Stacks Price Analysis: Completing This Bullish Pattern, The STX Coin Could Hit The $4 Mark

STX coinSTX coin

The STX coin indicates an overall uptrend in its technical chart. On October 18th, the coin initiated a minor correction phase, which made a new lower low at the $1.73 mark. Currently, the price is displaying an impressive recovery from this pullback and suggests it would soon retest the All-Time resistance of $2.81

Key technical points:

  • The STX chart shows a Cup and Handle pattern in the daily time frame chart
  • The STX price give a breakout from the Double Bottom pattern in the 4-hour time frame
  • The intraday trading volume in the STX coin is $390.4 Million, indicating a 236.7% hike.

TradingView Chart

Source- STX/USD chart by Tradingview

The STX coin price initiated an incredible rally in October, which managed to retest the All-Time resistance of $2.8. After facing sufficient selling pressure from this level, the coin entered a retracement phase which plunged the price to the $1.783 mark.

The STX price indicated intense demand pressure below this support which helped it continue this rally. Moreover, the bigger picture states that the coin also forms a Cup and Handle pattern, with a neckline at the $2.8 mark.

As per the Fibonacci extension level, the crypto traders can expect the next resistance at the $3.4 mark after the neckline is breached, followed by the $4.15. Furthermore, the Relative Strength Index(64) maintains a bullish sentiment in this coin.

STX/USD 4-hour Time Frame Chart

TradingView ChartSource- STX/USD chart by Tradingview

For the handle portion of the above price pattern, the STX coin showed another bullish pattern in this lower time frame chart, .i.e., a double bottom pattern. The neckline for this pattern was at the $2.435 mark, and the price has already breached this resistance level, signalling an excellent long opportunity for traders if the price sustains its retest phase.

With the completion of this pattern, the coin price will rechallenge the crucial overhead resistance of $2.81, which is the neckline of a larger bullish pattern and ATH resistance. This resistance level holds the key for STX price to reach the $4 mark.  

 

The post Stacks Price Analysis: Completing This Bullish Pattern, The STX Coin Could Hit The $4 Mark appeared first on Coingape.

Publication date: 
11/30/2021 - 15:09
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