STX Price Plans Range Breakout To Cross $2 This Week!

The post STX Price Plans Range Breakout To Cross $2 This Week! appeared first on Coinpedia Fintech News

As the overall market enters the second week of 2024 on a slightly bearish note, the altcoins are divided on the sentiments stand. With giants like Bitcoin falling almost 1% and Ethereum down by 2.25%, STX price stands out with a 1.41% intraday jump. 

Currently, the uptrend in the daily chart shows a bearish roadblock at $1.79 and leads to a sideways trend under it. Nevertheless, the STX price prediction projects a high likelihood of a breakout trend ready to surpass the $2 mark this year. 

Source – TradingView

With an ascending trendline formation, the STX price shows a bullish failure to make higher high formations in the 4H chart. The continuation of the bullish trend demands a breakout of the $1.79 mark. However, the lack of buying pressure leads to a sideways trend. 

In this sideways trend, not everything is against the bullish sentiments for Stacks. The support trendline helps sustain the uptrend with multiple bounce-backs. Further, the lack of volume support to either side moves prolongs the consolidation range. 

At press time, STX price trades at $1.69 and shows an intraday growth of 1.41% following the overnight jump of 6%. Hence, the Stack price action shows a potential turnaround moment, teasing a bullish break. 

Technical Indicators:

RSI Indicator: The daily RSI line shows a negative trend, taking support from the halfway line ready for a comeback.  

MACD Indicator: The negative crossover possibility looms with the MACD and signal lines struggling to sustain an uptrend. 

Therefore, the momentum indicators are struggling to revert the trend and tease a comeback potential. 

Will The STX Price Reach $2?

The STX price is slowly gaining momentum despite the market being under stress, reflecting a strong bounce back from buyers turning heads towards Stacks. However, the long-term trend struggles to boost beyond the $1.79 obstacle. Therefore, the confirmation for sideline price action traders can be the $1.79 breakout or the trendline breakout in the 4H chart. 

The breakout rally can cross the $2 mark to challenge the $2.15 level. Conversely, if the bullish move fails to sustain above $1.50, it will retest the $1.20 level.