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Altcoin Stacks (STX) has been in a consolidation stage since December 26, which points to a potential for a variable breakout. Notably, STX has already surpassed the upper trend line, highlighting the start of a bullish rally. As investors predict the trajectory of this altcoin, $1.9, $2.12, $2.25, and $2.46 emerge as key resistance levels.
Amid Market Fluctuations, Altcoin Stacks Stands Strong
On Sunday, in the face of a market downturn, Stacks (STX) displayed a strong stance. This resilience can be attributed to the increased demand for Bitcoin-related altcoins, including Bitcoin Cash and Bitcoin SV, in anticipation of an upcoming ETF approval.
Investors strategically assessing the ETF approval news may prefer to short altcoins like Ethereum as a hedge against rising BTC transactions. This tactical move underscores the complex relationship between market dynamics and investor sentiment, potentially leading to short-term declines in various cryptocurrencies.
Price Movement of Altcoin STX
The price trajectory of Altcoin Stacks has been on an upward trend since December 12, 2023. It witnessed a significant increase in less than two weeks, creating a local peak at $1.74. Following this rise, STX entered a consolidation phase characterized by roughly equal highs and higher lows.
Despite market sell-offs, the price of altcoin Stacks resisted and triggered a breakout from the horizontal resistance level at $1.74. If this trend continues, STX has the potential to reach notable targets at $1.90, $2.12, $2.25, and $2.46. These levels correspond to key Fibonacci extensions derived from three swing points between January 5 and 7, offering potential profit opportunities for investors.
Key Assessment: The Impact of Bitcoin ETF on STX
While the bullish outlook for Altcoin Stacks’ price is based on logical analysis, its realization is closely tied to Bitcoin ETF news. Any delay or development in ETF approval could trigger a potential sell-off by prompting investors to adjust their assets.
In the event of a delay in ETF approval, a scenario may emerge where the price of altcoin Stacks records a four-hour candlestick closure below $1.56. This would invalidate the bullish thesis and potentially lead to a 12% drop, finding support at the next key level of $1.37. At the time of writing, Stacks is trading at $1.95, having surpassed the significant resistance level of $1.9.
