Stacks Price Breaks Out Of Its Important Level! What’s Next For STX Price This Week?

The cryptocurrency industry continues to display constant fluctuation in its valuation, indicating an increased price action in the market. Further, the STX price has added over 10% within the past 24 hours, making it one of the top gainers of the day.

The STX price traded sideways for a while, displaying a neutral trend in the market. After multiple attempts, the bulls successfully broke out of the range but faced rejection at $1.7109. Following this, the price traded within the closed range for about a week.

As the market volatility grew, the STX token recorded another jump of over 33% in valuation, following which it faced rejection at $2.0336. After this, the price constantly traded under a bearish influence and recorded a loss of approximately 38% over the next two weeks.

After testing its low of $1.2628, the bulls regained momentum, resulting in a bounce back in the chart. Following this, the price traded in a closed range between $1.3762 and $1.5246 for about a week.

Recently, the bulls successfully broke out of the resistance level, indicating a rise in the bullish influence in the market. 

Will STX Price Increase Soon?

The Relative Strength Index (RSI) displays a sharp rise in the chart, indicating an ongoing massive price action in the market. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.

If the bulls hold the price above the support level of $1.5246, the STX price will test its resistance level of $1.7109 soon. Maintaining the price at that level will set the stage for the Stacks token to attempt to test its upper resistance level of $1.8504 this week.

Conversely, if the market fails to regain momentum, the STX coin price will lose momentum and fall to test its support level of $1.3762. Further, if the bears continue to overpower the bulls, it will further plunge and prepare to test its lower support level of $1.2628 in the coming time.