Stacks crypto token has broken above a critical descending trendline, igniting bullish sentiment among traders. The breakout shifted from the bearish trend, leading to a surge in buying pressure. STX, at publication, trades at $2.39, marking a 6.73% rise in the past day and a 22.97% rise over the last week.
CryptoJack, a top crypto analyst, highlighted the STX’s bullish trend in an X post. He wrote that the STX’s value had broken above a key resistance trendline on the daily chart, indicating a robust upward movement. Consequently, CryptoJack has set a target price of $3.8 for STX. This level is identified near a major resistance zone, which, if breached, could signal further gains.
An analysis of CryptoJack’s chart reveals a descending trendline connecting lower highs from late March through mid-June. This trendline has been a dynamic resistance level that STX struggled to break until recently. The breakout point around early June is significant, showing an explosive upward trend. The projected path on the chart, represented by a blue upward trendline, suggests aggressive bullish momentum.
Chinese Student Sentenced to 4.5 Years Prison for Cryptocurrency FraudMoreover, market activity on major exchanges like Coinbase and Binance supports this bullish outlook. Another crypto enthusiast, Sakemate, pointed out the massive buying pressure for STX. Whales are placing constant bids, creating a supply shock. This demand surge indicates strong investor confidence in STX’s potential.
The current resistance zone around $3.8 is critical for STX. Breaking this level could validate the bullish trend and attract more buyers. The increased volume and price action further emphasize the positive market sentiment. Traders should watch for sustained buying pressure and potential retracement levels to gauge the trend’s strength.
STX’s breakout from the descending trendline and subsequent price surge signals a bullish phase. With significant buying pressure and a target of $3.8, the market sentiment remains optimistic. Monitoring volume and price movements will be crucial in assessing the sustainability of this bullish trend.
