STX leads top altcoins with 20% rally, can the momentum hold?
The post STX leads top altcoins with 20% rally, can the momentum hold? appeared on BitcoinEthereumNews.com.
STX formed a God candle today, rallying as high as 19.5% after it broke out of a bullish pattern as the broader market recovered. Stacks (STX) rose to an intraday high of $0.717 on April 21, Asian time, before settling at $0.714 as of press time. Its market cap was set at nearly $1.1 billion while its daily trading volume was up over 200% at $153 million, indicating a surge in trading activity. Being a Bitcoin-based protocol, STX’s gains today can be largely attributed to it mirroring the uptrend in Bitcoin (BTC), which has risen nearly 3.4% over the past day to $87,573, its highest level since Trump announced his “Liberation Day” tariffs. The broader crypto market is also up 1.1% at nearly $2.85 trillion. The rally was accompanied by a surge in demand among derivative traders who have been betting on STX’s prices. Per CoinGlass data, open interest for STX has jumped 31% to over $51 million. STX technical analysis Meanwhile, on the 1-day USDT price chart, STX has broken above a falling wedge pattern, defined by two descending and converging trendlines. STX price, 50-day EMA and Aroon chart — April 21 | Source: crypto.news In technical analysis, an upside breakout from this pattern is often seen as a bullish reversal signal, indicating the potential for a rebound in price. According to analyst Captain Faibik, the breakout could trigger nearly 100% upside, with a near-term target of $1.40. Adding to the bullish outlook, STX has moved above its 50-day exponential moving average, typically a sign of improving momentum that may encourage further buying activity. Further, the Aroon Up is at 100% while the Aroon Down is at 0%, showing that buying pressure is clearly dominating over any selling right now. Additionally, the Chaikin Money Flow is in positive territory,…
Filed under: News - @ April 21, 2025 12:25 pm