Stacks (STX) has been on a notable uptrend, contrasting the recent correction in the altcoin market. It’s currently forming its eighth consecutive weekly green candle, indicating a strong bullish momentum. Despite a market-wide crash last week, STX’s price action confirmed previous resistance as support, with a long lower wick on the weekly candle before continuing its ascent.
STX has reached a new high of $1.83, the highest since March 2023. The Relative Strength Index (RSI), a momentum indicator used by investors to gauge overbought or oversold conditions, remains above 50, signaling a bullish advantage. There are no signs of a bearish divergence that might indicate an impending downturn, despite the RSI being in the overbought territory.
The on-chain data for STX shows a rising weekly RSI, which is an indicator of a continuing bullish trend. The price of STX has been climbing for eight weeks, staying above a significant resistance level. This steady rise has been maintained even after the cryptocurrency market experienced a sharp decline last week.
STX’s resilience during the market’s downturn and its climb to the highest price point since March 2023 at $1.83 showcases the bullish sentiment. The RSI supports this optimism, indicating that bulls are still in control of the market trend.
Overall, Stacks’ price movement suggests a strong bullish trend with sustained growth over the past two months, defying the broader market’s volatility and corrections.