Stacks Price Breaks Out From Long-Term Resistance: What’s Next?

• 1 Stacks (STX) price broke down its long-term resistance level, showcasing bullishness.
• 2 STX has broken out of key EMA levels with robust momentum.
• 3 Indicators are also turned, pointing to an upcoming rally in Stacks.

Stacks (STX) is back in the game. It gave a solid breakout from a falling wedge pattern showcasing bullishness. Moreover, the crypto broke above the key exponential moving averages. The breakout ignited energy among the investors.

Stacks Crypto Social Dominance & Social Volume Spiked

The social dominance & social volume graphs rose in the last few days, which means the awareness and information on social media sites like X, Instagram, and Telegram have increased.

The rise in social dominance and social volume may affect the Stacks price positively.

Stacks Crypto Breakouts from Falling Wedge Pattern

The Stacks price action suggests that STX cryptocurrency has the potential to boost from its current position and reach the upper threshold of 3.846.

At press time, the Stacks (STX) price was trading at $2.374 with an intraday gain of 6.97%. It has a market cap of $3,488,763,461 and a 24-hour trading volume of $274,813,858, with a spike of 9.53%. This suggests that the buying and selling activity in the crypto is increasing.

Moreover, the volume-to-market cap ratio of 8.02% in the last 24 hours suggests that STX holds good liquidity.

According to the indicators summary on TradingView, out of 26 indicators, 4 are on the sell side, 7 are on the neutral side, and 15 are on the buy side. It shows that the indicators are giving buying signals and indicating a positive outlook for the STX.

Stacks may find support at $1.800 and $1.500, where it could bounce back or stabilize. STX may face resistance at $3.100 and $3.846, where it could reverse or consolidate.

Decoding the Price Action on the STX Technical Chart

Stacks is performing outstandingly well on the technical chart – the price spiked by 22.84% in a week and 8.03% in a month, showing the buyer’s presence in the crypto has increased.

STX broke above the 20, 50, and 200-day exponential moving averages, showcasing that the crypto has turned bullish.

Moving Average Convergence Divergence (MACD) also suggests a bullish scenario as the MACD curve and the signal curve are heading upward, and the green histogram also suggests bullishness in the crypto.

The RSI curve also turned bullish as it spiked and traded at 61.43 above the median line in bullish territory, showcasing bullishness.

Summary

Stacks has shown a solid bullish trend by breaking out from a long-term resistance level and breaching key exponential moving averages. The price action suggests a possibility for further growth, with the possibility of reaching the upper resistance level of $3.846.

The technical indicators are largely positive, with the majority signaling a buy and the STX price showing good liquidity. Technical indicators like the MACD and RSI support the bullish sentiment, suggesting that the momentum could continue.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.