The cryptocurrency industry continues to display constant fluctuation in its valuation, indicating an increased price action in the market. Further, the STX price has added over 10% within the past 24 hours, making it one of the top gainers of the day.
The STX price traded sideways for a while, displaying a neutral trend in the market. After multiple attempts, the bulls successfully broke out of the range but faced rejection at $1.7109. Following this, the price traded within the closed range for about a week.
As the market volatility grew, the STX token recorded another jump of over 33% in valuation, following which it faced rejection at $2.0336. After this, the price constantly traded under a bearish influence and recorded a loss of approximately 38% over the next two weeks.
After testing its low of $1.2628, the bulls regained momentum, resulting in a bounce back in the chart. Following this, the price traded in a closed range between $1.3762 and $1.5246 for about a week.
Recently, the bulls successfully broke out of the resistance level, indicating a rise in the bullish influence in the market.
Will STX Price Increase Soon?
The Relative Strength Index (RSI) displays a sharp rise in the chart, indicating an ongoing massive price action in the market. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.
If the bulls hold the price above the support level of $1.5246, the STX price will test its resistance level of $1.7109 soon. Maintaining the price at that level will set the stage for the Stacks token to attempt to test its upper resistance level of $1.8504 this week.
Conversely, if the market fails to regain momentum, the STX coin price will lose momentum and fall to test its support level of $1.3762. Further, if the bears continue to overpower the bulls, it will further plunge and prepare to test its lower support level of $1.2628 in the coming time.