Stronghold [SHX] witnessed a significant 60.5% increase in value over the past week. With a market capitalization of $29.3 million, this digital asset has been active in the market since 2019, and the upcoming Bitcoin [BTC] bull market is presenting it with a new opportunity to gain attention.
During February, the token experienced a remarkable surge from $0.00347 to $0.0159 in just twelve days, marking a substantial 188% increase. However, all gains achieved during this period were subsequently retraced. Now, the question arises: will the bullish trend continue?
Optimistic Outlook from OBV for Stronghold Crypto Traders
Reviewing the market structure on the daily chart, a bearish trend was evident. To shift this structure in a bullish direction, a daily close above $0.0056 (the high on August 18) would be crucial. Currently, the price is hovering around the $0.005 resistance level, which has proven challenging for bulls to surpass since early July.
After the February surge, various retracement levels were established, potentially serving as significant support or resistance markers throughout Stronghold crypto’s recovery journey.
The daily Relative Strength Index (RSI) is at 70, indicating robust bullish momentum. Additionally, the On-Balance Volume (OBV) is on the brink of surpassing its local high from the past two months, instilling further confidence in SHX bulls.
While an OBV breakout signals consistent buying pressure and could serve as a buy signal, the prevailing market structure remains bearish at present.
Upward Trend in Social Metrics Mirroring Price Movement
As the price of Stronghold crypto soared, social activity also experienced a notable surge in the past week. Consequently, the weighted sentiment index displayed a positive uptrend, slightly exceeding the previous highs observed in May.
Moreover, there has been a gradual increase in Twitter followers over the last month, indicating a growing interest in the digital asset.
Overall, the OBV surpassing its local high stands out as the strongest bullish indicator for Stronghold crypto’s performance in September.