Starting the week on a highly bullish note, the STX price shows a sharp jump of 8.98%. The Stacks crypto finds immense bullish momentum and increases the anticipations around a swing high breakout and a new 52-week high formation.
Being a top performer at the start of this week, STX ranks in the top gainer’s chart, reflecting investors’ huge interest. Therefore, the STX price prediction projects a high likelihood of uptrend continuation in the coming months.
Source – TradingView
With a retest of the 38.20% Fibonacci level and a long tail to retest the $0.82 neckline breakout of a rounding bottom, STX price makes a strong comeback. Reclaiming $1 and sustaining above it over the weekend, the STX crypto shows a sharp rise in underlying demand.
Further, the recent bounceback shows a short-term rounding bottom forming with a neckline at $1.18. Fueled by the post-retest reversal rally, the breakout chances to surpass the $1.18 neckline increase for the STX price.
Trading at $1.1581, the STX crypto shows an intraday growth of 8.98% and forms a huge bullish engulfing candle. If altcoin maintains its bullish momentum, it may enter a new chain reaction of breakout rallies that will propel it past $1.50.
Technical Indicators:
RSI Indicator: The daily RSI line picks up speed as the post-retest recovery rally gains bullish momentum. Crossing the 14-day SMA and nearing the overbought boundary level, the buyers are dominating the STX crypto chart.
MACD Indicator: With the MACD and signal lines intertwined in the positive territory, the momentum indicator signals an indecisive trend in motion.
Will The STX Price Reach $1.50?
The STX price is gaining momentum with a rounding bottom reversal, setting the stage for a prolonged recovery rally. Additionally, the long-term trend is teasing a new run above $1.32 with the $1.18 breakout. Therefore, the likelihood of a series of bullish breakouts is increasing.
A new 52-week high is possible above the psychological mark of $1.50, which is beyond $1.32.Beyond $1.50, the next resistance is at $1.79.
Conversely, if the bullish move fails to break above $1.50, it will retest the $1.20 breakout level.
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