Stacks Surges 11% in 24 Hours: Is the Next Price for STX $3?

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After experiencing a market correction, Stacks [STX] pulled back to $1.89, then this altcoin surged strongly in the past day, rising 19.63% to reach a high of $2.62.

After that, the stock slightly retreated. As of the time of writing, Stacks is trading at $2.53. This marks a price increase of 11.63% over the past day.

According to Coinglass, the trading volume of STX surged by 202.25% during the same period, reaching $534.69 million.

Before the daily chart showed an increase, STX experienced a decline on the weekly chart, dropping by 1.79%. However, this altcoin rose by 29.42% on the monthly chart.

Despite the recent increase, STX is still about 34.3% lower than its high of $384.

With new demand for Stacks emerging, the question that follows is whether this altcoin is about to welcome a more sustained upward trend.

What the STX Chart Indicates

According to AMBCrypto's analysis, Stacks is experiencing strong upward momentum under increasing buying pressure.

As STX closes and forms a double line crossover, this upward momentum is confirmed. Thus, the Relative Strength Index (RSI) for the altcoin surged from 47 to 56, while its MA dropped from 64 to 61.

This increase indicates that buyers are entering the market, while the sellers' dominance is gradually weakening.

This phenomenon is further confirmed as the Directional Movement Index's +DI continues to rise, while -DI declines. STX's +DI has risen to 24.86, while -DI has fallen to 25.

Furthermore, this bullish sentiment is further reflected among long holders. According to Coinglass, bulls are dominating the market.

Notably, the long/short ratio shows that within 4 hours, the bulls have a dominant position, accounting for 54.69% of the total. This dominance indicates that the majority of investors are betting on price increases.

Finally, the positive funding rate aggregated by exchanges further supports the demand for long positions.

This indicates that investors are building positions and are willing to pay premium fees for these positions when the altcoin dips.

In short, as buyers enter the market, Stacks is currently experiencing strong upward momentum.

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