- $STX shows bullish potential with a strong Fibonacci bounce and a bullish MACD divergence signaling an upward trend.
- Key support levels and SMA indicators suggest short-term momentum favors $STX's upward move, eyeing 39% gains.
- A break above resistance levels at 2.788 USDT could unlock a significant upside, targeting a potential 88% gain.
Stacks is currently positioned for potential growth, with a promising technical setup that suggests an upward move. Analyst Quinten highlighted that the price recently reached key buy zones, notably the golden Fibonacci zone setting the stage for a breakout. This aligns with a bullish divergence on the MACD, indicating a shift in momentum. With the price bouncing off the golden zone, the setup points to a potential continuation of the upward trend.
Fibonacci Levels and Support Indicate Bullish Momentum
The current price of $STX stands at approximately $2.213. The chart reveals that the asset has recently seen a 1.51% gain. It is now trading within critical Fibonacci levels, which offer insight into possible price movements. The 0.786 Fibonacci level around 2.64 USDT suggests a 39% upside to 2.788 USDT. Additionally, the 0.618 level, sitting at 2.451 USDT, could act as resistance. A break above this level would clear the path for further gains.
Additionally, there is additional positive confirmation from the 50-day SMA at 2.006 USDT and the 20-day SMA at 2.356 USDT. The price is safely above both SMAs, indicating that upward growth is being supported by short-term momentum. As a result, traders might watch for any pullbacks near key levels, which would present potential buying opportunities before the next price surge.
Bullish Divergence and MACD Support Growth
The MACD indicator provides additional insight into $STX's bullish outlook. The green line is currently above the red line, indicating stronger buying pressure. While the MACD has recently flattened, it still suggests that upward momentum may prevail in the short term. Additionally, significant resistance levels remain at 2.788 USDT and 3.846 USDT. A breakout above these levels could signal a larger bullish trend, offering potential gains of up to 88.98%.
The post Stacks Ready to Surge, Bullish Divergence and Key Support Levels Signal Upward Trend appeared first on Crypto News Land.