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STX/USDT rally sparks all-time high speculation

By: Invezz
  • Buy/sell asset: Buy STX/USDT
  • Entry price: $2.15
  • Stop loss: $1.83
  • Leverage: 1x
  • Take profit 1: $2.70
  • Take profit 2: $3.30
  • Take profit 3: $4.00
  • Timeframe: 1-2 weeks
  • Maximum profit: 86%
  • Maximum loss: 14%
STX/USDT chart and technical analysis

Stacks coin has made significant gains and the price has surged 124% in the last three weeks. The price will likely break the previous all-time high of $3.25 and will likely reach an all-time high of $4. The price is likely to continue the rally in the coming days and weeks.

However, I am expecting the price will make a correction after the recent rally and will retrace back to the $2.15 level before heading for new highs. The price has made a steep upward move and a correction is likely to follow.

I am considering the $2.15 level for long entry as it is around the 0.618 Fibonacci retracement level. Moreover, there are long bullish candles with fair value gaps and the price will retrace and fill those gaps and my target for this trade is $4.

Stacks fundamental analysis

Fundamentally, the investor’s sentiments are strong as the crypto giant Bitcoin crossed the $52k milestone. The price of Bitcoin is projected to make further gains in 2024 which will likely push the price of STX/USDT further up.

Stacks to Tether trade idea takeaways
  • STX/USDT made significant gains in the last three weeks and surged 123% since 24th January 2024.
  • The price of STX/USDT will possibly reach an all-time high of $4 in the coming days and weeks.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:5.8.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!

The post STX/USDT rally sparks all-time high speculation appeared first on Invezz

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