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Stacks price analysis: STX rises to $2.12 after a strong bullish swing

Analytics

www.cryptopolitan.com 18 January 2022 15:42, UTC
  
Reading time: ~3 m

  • Stacks price analysis is bullish today.
  • Resistance for STX/USD is found at $2.13.
  • Strong support is present at $2.09.

The latest Stacks price analysis is bullish today as it confirms that bulls have finally taken the lead just recently. The coin was under bearish pressure since the start of today’s trading session, after breaking downwards at the start. Bullish support appeared late at night, but bearish pressure was overwhelming, and soon bears degraded the price further down. But bulls made a strong comeback just recently, and the price rallied towards the $2.11 level.

STX/USD 1-day price chart: Bulls rally high, turning the trends

The 1-day Stacks price analysis dictates that a rise in price has taken place in the last 24 hours. The circumstances have been going extremely favorable for the bulls for the past few hours. This week has seen a fluctuation in price movements, as well as the bears were struggling to regain their position. Today’s trend, however, has been extremely supportive for the buyers as the price has increased up to the $2.12 level gaining 1.61 percent.

STX/USD 1-day price chart. Source: TradingView

The moving average (MA) value in the one-day price chart is at the $2.09 level. At the same time, the Bollinger band’s average is maintained at $2.15 above the price level, while the upper Bollinger band is touching $2.36 point and the lower Bollinger band is touching $1.949 point. The Relative Strength Index (RSI) score has improved up to index 48.

Stacks price analysis: Recent developments and further technical indications

The 4-hour Stacks price analysis shows the price function was under bearish pressure from the start of the trading session, as bears were in dominating position and a further downtrend was expected, but the STX found a support floor at $1.98 level and the coin rejected further downside. The situation turned interesting when the price spiked high towards $2.12 from $1.98 in just three hours, recovering all the loss and turning the price level into greens. Bulls have performed extremely well as now we expect the STX to close on the greener side.

STX/USD 4-hours price chart. Source: TradingView

The SMA 20 curve is still below the SMA 50 curve as the bearish wave had been quite strong in the earlier part of the day. The upper Bollinger band value for the four hours price chart is $2.20, whereas the lower Bollinger band value is $1.99. The RSI score is in the neutral zone, but it has suddenly improved to index 53 due to the strong buying activity.

Stacks price analysis conclusion

The Stacks price analysis shows the coin has suddenly turned bullish after remaining under bearish stress for the major part of today’s trading session. The spike in price has brought brighter prospects for the buyers, and we expect STX to continue further upside and close in greens today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.


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