Stacks (STX) and PYTH are gaining notable traction within the cryptocurrency market, drawing attention from analysts and investors alike. STX’s price is up 4.08% over the past day, while PYTH has also climbed by 4.26% in the same period.
Both assets are showing strong price movements, with STX continuing its rally within a defined upward channel while PYTH prepares for a breakout following a period of consolidation. As each token builds momentum, market participants are watching their next moves.
Crypto analyst UniChartz highlighted Stacks’ (STX) consistent bullish trend, projecting a significant price target, while IamRK, another analyst, signals that PYTH is ready for a potential move after breaking through key resistance levels.
Here’s a closer look at the technical analysis and what traders should be watching.
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Stacks (STX) Price Continues to Rally
The STX chart has been steadily moving within an upward-sloping parallel channel on the weekly timeframe. Previous rallies have seen gains of +348% and +479%, both of which followed similar consolidation patterns before continuing to the upper boundary of the channel. Currently, Stacks (STX) is testing the upper region again after completing another bullish consolidation.
UniChartz also mentions a price target of $8.5, aligning with the upper boundary of the channel. Support remains strong at the lower boundary, keeping bullish momentum intact.
Image Source: X/UniChartz
Analysts are optimistic that STX could follow historical trends, but caution is advised as it approaches resistance near $8.5, where corrections could occur.
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Show more +Show less – PYTH Price Breaks Out of Consolidation
IamRK pointed out that PYTH is about to make a bullish move after emerging from its $0.34–$0.43 consolidation area.
$PYTH is gearing up for a move pic.twitter.com/Sp7i2sU2kk
— iamRK (@iamrehano) October 16, 2024
The asset had earlier dropped by -61%, but PYTH’s price has stabilized thanks to strong support at $0.34. After breaking past $0.43, PYTH has a new support zone and is poised to challenge higher resistance levels.
The chart analysis reveals several key targets for PYTH, with $0.55 and $0.60 acting as immediate resistance levels. Traders will be watching for further gains, but potential retracements could occur as the PYTH price tests these higher levels.
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Key Support and Resistance Levels
Both tokens are navigating key support and resistance zones, which will be crucial in determining their short-term price action.
STX has strong support at the lower boundary of its channel, while PYTH has found new support at $0.43. Resistance for STX is projected at $8.5, while PYTH will likely encounter resistance at $0.55, $0.60, and potentially higher.
The technical setups for both tokens suggest that they could continue to build momentum in the coming days. However, traders should remain cautious of corrections as these assets approach their respective resistance targets.
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The post Stacks (STX) Price Leads the Way as PYTH Price Builds Momentum—Key Levels to Watch appeared first on CaptainAltcoin.
