Crypto Stacks (STX) outperforms Bitcoin (BTC): Crypto Analysis of February 14, 2024

Stacks recorded a surge of over 40% in less than seven days. Let’s examine the future prospects of STX’s price together.

Current Situation of Stacks (STX)

After hitting a low around $0.20, Stacks’ price registered a significant increase, propelling it above the psychological threshold of $1. Following this rise, the cryptocurrency’s price began correcting, finding a bottom around $0.44. It was from this price level that STX resumed its rally, surpassing its previous peak and reaching $2 once again. It can be noted that this movement resulted in the breaking of the 50% Fibonacci retracement level, taken into account since Stacks’ all-time high.

Recently, Stacks’ price underwent a correction, falling to $1.25, before resuming its upward momentum. We can observe that the STX price is situated above the 50 and 200-day moving averages, supporting the idea that STX is in an uptrend. From the oscillators’ side, we can see that they have bounced above the median threshold and have crossed their previous peak, thus invalidating a bearish divergence that was recently observed. 

The current technical analysis was conducted in collaboration with Elie FT, an enthusiast investor and trader in the cryptocurrency market. He now trains at Family Trading, a community of thousands of proprietary traders active since 2017. Here you will find Lives, educational content, and support around financial markets in a professional and warm atmosphere.

Predictions for the Price of Stacks (STX)

If Stacks’ price manages to hold above $1.2, we could anticipate a continuation to the $2.9 – $3 threshold. The next resistance to consider, if the bullish movement continues, would be the STX’s ATH, which is $3.37 and possibly higher if the buying interest continues to dominate. At this stage, it would represent an increase close to + 60%.

If Stacks’ price fails to hold above $1.2, we could consider a support of buying interest in the $0.9 area. The next level to consider, if the bearish movement continues, would be around $0.6. At this stage, it would represent a decline close to – 70%. 

Conclusion

Stacks continue its bullish momentum and seems to want to reclaim its all-time high. Everything suggests that this could happen. However, let’s not forget that the market can be subject to strong periods of volatility. Thus, it will be crucial to closely observe the price reaction at different key levels to confirm or deny the current hypotheses. It is also important to remain vigilant against potential “fake outs” and market “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also evolve rapidly depending on other more fundamental factors.