Breaking Down Barriers: Analyst Predicts Stacks Soaring Beyond 0.80 Dollars

Crypto News- Analyst Predicts Stacks Soaring Beyond 0.80 Dollars: Cryptocurrency analyst KALEO, in a recent morning post, expressed optimism that Stacks (STX) might soon experience a significant surge. Emphasizing the pivotal role of surpassing the $0.80 level, KALEO acknowledged the possibility of minor declines post-breakout but encouraged traders to view these dips as buying opportunities in anticipation of a potential STX price surge.

Breaking Down Barriers: Analyst Predicts Stacks Soaring Beyond 0.80 Dollars

STX has showcased a robust positive trend over the past two weeks, establishing an ascending price channel. Continued bullish momentum could empower the altcoin to convert the $0.80 resistance into a support level, potentially paving the way for an ascent to the next barrier at $0.9370 within the following two weeks.

However, the bullish thesis might be challenged if STX breaches the lower boundary of the aforementioned price channel. In a more bearish scenario, the cryptocurrency could face a short-term decline to the nearest support level at $0.6770.

Analyzing technical indicators on the daily chart, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest ongoing momentum favoring bulls. The recent MACD line crossing above the MACD Signal line is seen as a positive trend signal. Additionally, the RSI line positioned above the RSI Simple Moving Average (SMA) line indicates bullish dominance over sellers.

At the time of writing, STX was trading at $0.7957, nearly breaching the crucial $0.80 level, following a notable 13% price surge in the past 24 hours.