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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 18, 2023 08:13 UTC
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STX Price Teases Breakout Trend To Cross $1.50 This New Year!
Stacks market price makes a sharp comeback with a successful retest of the rounding bottom pattern.Â
With a lightning-fast recovery rally, the STX price bounced above the $1 mark over the weekend. Â
Teasing a new swing high formation with the breakout of $1.18, the STX price eyes $1.54.
Starting the week on a highly bullish note, the STX price shows a sharp jump of 8.98%. The Stacks crypto finds immense bullish momentum and increases the anticipations around a swing high breakout and a new 52-week high formation.
Being a top performer at the start of this week, STX ranks in the top gainer’s chart, reflecting investors’ huge interest. Therefore, the STX price prediction projects a high likelihood of uptrend continuation in the coming months.
With a retest of the 38.20% Fibonacci level and a long tail to retest the $0.82 neckline breakout of a rounding bottom, STX price makes a strong comeback. Reclaiming $1 and sustaining above it over the weekend, the STX crypto shows a sharp rise in underlying demand.
Further, the recent bounceback shows a short-term rounding bottom forming with a neckline at $1.18. Fueled by the post-retest reversal rally, the breakout chances to surpass the $1.18 neckline increase for the STX price.
Trading at $1.1581, the STX crypto shows an intraday growth of 8.98% and forms a huge bullish engulfing candle. If altcoin maintains its bullish momentum, it may enter a new chain reaction of breakout rallies that will propel it past $1.50.
Technical Indicators:
RSI Indicator: The daily RSI line picks up speed as the post-retest recovery rally gains bullish momentum. Crossing the 14-day SMA and nearing the overbought boundary level, the buyers are dominating the STX crypto chart.
MACD Indicator: With the MACD and signal lines intertwined in the positive territory, the momentum indicator signals an indecisive trend in motion.
Will The STX Price Reach $1.50?
The STX price is gaining momentum with a rounding bottom reversal, setting the stage for a prolonged recovery rally. Additionally, the long-term trend is teasing a new run above $1.32 with the $1.18 breakout. Therefore, the likelihood of a series of bullish breakouts is increasing.
A new 52-week high is possible above the psychological mark of $1.50, which is beyond $1.32.Beyond $1.50, the next resistance is at $1.79.
Conversely, if the bullish move fails to break above $1.50, it will retest the $1.20 breakout level.
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