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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.
- Nov 29, 2023 08:21 UTC
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STX Price Preps For A Massive Reversal Rally, Eyes A 60% Jump!
The STX price shows a double bottom reversal in the daily chart as it gains trend momentum.
By making a rounding bottom pattern in the long term, the STX price prepares a secondary breakout rally.
A rounding bottom breakout rally can boost the STX coin price higher to the $1.25 mark.
Ending the downtrend with a consolidation range breakout, the STX price enters a high-speed recovery phase to exceed multiple resistances. The bullish reversal helps the Stacks market price exceed the 200D EMA and the $0.70 mark.
Prolonging a bullish trend of more than 81% in the last eighty days, the Stacks coin price forms multiple trend continuation patterns. Therefore, the STX price prediction keeps a bullish standpoint.
Source – TradingView
Breaking the 50D EMA, the buyers initiated a bull run in the STX coin price during the Uptober season rally. With a 34% jump in the Uptober season, the Stacks continue to sustain the demand pressure and form a double bottom pattern.
Striving above the 200D EMA, the uptrend influences a golden crossover and floats above the $0.56 mark. Further, the 200D EMA helps in the double bottom formation with a neckline at $0.7469.
With the recent 7.29% intraday growth, the STX price gives a bullish break and prolongs the 48-hour recovery to 19%. Currently, the altcoin price trades at $0.7764 and forms a bullish engulfing candle teasing an uptrend continuation.
Technical Indicators:
RSI Indicator: With the bullish trend momentum increasing in the recovery rally, the daily RSI line picks up the pace. Crossing the 14-day SMA and approaching the halfway line, the momentum indicator supports the breakout possibility.
Will The STX Price Give A Secondary Breakout?
With the STX price gaining momentum due to the double bottom breakout, the altcoin is ready to prolong the recovery rally. Further, the long-term trend teases a rounding bottom pattern forming with a neckline close to $0.81. Therefore, the possibility of a chain reaction of bullish breakouts is increasing.
In case the ongoing recovery surpasses $0.81, the rounding bottom breakout can refuel the rally to cross $1. The next resistance stop for the uptrend beyond $1 seems to be at $1.21.
Conversely, a bullish failure to cross $0.81 will drop the price to $0.6814.
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