Stacks (STX) Goes Bullish

The crypto market is bursting into life as the bull market begins. As a result, the Stacks token has seen a notable price increase of 13.98%, or approximately 14%. However, even in a bullish market, there are bound to be some short-term corrections along the way, which may introduce some more drama into price movement. Nevertheless, let’s take a close look at the token below.

STX Statistics:

STX Price: $2.002

STX Capitalization: $2.93B

Stacks Circulating Supply: 1.50B

STX Total Supply: 1.50B

Stacks CoinMarketCap Rank: 35

Key Price Levels:

Resistance: $2.250, $2.500, $2.750

Support: $2.000, $1.750, $1.500

Stacks Bullish Breakout Experiences Resistance

While trading in the STX daily market stays largely green, it isn’t without signs of resistance. As earlier mentioned, this token has seen an impressive price increase so far today. Meanwhile, the session has seen some bearish activity, as revealed by the last price candle on the chart. The last price candle stands above all the Moving Average (MA) lines.

However, the appearance of the price candle’s upper shadow reveals that downward forces have caused some contractions in the market. Meanwhile, the 50-day and 200-day MA lines are now converging below the last price candle on the chart to indicate that the upward correction is still generally on despite the downward retracement. As a result, the Stochastic Relative Strength Index (RSI) is still rising into the overbought region.

STX May See an Uptrend Continuation

The 4-hour market for the Stacks token has revealed that downward forces have been active in the last four hours in this market. This is made visible as price action rebounded off the resistance at the $2.144 threshold level. The ongoing session has produced moderate losses, resulting in a price decline through the $2.00 support level.

The Stochastic RSI lines have also started falling towards the 80 mark of the indicator. Be that as it may, the 20-day and 200-day MA lines are at an upside crossover below price activity. Technically, this hints at the possibility of the market resuming the upside correction shortly. So traders may continue using bullish crypto signals aiming at the $2.200 for short-term gains.

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