Stacks Price Ready to Resume Bullish Recovery Forecast 64% Growth; Buy Now?

The stacks coin price has been in a correction phase for over six weeks, where the altcoin dropped from a top of $1.31 to a low of $0.6702, registering a 48% fall. A downsloping trendline gave a specific direction to this downfall and assisted sellers to prolong this correction phase. However, the buyers recently found significant support at the $0.67 level allowing them to recuperate bullish momentum.

Key points: 

• A morning star candle in the weekly chart hints at and bullish reversal from $0.67
• The recent correction phase recorded a downfall of more than 50% Fibonacci retracement project the new traders must keep a close watch
• The intraday trading volume in the STX is $219 Million, indicating a 180% gain

Source- Tradingview

On May 2nd, the stacks coin price witnessed a significant inflow and gave a bullish breakout from the long coming resistance trendline. The sellers have been using this trendline to recuperate supply pressure at price rallies to maintain a seedy downfall.

However, the recent breakout indicates an early signal of trend reversal and reflects the sentiment shift from selling on rallies to buying on dips. 

During a trendline breakout, each swing high stands as viable support and thus, the Stacks price is at potential growth of 62% to hit the $1.31 mark.

Also Read: Low Cap Crypto Gems Gunning To Explode In 2023

Bullish Pattern Offers a Long Entry Opportunity

Source- Tradingview

Using the aforementioned $0.67 level as base support, the Stacks coin price shows the formation of a double bottom pattern in the 4-hour time frame chart. With a 5.36% intraday jump, the coin price tries to breach this pattern’s neckline resistance at $0.84, giving additional confirmation for a bullish recovery,

A 4-hour candle closing above the neckline can provide an entry opportunity for interested traders to go long with the first target at $0.93.

Technical indicator

Relative Strength Index: A bullish divergence in the RSI slope with the formation of a double bottom pattern indicated a higher possibility for buyers to prIce neckline resistance.

Exponential Moving Average: With the recent growth, the stacks price reclaimed the 20-and-50-day EMA offering an extra edge to long traders.

Stacks Coin Price Intraday Levels

• Spot rate: $0.79
• Trend: Bullish
• Volatility: Low
• Resistance levels- $0.806 and $0.93
• Support levels- $0.675 and $0.52