STX Price EXPLODES 42% in Hours – Moonshot Target: $1.79!

Published by

Sohrab Khawas

December 5, 2023

As our previous STX price analysis predicted, the Stacks market price reclaims the $1 mark with a strong breakout rally. Ranking highest amongst the daily gainers, the 40th biggest crypto per market cap shows a remarkable jump within 24 hours.

With a 90% growth in the last seven days, the buyers continue to line up for Stacks and increase the trend momentum. Therefore, the STX price prediction projects a high likelihood of uptrend continuation in the coming months.

Source – TradingView

With a double bottom reversal, the STX price trend enters a bullish chain reaction rally to scale remarkable growth in the last seven days. Leading to a rounding bottom reversal, the Stacks coin price reclaims the $1 mark and teases the overhead resistance breakout at $1.21.

Further, the rising trend in the intraday trading volumes supports the streak of multiple bullish candles, reflecting strong demand. The Stacks uptrend is ready to challenge the 52W high at $1.3250, intending to end 2023 on an even higher note.

Trading at $1.2266, the STX price shows an intraday growth of 4.55% and teases the $1.21 breakout and a new 52W high formation. Considering the altcoin sustains bullish momentum, it can enter a new chain reaction of breakout rallies to cross $1.50.

Technical Indicators:

RSI Indicator: The daily RSI line picks up speed as the recovery rally gains bullish momentum. Crossing the 14-day SMA and nearing the halfway mark, the momentum indicator supports the ongoing rally.

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 $1.21 breakout. Therefore, the likelihood of a series of bullish breakouts is increasing.

Beyond $1.32, a new 52W high is possible above the psychological mark of $1.50. The next resistance at $1.79 is present beyond $1.50.

Conversely, a bullish failure to cross $1.50 will retest the $1.20 breakout.

Sohrab Khawas

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.