STX Price Teases Breakout Trend To Cross $1.50 This New Year!

The post STX Price Teases Breakout Trend To Cross $1.50 This New Year! appeared first on Coinpedia Fintech News

Starting the week on a highly bullish note, the STX price shows a sharp jump of 8.98%. The Stacks crypto finds immense bullish momentum and increases the anticipations around a swing high breakout and a new 52-week high formation. 

Being a top performer at the start of this week, STX ranks in the top gainer’s chart, reflecting investors’ huge interest. Therefore, the STX price prediction projects a high likelihood of uptrend continuation in the coming months. 

Source – TradingView

With a retest of the 38.20% Fibonacci level and a long tail to retest the $0.82 neckline breakout of a rounding bottom, STX price makes a strong comeback. Reclaiming $1 and sustaining above it over the weekend, the STX crypto shows a sharp rise in underlying demand. 

Further, the recent bounceback shows a short-term rounding bottom forming with a neckline at $1.18. Fueled by the post-retest reversal rally, the breakout chances to surpass the $1.18 neckline increase for the STX price.

Trading at $1.1581, the STX crypto shows an intraday growth of 8.98% and forms a huge bullish engulfing candle. If altcoin maintains its bullish momentum, it may enter a new chain reaction of breakout rallies that will propel it past $1.50.

Technical Indicators:

RSI Indicator: The daily RSI line picks up speed as the post-retest recovery rally gains bullish momentum. Crossing the 14-day SMA and nearing the overbought boundary level, the buyers are dominating the STX crypto chart.  

MACD Indicator: With the MACD and signal lines intertwined in the positive territory, the momentum indicator signals an indecisive trend in motion. 

Will The STX Price Reach $1.50?

The STX price is gaining momentum with a rounding bottom reversal, setting the stage for a prolonged recovery rally. Additionally, the long-term trend is teasing a new run above $1.32 with the $1.18 breakout. Therefore, the likelihood of a series of bullish breakouts is increasing.

A new 52-week high is possible above the psychological mark of $1.50, which is beyond $1.32.Beyond $1.50, the next resistance is at $1.79.

Conversely, if the bullish move fails to break above $1.50, it will retest the $1.20 breakout level.