Stacks price analysis is showing bullish signs.resistance is found at $2.44Support is still strong at $2.05.
The stacks price analysis shows a bullish move today, as the price breaks above $2.1. The price has been rising for the past few days as bulls dominate the market. The upwards trend started on 29th September when the coin was at $1.13, and the crypto pair has shown a tremendous performance since then by doubling its value in the past 15 days. Traders who invested on 29th September are on more than 100 percent profits if they are still holding the STX/USD assets.
Overall the broader cryptocurrency market has been bullish during the past week, with Bitcoin crossing many psychological marks. Most of the altcoins also reported significant gains during the past week, with Stacks and fantom topping the charts, as their weekly growth is outshining the SHIBA INU. The Bitcoin and Ethereum are in the correction phase from yesterday, but the STX/USD is still continuing higher.
STX/USD 1-day price chart: Bulls mark 20 percent gain as price surges big time
The 1-day price chart for Stacks price analysis shows a handsome amount of value gains today. After hitting the psychological mark of $2, STX bulls covered a good upwards range from $2.04 to $2.31 today, as the price of STX/USD is trading at the later value at the time of writing. STX/USD gained a value of more than 20 percent during the last 24 hours, and the crypto pair reports mighty gains of 66 percent over the past week, currently topping the charts among all coins. The trading volume is also up by 108 percent, resulting in the market dominance of 0.13 percent, while the market cap is also up by 18.9 percent.
STX/USD 1-day price chart. Source: TradingView
The volatility started increasing on 8th October when the Bollinger bands started expanding massively, but the price continued to settle above the upper Bollinger band despite its abrupt curvature, currently at the mark of $2.16 below the price level acting as support for the price.
The relative strength index (RSI) entered the overbought limit on 8th October and has been staying there since then with dipping towards the border of the neutral zone once, but geared up again and is still on an upwards curve at index 78.
Stacks price analysis: Recent developments and further technical indications
The 4-hour price chart for Stacks price analysis shows selling pressure coming in from the market as the price increment was very steep during the last 4 hours. The traders fearing a short-term decline are booking profits, which started building a selling pressure, and the price has decreased during the last hours.
STX/USD 4-hours price chart. Source: TradingView
On the 4-hour chart, as can be seen, the Bollinger bands were converging sharply till today as the price fluctuation was less during that time, but the convergence stopped today due to the significant price gains of the last few days, and the bands have taken a turn and show divergence again hinting at an increase in volatility for the crypto pair.
The RSI has also taken a downturn on the 4-hour chart, indicating increasing selling activity in the market.
Overall technical indications are in favor of investing in STX/USD assets as no technical indicator shows a selling sign, while 14 technical indicators show buy signs, thus indicating a strong bullish trend, whereas 10 technical indicators stand neutral, out of a total 26 technical indicators.
Stacks price analysis conclusion
The Stacks price analysis shows the STX/USD price trend line if observed from the month of May, is on an upwards curve, so there are good prospects for the future of the coin, and a substantial increase in price can be expected in the coming days. For the coming hours, the price may continue to correct as it has moved below the support of the upper Bollinger band on the 4-hour chart. Traders should expect a downside to $2.17 today if the selling pressure persists.
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