Potential Bullish Trend for Stacks (STX/USDT)

2 ago

#STX/USDT #Analysis
Description
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+ The chart shows a strong ascending trendline acting as support, originating from the low in mid-2022. This trendline has been respected multiple times, indicating its significance.+
+ The price has broken above the previous resistance zone around $1.90, now acting as a support level.
+ The next major resistance zone is between $3.80 and $4.50, which was previously a strong support zone before the price breakdown in mid-2021.
+ The EMA 100 (blue line) is currently acting as dynamic support, aligning with the ascending trendline and providing additional support to the bullish case.
+ If the price holds above the ascending trendline and the $1.90 support zone, we can expect a retest of the $3.80 - $4.50 resistance zone.
+ A successful breakout above this resistance could see the price targeting the next psychological level around $6.00 and potentially higher to $7.50
+ The RSI is currently at 46.92, which is neutral but showing signs of potential reversal from the oversold region. If the RSI moves above 50, it would support the bullish momentum.
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VectorAlgo Trade Details
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Entry Price: $1.587
Stop Loss: around $1.20
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Target 1: 2.660
Target 2: 4.050
Target 3: 6.00
Target 4: 7.5
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Timeframe: 1W
Capital Risk: 1-2% of trading amount
Leverage: 5-10x
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Enhance, Trade, Grow
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VectorAlgo