Stacks (STX) Bullish Trend Continues; Possible Drop to $1.7 Expected
Stacks: Price above $2, but forecasts advise patience
Stacks, also known as STX, shows a strong bullish outlook in the coming weeks. After a hard rise in the months of December and January, a drop to $1.7 could present a buying opportunity. January was marked by increased volatility, after Bitcoin (BTC) was exposed to strong selling pressure, pushing prices back into the range of lows. This led to a decline in recent gains for STX.
New demand drives prices up
In the last 24 hours, a new wave of demand has driven prices up. The sentiment was also in favour of buyers, as Stacks sets the next target at $2.45. On the daily chart, the market structure of STX is firmly bullish. The Relative Strength Index (RSI) has been above the neutral 50 since mid-November, indicating an upward trend.
Growing buying volume and bullish sentiment
The rally has greatly increased in December, after the resistance mark of $0.69 was broken. This led to a strong increase in On-Balance Volume (OBV), indicating high buying volume. At this point, the OBV continues its upward trend, indicating prevailing buying pressure and that the upward trend is likely to continue.
Waiting for the right buying time
The range between $1.6 and $1.72, which represented a resistance zone in the last two weeks, has been decisively broken in the last few hours. Therefore, a retest of this zone could provide a good buying opportunity. On January 3rd, the Spot CVD began to fall, and the Open Interest (OI) showed a downward trend from January 5th to 7th. However, this has reversed in the last two days.
Expectations and forecasts
The Spot CVD started to rise enormously and the OI has increased by more than $30 million. Prices have also added up to $2. This is a sign that STX could rise much higher, but does not rule out the possibility of a drop to $1.7. In the north, the $2.12 and $2.44 levels are expected to serve as obstacles for price increases. This is because they were the middle and upper range of a span in which STX was traded from October 2021 to mid-January 2022.
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