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Amid a recovery sentiment in the crypto market, the Stacks coin price initiated a V-shaped recovery from the $0.55 support. The bullish reversal backed by rising volume indicates sustained recovery and managed to recover the entire losses from the Mid-February-to-early-March correction. Such recovery after a correction phase indicates the market participants are interested in buying dips which is a key trait at a sustained bullish run.
The Stacks coin is likely to revert to the $1 mark to check price suitability at higher levels.
A bullish breakout from the $1 resistance set Stacks coin price for a 26% upswing
The intraday trading volume in the STX is $686 Million, indicating a 124% gain
On March 17th Stacks coin price gave a massive breakout from the last swing high resistance of $1. The aforementioned breakout is a signal uptrend continuation and offers a long entry opportunity to traders.
By the press time, the stacks coin trades at $1.248 and hits the following resistance of $1.3. Furthermore, the daily candle today showcases a higher price reflection at $1.3, indicating the exhausted bullish momentum.
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Thus, the STX price is likely to revert lower and retest the breached $1 level as support. If this shows sustainability above $1, the buyers may drive the price above the $1.3 barrier and 26% above to $1.5 mark.
On a contrary note, a breakdown will $ will weaken the mentioned bullish thesis.
MACD: a bullish crossover between the MACD(blue) and signal(orange) lines into the bullish territory indicates an additional confirmation for buyers to extend the ongoing uptrend.
EMAs: Amid the recent correction, the 50-day EMA slope acted as dynamic support and reflected a strong uptrend until the price was above this EMA.
Stacks coin intraday price levels
Spot price: $1.24
Resistance level- $1.3 and $1.5
Support level- $1 and $0.85
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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
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This article has been originally published at: https://coingape.com/markets/stacks-price-breakout-key-psychological-barrier-hints-potential-26-rally/