Stacks Price Ready to Resume Bullish Recovery Forecast 64% Growth; Buy Now?

Stacks Price

Published 21 mins ago

The stacks coin price has been in a correction phase for over six weeks, where the altcoin dropped from a top of $1.31 to a low of $0.6702, registering a 48% fall. A downsloping trendline gave a specific direction to this downfall and assisted sellers to prolong this correction phase. However, the buyers recently found significant support at the $0.67 level allowing them to recuperate bullish momentum.

Key points: 

  • A morning star candle in the weekly chart hints at and bullish reversal from $0.67
  • The recent correction phase recorded a downfall of more than 50% Fibonacci retracement project the new traders must keep a close watch
  • The intraday trading volume in the STX is $219 Million, indicating a 180% gain

Stacks PriceSource- Tradingview

On May 2nd, the stacks coin price witnessed a significant inflow and gave a bullish breakout from the long coming resistance trendline. The sellers have been using this trendline to recuperate supply pressure at price rallies to maintain a seedy downfall.

However, the recent breakout indicates an early signal of trend reversal and reflects the sentiment shift from selling on rallies to buying on dips. 

During a trendline breakout, each swing high stands as viable support and thus, the Stacks price is at potential growth of 62% to hit the $1.31 mark.

Also Read: Low Cap Crypto Gems Gunning To Explode In 2023

Bullish Pattern Offers a Long Entry Opportunity

TradingView ChartSource- Tradingview

Using the aforementioned $0.67 level as base support, the Stacks coin price shows the formation of a double bottom pattern in the 4-hour time frame chart. With a 5.36% intraday jump, the coin price tries to breach this pattern’s neckline resistance at $0.84, giving additional confirmation for a bullish recovery,

A 4-hour candle closing above the neckline can provide an entry opportunity for interested traders to go long with the first target at $0.93.

Technical indicator

Relative Strength Index: A bullish divergence in the RSI slope with the formation of a double bottom pattern indicated a higher possibility for buyers to prIce neckline resistance.

Exponential Moving Average: With the recent growth, the stacks price reclaimed the 20-and-50-day EMA offering an extra edge to long traders.

Stacks Coin Price Intraday Levels

  • Spot rate: $0.79
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels- $0.806 and $0.93
  • Support levels- $0.675 and $0.52

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/stacks-price-ready-to-resume-bullish-recovery-forecast-64-growth-buy-now/