STX Price Anticipated to Surpass $2 with Range Breakout This Week!
As the second week of 2024 begins, the overall market is experiencing a slight bearish trend. However, altcoins are divided in terms of sentiment. Bitcoin and Ethereum have both seen a decline, with Bitcoin falling by almost 1% and Ethereum down by 2.25%. In contrast, STX price stands out with a 1.41% intraday jump.
Looking at the daily chart, there is currently an uptrend in the STX price, but it faces a bearish roadblock at $1.79, leading to a sideways trend. Despite this, STX price predictions suggest a high likelihood of a breakout trend that could surpass the $2 mark this year.
In the 4H chart, the STX price shows a bullish failure to make higher high formations, indicating a continuation of the bullish trend. However, a breakout of the $1.79 mark is needed for the trend to sustain. Unfortunately, the lack of buying pressure has resulted in a sideways trend.
Although there is a sideways trend, not everything is against the bullish sentiments for Stacks. The support trendline has been helping to sustain the uptrend with multiple bounce-backs. Additionally, the lack of volume support on either side has prolonged the consolidation range.
At the time of writing, the STX price is trading at $1.69, showing an intraday growth of 1.41% following an overnight jump of 6%. This indicates a potential turnaround moment for Stacks, suggesting a bullish break.
In terms of technical indicators, the daily RSI line shows a negative trend but is taking support from the halfway line, indicating a potential comeback. The MACD and signal lines are struggling to sustain an uptrend, raising the possibility of a negative crossover.
Despite the market being under stress, the STX price is slowly gaining momentum, showing a strong bounce back from buyers. However, the long-term trend is struggling to break beyond the $1.79 obstacle. For sideline price action traders, confirmation can be found in a breakout above $1.79 or a trendline breakout in the 4H chart.
If a breakout rally occurs, the STX price could surpass the $2 mark and challenge the $2.15 level. On the other hand, if the bullish move fails to sustain above $1.50, it will retest the $1.20 level.
Tags: Altcoins, Price Analysis