars on the histogram suggests the favorable outperform outlook for the upcoming sessions.
STG On Weekly Charts Exhibits Consolidation
On the weekly charts, STG token was revamped from the demand zone of $0.3800 and a pullback was glimpsed, but the bulls have yet to cross the range neckline of $0.7000 to break out. Meanwhile, a range breakout is expected, which may lift the token toward $0.8500 soon.
Summary
Stargate Finance (STG) token price has noted a rebound from the lower neckline of the range and escaped the key moving averages sharply. Additionally, the token witnessed follow on buying momentum and buyers are keen to escape the range hurdle of $0.7000 to unlock a rally toward the highs of $0.8600.
Technical Levels
Support Levels: $0.6500 and $0.6200
Resistance Levels:$0.7200 and $0.7800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/02/18/stargate-finance-stg-reveals-pullback-will-it-reach-0-8000/