Stacks Breaks Out: Can STX Price Cross $2 Mark Amidst Bullish Cues
thecoinrepublic.com 27 July 2024 10:20, UTC Stacks (STX) price escaped the falling channel pattern and gained fresh bullish momentum.
The sustained buying pressure from the 20-day EMA mark fueled the rebound. Additionally, STX Price was eyeing to cross the 100-day EMA mark at the time of writing for the next upward move.
If the bullish move continued above the $2 mark, STX could see a sharp upside. It might reach its pivot hurdle of $2.50 soon.
Should Traders Expect Bullish Moves from STX Soon?
On the daily charts,the STX price has gained a pullback from the 20-day EMA mark. It was anticipating to stretch the upmove beyond the $2 mark. Its technicals signified that STX was poised for a potential bullish reversal.
A short covering move would be seen once STX crosses the $2 mark, which may lift STX forward.
The ongoing structure articulated the bullish outlook and signified the bulls’ accumulation. It conveyed that buyers were expecting further upward movement ahead.
At press time, the Stacks token price was trading at $1.86, with an intraday surge of 9.20%, reflecting fresh bullish moves on the charts. Its trading volume soared over 39.26% to $65.31 Million in the past 24 hours.
The pair of STX/BTC was at 0.0000278 BTC, and the market cap was $2.75 Billion. Analysts were bullish and suggested that the STX price may increase the gains and reach the upside mark of $2 soon.
What Do the Technicals for STX Price Reveal?
Traded in a declining channel, the STX price continued to make lower low swings and retraced over 40% in the last three months. Meanwhile, the correction phase has ended, and a fresh accumulation wave led to a channel breakout this week.
A notable upward move beyond the 20-day EMA signified a sign of trend reversal.
The RSI curve showed a positive crossover and inclined vertically toward the overbought zone, with a reading of 60. It implied that buyers have gained the upper hand.
@Decilizer, in his X post, said that STX has gained a solid bounce from its pivotal support zone of $1.50 and looked strong on the chart.
$STX is looking strong today. After establishing support at $1.5, It is all set to cross our next target of $2.78. It could also catalyze a rally in $BTC as it belongs to the Bitcoin Ecosystem.
We’ve seen 570% gains in the recent rally. pic.twitter.com/n6zWKzPum5— Decilizer (@decilizer) July 26, 2024
Above the $2 mark, the next significant resistance level was $2.30. In contrast, the immediate support zone was around the $1.50 mark.
Surge in Total Value Locked (TVL)
Stacks cryptos Total Value Locked (TVL) saw a notable rebound and reached $98.5 Million. With the advancement of upgrades and significant growth in the ecosystem, its TVL witnessed a rise in the last few weeks.
The TVL rise implied an increase in liquidity and smooth trading activity, and more investors are using Stacks to capture short-term gains.
Futures Open Interest Data Insights
The open interest data expressed a significant spike following the price rise of over 9% intraday.
In the overnight session, fresh long buildup activity was noted. The OI rose over 11.26% to $63.22 Million in the last 24 hours.
If STX fails to cross the $2 mark, the $1.60 and $1.30 levels would be strong support. On the other hand, if it succeeds in crossing the $2.10 mark, the next hurdles are placed around $2.40, followed by $3.
Is It the Time to Chase STX Price’s Bullish Run?
The Stacks price climbed above the 20-day EMA mark and escaped out of the falling channel. It has made a fresh higher high swing and is anticipating a solid bull run beyond the $2 mark.
