Stacks price prediction suggests more upward momentum is expected in the coming months.
STX price finally regained the $1.00 mark which triggered positive sentiment and investors began the celebration. The recent upmove is quite surprising but it is supported by a high buying volume so the reliability of the breakout is high.
The chart pattern of Stacks crypto has turned highly bullish and shows that the rally has just begun. However, the price has gone far away from the 50-day EMA. So, it will be better if the price consolidates for some time.
The 50-day and 200-day EMA both are sloping upward and the price sustained above it showcases an uptrend. The buyers’ dominance is clearly visible on the chart so if the price retraces downward, then investors will not miss the second opportunity to build longs.
STX price holds $1.00 and buyers seem to have taken full control over it. Any minor correction toward the support will be easily absorbed by the buyers and they are likely to give a strong bounce.
Currently, Stacks price is trading at $1.2058 with a one-day increase of 2.20%. In the last 24 hours, the trading volume rose by 613% and the volume to market cap was recorded at 53.43%.
Will Stacks Price Break the YTD High?
Stacks price prediction is highly bullish for 2024 and suggests the rally will continue in the coming months.
STX crypto price is racing toward the year-till-date high placed at $1.3117. If the buyers succeed in breaking this hurdle, then a sharp rise toward $2.00 might be visible.
Till the Stacks price sustains above $1.00, the probability of the YTD barrier remains high. However, for any reason, if STX price again slips below $1.00, then the upmove will be considered a trap.
What Does The Sudden Rise in STX Price Indicate?
STX price has turned bullish on the multiple time frame chart. The buyers look more aggressive as compared to sellers so more scope for upside is open.
The sudden rise in the price along with the volume denotes genuine investors and crypto whales have turned bullish. So, it seems like Stacks crypto might perform well and reward its investors in the future.
Therefore, new participants can look to buy STX at the current level because the probability of reaching $2.00 in 2024 is high.
Conclusion
Stacks price prediction stays bullish for the coming months and suggests the rally has just begun. The recent upmove in STX price looks reliable and sustainable so investors may look to go long at current levels.
The analysis suggests that the STX price will soon break the YTD high and begin the journey to reach $2.00.
Technical Levels
- Resistance Levels: $1.3117and $1.6000
- Support Levels: $1.000 and $0.8785
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2023/12/05/stacks-price-surges-42-and-breakout-of-1-next-destination-2/