Surge in STX Price by 11% within 24 Hours Raises Possibility of Reaching $3
Following a market correction that led to Stacks [STX] dropping to $1.89, the cryptocurrency has shown a significant rebound in the past day, reaching a peak of $2.62 after a substantial increase of 19.63%.
As of now, Stacks is trading at $2.53, signaling an 11.63% surge over the last 24 hours.
During this period, the trading volume of STX has surged by 202.25% to $534.69 million, as reported by Coinglass.
Although STX had experienced a decline on weekly charts, witnessing a 1.79% drop, it has surged by an impressive 29.42% on monthly charts.
Despite these recent gains, STX still lags behind its all-time high (ATH) by approximately 34.3%, which was recorded at $384.
With a notable rise in demand for Stacks, speculations arise regarding the potential of a sustained upward trend for the altcoin.
Analysis of STX Charts
According to insights from CryptoCrypto, Stacks is currently exhibiting robust upward momentum, with increased buying pressure.
This positive momentum is evidenced by STX inching closer to a bullish crossover point. The Relative Strength Index for the altcoin has risen from 47 to 56, while its Moving Average (MA) has decreased from 64 to 61.
These changes suggest a shift in favor of buyers with a diminishing dominance of sellers in the market.
Furthermore, the Directional Movement Index indicates a rising +DI and a declining -DI, with STX’s +DI climbing to 24.86 and -DI dropping to 25.
This movement indicates that STX is approaching a bullish crossover, potentially validating the strength of the upward trend.
The dominance of long positions adds to this bullish sentiment, with data from Coinglass indicating a market favoring long positions.
Long/Short Ratio highlights that longs hold 54.69% of the total positions within a 4-hour timeframe, indicating investor confidence in price appreciation.
Moreover, the positive Funding Rate observed on the exchange further supports the demand for long positions, showing investors’ willingness to pay premium fees for holding these positions despite market volatility.
In summary, Stacks is currently experiencing a strong upward momentum driven by increased buyer activity.
Anticipating a bullish crossover, STX might witness further price appreciation. Maintaining the current conditions and confirming the bullish crossover, Stacks could surpass the $2.7 resistance level.
A breakthrough could propel STX towards $3.04. Conversely, a resurgence of sellers might push the price down to $2.4.