Published 3 hours ago
Amid a recovery sentiment in the crypto market, the Stacks coin price initiated a V-shaped recovery from the $0.55 support. The bullish reversal backed by rising volume indicates sustained recovery and managed to recover the entire losses from the Mid-February-to-early-March correction. Such recovery after a correction phase indicates the market participants are interested in buying dips which is a key trait at a sustained bullish run.
Key Points:
- The Stacks coin is likely to revert to the $1 mark to check price suitability at higher levels.
- A bullish breakout from the $1 resistance set Stacks coin price for a 26% upswing
- The intraday trading volume in the STX is $686 Million, indicating a 124% gain
Source- Tradingview
On March 17th Stacks coin price gave a massive breakout from the last swing high resistance of $1. The aforementioned breakout is a signal uptrend continuation and offers a long entry opportunity to traders.
By the press time, the stacks coin trades at $1.248 and hits the following resistance of $1.3. Furthermore, the daily candle today showcases a higher price reflection at $1.3, indicating the exhausted bullish momentum.
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Thus, the STX price is likely to revert lower and retest the breached $1 level as support. If this shows sustainability above $1, the buyers may drive the price above the $1.3 barrier and 26% above to $1.5 mark.
On a contrary note, a breakdown will $ will weaken the mentioned bullish thesis.
Technical indicator
MACD: a bullish crossover between the MACD(blue) and signal(orange) lines into the bullish territory indicates an additional confirmation for buyers to extend the ongoing uptrend.
EMAs: Amid the recent correction, the 50-day EMA slope acted as dynamic support and reflected a strong uptrend until the price was above this EMA.
Stacks coin intraday price levels
- Spot price: $1.24
- Trend: Bullish
- Volatility: Low
- Resistance level- $1.3 and $1.5
- Support level- $1 and $0.85
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.
