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Stacks Price Prediction: Will STX Price Reach $2.00 in Mid-2023?

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Stacks Price Prediction
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Stacks price prediction favors the bulls and suggests the rise in the coming months. STX price had shown a sharp recovery 135% approx from the recent swing low at $0.6000 and broke out of its previous hurdle. It shows that responsive buyers are active on the lower levels and any dip toward the support will have a high possibility of bouncing back.

Stacks price has displayed a golden crossover. Stacks was trading at $1.1438 with an intraday decline of -1.01% and 24-hour volume to market cap ratio of 0.3355. The pair of STX/BTC is trading at $0.00004185 with an intraday decline of -1.23% which shows the high correlation between both pairs.

At the mid of February, STX price woke up from the sleeping mode and started rising upward by forming higher high candles. STX price witnessed a massive spike in the buying volume and prices also followed the same direction. It indicates that genuine buyers have taken a long position and expect upward momentum to continue in the coming months.

Stacks Price Bounces Back and Breaks Out of $1.00

STX/USDT Daily chart by TradingView

Stacks price rally halted at $1.00. Global market sentiment also started turning bearish which negatively impacted the STX price. Later, Stacks crypto price witnessed minor profit booking from the $1.00 hurdle level. The bears dragged the price to the $0.5000 level. However, in the mid of March, the overall market sentiment has improved and Stacks prices bounced back with a positive momentum.

Will Stacks Price Continue to Rise?

Stacks price showed V-shape recovery and broke the $1.00 hurdle with a strong volume which increases the possibility of holding the higher levels. However, the prices seem to be overstretched and expected to consolidate for the base creation. 

Technical analysis suggests that STX price is in bullish grip and short term sell off will have high probability of bouncing by taking support at 50 day EMA. Stacks price might reach $2.00 in the mid-2023 if the bulls succeed in holding the $1.00 level. On the other hand, if STX price drops below the $1.00 level then prices may enter into the wide range of consolidation between $0.6000 to $1.0000.

Conclusion

Stacks price prediction suggests a 60% rise in the coming few months if bulls are able to hold the $1.00 support level. However, STX price is overstretched and might spend some time in consolidation mode before signalling further direction.

Technical levels

Resistance levels : $1.3176 and $2.0000

Support levels : $1.0000 and $0.6000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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