The post Stacks Price Breaks Out From Long-Term Resistance: What’s Next? appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ June 6, 2024 2:14 pm