Stacks (STX) experienced a serious rise in December and January. After facing strong selling pressure that pushed Bitcoin‘s (BTC) prices to lower levels last month, an increase in volatility was observed. This situation led to STX retracting some of its recent gains.
Expectations of a Rise in STX
In the last 24 hours, a new influx of demand caused prices to rise. The sentiment is in favor of buyers as Stacks aims for the $2.45 level moving forward. According to analysts, STX’s market structure on the daily charts could show a strong uptrend. The Relative Strength Index (RSI) is also above the neutral 50, indicating upward momentum since mid-November.
The uptrend accelerated rapidly after the reversal of the resistance level at $0.69 in December. This was reflected in the OBV climbing significantly, indicating high buying volume. At the time of writing, OBV continued to rise, signaling widespread buying pressure. This could indicate that the uptrend might continue.
Resistance Level in STX
The aforementioned situation represented the resistance zone for the past two weeks, which was breached in recent hours. Therefore, retesting this zone could provide a good buying opportunity. On January 3rd, the CVD spot began to decline. Open interest showed a downward trend from January 5th to 7th. STX prices also fell during this period, indicating a strong short-term downtrend.
The Spot CVD started climbing tremendously, and the OI increased by more than $30 million. The cryptocurrency price jumped, reaching $2. This could be a sign that STX could climb much higher, but experts do not ignore the possibility of a drop to $1.7. In a downward trend, the levels of $2.12 and $2.44 are expected to hinder price increases. This is because they were the mid-range and high-range levels of the range in which STX traded from October 2021 to mid-January 2022.
