The post Stacks gains 22% in a week, but bulls need to watch out for THIS appeared on BitcoinEthereumNews.com.

Journalist Posted: September 24, 2024 Stacks has a short-term bullish outlook. Increased demand is necessary to break the token out of the three-month range formation. Stacks [STX] has made rapid bullish progress recently. Since the lows posted on the 16th of September, the token rose by 22%. This followed the bullish market-wide belief of the past two weeks. From the second week of September, Bitcoin [BTC] has rallied from $54k to $64.5k. This 20% move for the king of crypto has rejuvenated bullish belief, including the sentiment behind Stacks. STX headed toward the range highs again Source: STX/USDT on TradingView Since the first week of July, Stacks has traded within a range that extended from $1.32 to $1.97. The mid-range level at $1.645 has served as both support and resistance in the past three months. Earlier in September, STX bulls were rebuffed from the $1.645 resistance before the rally of the past week flipped this level to support. Alongside the range highs, a bearish breaker block on the daily chart was present below the $2 region. This posed substantial opposition to bullish growth. A retest of this resistance might not yield a breakout on this attempt either. The daily RSI was bullish and showed upward momentum. The OBV was at a local high that acted as a resistance over the past month. Even if the buyers can break this, there’s a local high that the OBV formed in July, which was insufficient to break the range. As things stand, a large influx of capital is necessary to push Stacks prices past $2. Until this happens, traders can use the range extremes as their targets. Social sentiment witnessed a massive positive swing Source: Santiment AMBCrypto looked at the data from Santiment and noted that the weighted sentiment on social media has…

---

Filed under: News - @ September 23, 2024 11:20 pm