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Bitcoin and the cryptocurrency world have recently pleased investors with notable increases. Following a prolonged bear season, the rapid ascents have continued to attract investor interest in altcoin projects, with Stargate Finance (STG) being one of the currencies drawing attention.
Stargate Finance (STG) Monthly Outlook
Stargate Finance (STG) price has risen above a significant horizontal resistance level, indicating a bullish formation on a monthly time frame. In the near future, a sharp increase in STG’s price is expected.
The monthly chart reveals that the Stargate Finance (STG) price has been trading between $0.38 and $1.20 since May 2022. The price has tested and confirmed the validity of this range’s support and resistance several times.
After forming a morning star formation in November 2023, as indicated by the red ellipse, the altcoin STG price created a bullish engulfing pattern in February 2024, shown by the green ellipse. Both are bullish formations, but they carry different implications.
While the morning star formation signals the end of a downtrend, the bullish engulfing pattern indicates that the bulls have taken full control of the market. These formations become more significant when they occur on a monthly time frame. Notably, the increase in trading volume as the price has risen over the last four months is another bullish signal.
Where Could the Price Head Next?
Altcoin STG price may continue to rise towards the upper boundary of the range at $1.20, which represents a 66.92% increase from the current price. Yesterday, the STG price surpassed the significant resistance level of $0.71, which has been hindering its rise since May 2023. The breakout was confirmed by a significant trading volume.
The daily RSI (Relative Strength Index) has moved above the downtrend line, remaining over 50 and indicating an upward trend. All these are bullish signals, supporting the likelihood of further increases in STG.
Therefore, the cryptocurrency STG price could rise towards the nearest horizontal resistance at $0.84 in the coming days. The most probable scenario suggests that the STG price will continue to ascend in the near future. The first target is $0.84, with a potential higher target of $1.20.
