STX Price Preps For A Massive Reversal Rally, Eyes A 60% Jump!
The post STX Price Preps For A Massive Reversal Rally, Eyes A 60% Jump! appeared first on Coinpedia Fintech News
Ending the downtrend with a consolidation range breakout, the STX price enters a high-speed recovery phase to exceed multiple resistances. The bullish reversal helps the Stacks market price exceed the 200D EMA and the $0.70 mark.
Prolonging a bullish trend of more than 81% in the last eighty days, the Stacks coin price forms multiple trend continuation patterns. Therefore, the STX price prediction keeps a bullish standpoint.
Source – TradingView
Breaking the 50D EMA, the buyers initiated a bull run in the STX coin price during the Uptober season rally. With a 34% jump in the Uptober season, the Stacks continue to sustain the demand pressure and form a double bottom pattern.
Striving above the 200D EMA, the uptrend influences a golden crossover and floats above the $0.56 mark. Further, the 200D EMA helps in the double bottom formation with a neckline at $0.7469.
With the recent 7.29% intraday growth, the STX price gives a bullish break and prolongs the 48-hour recovery to 19%. Currently, the altcoin price trades at $0.7764 and forms a bullish engulfing candle teasing an uptrend continuation.
Technical Indicators:
RSI Indicator: With the bullish trend momentum increasing in the recovery rally, the daily RSI line picks up the pace. Crossing the 14-day SMA and approaching the halfway line, the momentum indicator supports the breakout possibility.
Will The STX Price Give A Secondary Breakout?
With the STX price gaining momentum due to the double bottom breakout, the altcoin is ready to prolong the recovery rally. Further, the long-term trend teases a rounding bottom pattern forming with a neckline close to $0.81. Therefore, the possibility of a chain reaction of bullish breakouts is increasing.
In case the ongoing recovery surpasses $0.81, the rounding bottom breakout can refuel the rally to cross $1. The next resistance stop for the uptrend beyond $1 seems to be at $1.21.
Conversely, a bullish failure to cross $0.81 will drop the price to $0.6814.
Filed under: Bitcoin - @ November 29, 2023 8:21 am