With a positive outlook in the cryptocurrency market, the Stacks coin has experienced a V-shaped recovery from its support level of $0.55. This bullish reversal has been supported by an increase in trading volume, indicating a sustained recovery. Furthermore, the coin has managed to recover all of its losses from the correction that occurred between mid-February and early March.
#STX has experienced a significant increase of 17.50%, leading to speculation that a new bull market may be on the horizon. Yesterday's daily candlestick chart revealed a substantial breakout from a resistance level that had persisted for several months, with the price surpassing $1.10.
On March 15, STACKS enthusiasts seized the opportunity to purchase the dip at $0.805, and on March 17, they successfully propelled the price above the formidable overhead resistance of $1.10. As this breaks the Neckline of an inverse head-and-shoulders pattern seen.
After a brief period of consolidation and pullback over the past two days, STX has regained its momentum and surged by an impressive 17.50% today. This surge has propelled the coin beyond the $1.20 mark, marking a significant milestone for investors and traders alike.
On March 17th, the price of STX coin experienced a significant breakout from its previous swing high resistance level of $1.00. Not only did the price breach the $1.10 resistance zone, but it also surpassed the high from March 15th. The rally of STX continued its upward movement and broke through the $1.20 and $1.25 resistance zone, forming a high near $1.29 and the price is now consolidating gains.
On the upside, the primary resistance is currently situated at $1.30. Moving forward, the next immediate obstacle lies at the $1.35 level. The next significant hurdle will be at the $1.42 level. If the asset manages to surpass this level, it may gain bullish momentum and rise towards the $1.50 resistance. Further gains could potentially push the price towards the $1.60 level.
If STX fails to break through the resistance level of $1.30, there is a possibility of a downward correction. In such a scenario, the initial support level can be found at $1.20. However, if the price continues to decline, the first significant support level is located at $1.10, followed by the next major support level at $1.00. If the price falls below this level, it may test the critical support level at $0.90. The primary support level is currently situated in the $0.80 zone.
KEY LEVELS :
RESISTANCE LEVEL : $1.3000-$1.3500
SUPPORT LEVEL : $1.2000-$1.1500
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.
