Is Will Stacks [STX] Expected to Surge 140% and Reach $3.78 Next?

Will Stacks [STX] Witness a 140% Surge to Reach $3.78 Soon?

During the recent recovery in the altcoin market, one standout performer has been Stacks [STX], showing remarkable consistency amidst the volatility.

Currently priced at $1.61, STX has seen a notable 15.68% increase on weekly charts and a 5.78% rise on monthly charts.

Despite these gains, STX is still trading 58% below its all-time high (ATH) of $3.92 recorded on March 31st. Nevertheless, the recent price movements have injected fresh optimism, with analysts bullish on the future of this altcoin.

One such analyst, Johncy Crypto, has predicted a substantial 140% surge for STX, citing a breakout from its downward channel.

Current Market Sentiment Insights

Johncy’s analysis points towards a key indicator signaling the potential for a major rally in Stacks.

The breakout from the long-term downtrend channel indicates a possible trend reversal, with buyers gaining strength, weakening the previous downtrend and hinting at the beginning of an uptrend marked by higher lows and higher highs.

This overall shift may pave the way for STX to hit the $3.78 target, reflecting a significant 140% boost in its value.

Analysis of STX Charts

Examining Stacks’ Directional Movement Index reveals a positive trend as the positive index has surpassed the negative index, indicating buyer dominance in the market. This development suggests the potential initiation of a bullish trend or a robust upward movement in the market.

Moreover, the consistent low liquidation for long positions in STX postulates that long-term investors hold a positive outlook on the coin, showcasing strong confidence in its future trajectory.

Furthermore, the sustained uptrend in STX’s Open Interest in USD per Exchange, rising from $14 million to $19.6 million, underscores the increasing interest from investors, both in terms of opening new positions and holding existing ones.

Considering these factors, in tandem with the optimistic market sentiment, Stacks appears poised for further growth. A successful breakout above the $1.8 resistance level could propel the altcoin towards challenging the $2.1 resistance, setting the stage for an extended upward trajectory.