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Stacks (STX) price is moving above a significant resistance area and is forming its eighth consecutive weekly rise candlestick. The price increase contrasts sharply with the significant correction experienced by the altcoin market in the last three days. So, what awaits this cryptocurrency in the coming period?
STX Price Movement
Stacks price has increased significantly since the end of November 2023. The upward movement was rapid, and no pullback was observed. Last week, STX experienced a sudden crash seen across the rest of the cryptocurrency market. However, the price formed a long lower wick, confirming the previous resistance as support. It then closed the weekly candlestick with a rise and continued its ascent this week.
Furthermore, STX has so far reached its highest price since March 2023, at $1.83. The Relative Strength Index (RSI) is a momentum indicator used by investors to assess whether a market is overbought or oversold and whether a token is being accumulated or sold. Readings above 50 and an upward trend indicate that bulls are still at an advantage, while readings below 50 indicate the opposite.
STX On-Chain Data
The weekly RSI is increasing and above 50, signaling an upward trend. Although the indicator is in the overbought zone, there is no downward trend to warn of an impending decline. As a result, the Stacks price continues its eight-week rise, moving above a significant resistance area. Despite the rapid increase observed since November 2023 and surviving last week’s cryptocurrency market crash, it has maintained its resistance. Additionally, STX has reached its highest level since March 2023, at $1.83. The Relative Strength Index (RSI) reflects a positive upward trend, indicating the bulls’ advantage.
