Stacks Price Breaks Its Major Resistance! STX Price To Rally 20%?

The post Stacks Price Breaks Its Major Resistance! STX Price To Rally 20%? appeared first on Coinpedia Fintech News

The cryptocurrency market has displayed a strong bullish price action with top tokens recording significant uptrend in their respective portfolios. Moreover, the market leader, BTC price, has recorded a jump of 3.21%, resulting in it reclaiming the $71,000 mark.

Furthermore, altcoins have displayed a similar trend by recording a bullish reversal in their respective portfolios after trading under a bearish influence for a brief period. 

STX Price Breaks Out Of Its Important Resistance Level!

The STX token constantly traded in a closed range between $1.675 and $2.135 over the past month, indicating a weak price action for the altcoin in the crypto space.

However, the Stacks price has displayed a strong bullish trend reversal this week, resulting in the price breaking out of its important resistance level.

Positively, the Stacks (STX) price has added 11.38% within the past day and 13.78% over the past week. With a YTD return of 48.16%, this crypto token has secured the 34th place in the global crypto market list by market cap.

The Cross EMA 50/200-day displays a bullish reversal in the price chart, indicating increased positive influence for the STZ coin price in the crypto market.

The Moving Average Convergence Divergence (MACD) shows a constant rise in the green histogram, highlighting an increase in the buying-over-selling pressure. Furthermore, the averages display a significant jump, suggesting the STX price will continue gaining value in the coming time.

Will STX Price Go Back Up?

If the market holds the price above the support level of $2.135, the Stacks price will test its resistance level of $2.605. Moreover, if the bulls hold the price at that level, the STX crypto will test its upper resistance level of $3.140 this month.

However, if the bulls fail to hold the price above its support level, the Stacks coin price will lose momentum and plunge toward its lower support level of $1.675 during the upcoming weeks.