STACKS Price Prediction, Bulls on the Verge of a Market Takeover
- As the broader market commences the second week of 2024 with a somewhat bearish undertone, sentiment among altcoins remains divided.
- Bitcoin and Ethereum face marginal declines of 0.20% and 1.20%, respectively. In contrast, STX exhibits a remarkable 14% intraday surge.
- For the bullish momentum to persist, a decisive breakout beyond the $1.80 mark is imperative.
If STACKS successfully breaches $1.80, it will move toward $2.00.
According to Coingabbar Price Analysis, The daily chart indicates an uptrend but encounters a bearish roadblock at $1.80.
Despite the presence of an ascending trendline, the 4H chart reveals a failure in the STX price to achieve higher highs, indicating potential bearish pressure.
STX price action suggests a potential turning point, creating anticipation for a bullish breakout.
However, the lack of buying pressure contributes to a persistent sideways trend, limiting upward momentum.
The support trendline plays a crucial role in maintaining the uptrend, evidenced by multiple bounce-backs.
The consolidation range persists due to a lack of volume support on either side, prolonging indecisiveness in market direction.
The critical question remains: Will the STX price successfully breach the resistance at $1.80, or will it face rejection, leading to a fallback in prices?
KEY LEVELS :
RESISTANCE LEVEL : $1.85-$1.95
SUPPORT LEVEL : $1.74-$1.68
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
