TradeCityPro | STX : A Healthy Uptrend with Promising Momentum
2024-12-02

👋 Welcome to TradeCity Pro! 
In this analysis, I’ll review STX, the native token of the Stacks project, a prominent Layer 1 blockchain. The analysis focuses on the weekly timeframe.

 ⏳ Weekly Timeframe: A Healthy Uptrend 
On the weekly chart, a strong uptrend has been in place since reaching the low of 0.201. Thus far, two bullish legs have propelled the price to 3.737, with the price currently testing the resistance at 2.471.

📊 Buying volume continues to increase, showing robust support for the ongoing trend with no signs of weakness. A visible ascending trendline has interacted with the price three times, further reinforcing the bullish momentum.

🔼 The 37.65 support level on the RSI is critical. As long as the RSI remains above this level, the probability of a bullish scenario outweighs the bearish one.

📈 If the price breaks above 3.737, it could move toward new all-time highs. In the event of such a breakout, I will update the analysis to include new targets.

 🔽 Bearish Scenario 
If the ascending trendline and the 1.264 support level are broken, the possibility of a trend reversal arises. In this case, the first major support level to watch would be 0.442.

 📝 Final Thoughts

This analysis reflects our opinions and is not financial advice. 

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