Coin Edition -
- An analyst predicted today that the price of STX could “fly” if it can break past $0.80.
- STX was close to breaking above this level identified by the analyst at press time after its price rose 13+% in the past day.
- Technicals on STX’s chart suggested that the price of the token is likely to continue to rise in the next few days.
The cryptocurrency analyst that goes by the name of KALEO, stated in an X post published earlier this morning that he believes the price of Stacks (STX) “could fly” soon. In his post, the analyst pointed out that the price of STX will have to clear the $0.80 level to start making its move up.
$STX should fly when it clears $0.80Might see a bit of a pullback before it does it, but any dips before it breaks above that resistance are for buyingSend it with me here: https://t.co/32dHnZIFxS pic.twitter.com/xdk5NlDh7C— K A L E O (@CryptoKaleo) December 2, 2023
KALEO did warn that there might still be slight declines in the price of the altcoin after breaking past $0.80. However, he urged traders to see these dips as buy opportunities before STX’s price soars.
Daily chart for STX/USDT (Source: TradingView)
STX has been in a strong positive trend over the past 2 weeks, leading to the formation of an ascending price channel. If this bullishness continues, the altcoin could have the backing needed to flip the $0.8 resistance level into support. This may then clear a path for the cryptocurrency to rise to the subsequent barrier at $0.9370 in the following 2 weeks.
This bullish thesis may be invalidated if STX breaks below the lower level of the aforementioned price channel. In this more bearish scenario, the cryptocurrency’s value could drop to the closest support level at $0.6770 in the short term.
Technical indicators on the altcoin’s daily chart, however, suggested that STX’s price may continue to climb in the coming couple of days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators showed that momentum was in favor of bulls at press time.
Over the past week, the MACD line crossed above the MACD Signal line. This is generally considered as a signal that the cryptocurrency has entered a positive trend. In addition to this, the RSI line positioned above the RSI Simple Moving Average (SMA) line signaled that bulls had the upper hand against sellers at press time.
At press time, STX was trading hands at $0.7957, according to CoinMarketCap, meaning that it was very close to breaching the important $0.80 level. This came after the token experienced a more than 13% price jump throughout the past 24 hours.
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