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Published:
- STX increased by 15.68% over the last week.
- An analyst anticipates a growth of 140% to $3.78.
In the past 30 days, the altcoin market has been on a recovery path, showing notable gains. Throughout this resurgence, Stacks [STX] has maintained a remarkable consistency.
Currently, STX is priced at $1.61, reflecting a 15.68% rise on weekly charts. Furthermore, it has experienced a monthly increase of 5.78%.
Despite this upward trend, STX is still 58% below its all-time high of $3.92, which was achieved on March 31. Nevertheless, the recent price shifts have sparked renewed optimism, with analysts betting on the altcoin’s future potential.
For example, prominent crypto analyst Johncy Crypto has projected a 140% surge for STX, attributing this to a breakout from the downward trend.
Current Market Sentiment Insights
In his analysis, Johncy emphasized a pivotal indicator suggesting that Stacks was primed for a significant rally.
Source: X
STX has successfully emerged from its long-term downtrend channel, suggesting a possible trend reversal.
A breakout above a long-standing downtrend typically signifies weakening bearish trends, as buying pressure increases.
This change indicates that the market may be transitioning from a phase characterized by lower lows and lower highs to a phase of higher lows and higher highs, marking the beginning of a new upward trajectory.
If this trend continues, STX may rise towards a target of $3.78, representing a 140% increase.
Analysis of STX Charts
Source: TradingView
The Directional Movement Index for Stacks indicated that the positive movement index has crossed above the negative movement index. The positive movement index stands at 22, surpassing the negative index, which is at 17.
This shift implies that buyers are gaining dominance in the market, signaling the potential start of a bullish trend or strong upward momentum.
Source: Coinglass
Moreover, STX’s liquidation for long positions has remained notably low in recent weeks, not exceeding $500k since the market crash on August 5.
This suggests that STX has garnered support from long-term investors, indicating confidence in the altcoin’s prospects.
Source: Santiment
Finally, STX’s Open Interest in USD per Exchange has experienced a notable uptrend in the last week, climbing from a low of $14 million to $19.6 million at the time of writing.
This indicates that new positions are being established while investors continue to hold their current ones.
Check out Stacks’ [STX] Price Prediction for 2024–2025
Consequently, as Johncy pointed out, STX is poised for even greater gains. Should the current positive market sentiment persist, Stacks is likely to break through the $1.8 resistance level.
A breakout from this threshold will fortify the altcoin’s position as it seeks to challenge the $2.1 resistance level.
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