Stacks price prediction: STX Rallies 8% In 24 Hours As Cryptos Flatten Out

Stacks price escaped its downtrend over the weekend as crypto assets flatlined with no clear directional bias. Data from CoinMarketcap and TradingView shows that the global crypto market was hovering around $1.19 trillion as digital currencies continued their sideways price action.

Despite the drab movement, Stacks was having its day in the limelight as it led the gains on Easter Monday. STX was trading at $0.8526, up almost 8% on the day. With a live market cap of $1,17 billion, Stacks coin was positioned at #45 according to the CoinMarketCap ranking.

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A specific price prediction on the STX price was made recently by a popular technical analyst going by the user name World Of Charts called for a 40%-45% uptick in Stacks price if it broke out of a falling wedge. He posted the following chart on Twitter indicating that the pattern was confirmed with investors having already racked in 8% of the profits.

Taking a look at the technical setup, an escape from another bearish pattern confirms the above analysis, suggesting that the STX's upside was intact.

Stacks Price Readies For A 58% UPswing

STX price bounced off the $0.0793 support level on Sunday, rising 12% to a high of $0.8186. The ascent sent the altcoin above the descending parallel chart pattern as seen on the daily chart below, confirming a bullish breakout.

At the time of writing, Stacks price was fighting immediate resistance from the 50-day Simple Moving Average (SMA) sitting at $0.871. A daily candlestick close above this level would see the price rise first toward the $1.0 psychological level and later to the major resistance at $0.111.

In highly ambitious cases, STX may move higher to tag the tip of the falling channel at $1.34. This would bring the total gains to 58.82%.

STX/USD Daily Chart

Supporting the bullish outlook for Stacks price were the up-facing moving averages and the strong support that the token enjoyed on the downside. The lower boundary of the governing chart pattern at $0.80, the 100-day SMA at $0.576, and the 200-day SMA at $0.426 provided possible breathing zones for buyers.

On the downside, the position of the Relative Strength at 46 pointed to the inability of the buyers to sustain the uptrend. As such, the ongoing correction may be extended with increased selling pressure pulling STX back into the confines of the descending parallel channel.

In such a scenario, Stacks may continue moving within the channel with the 100-day SMA and the lower boundary around $0.576 providing support. A drop further could see the price decline first to the 200-day SMA and later to the $0.26 support floor.