Altcoin Stacks (STX) has been consolidating since December 26, hinting at a potential breakout. It has already breached its upper trend line, indicating the start of a bullish rally. Key resistance levels at $1.9, $2.12, $2.25, and $2.46 are significant targets for investors predicting the coin’s trajectory.
Despite a market downturn on Sunday, STX showed resilience, possibly due to increased demand for Bitcoin-related altcoins, including Bitcoin Cash and Bitcoin SV, in anticipation of an upcoming ETF approval.
Investors strategically shorting altcoins like Ethereum as a hedge against bullish BTC trades could lead to short-term declines across various cryptocurrencies, highlighting the complex relationship between market dynamics and investor sentiment.
STX has been on an upward trend since December 12, 2023, with a significant rise in less than two weeks, reaching a local peak of $1.74. This was followed by a consolidation phase characterized by roughly equal highs and higher lows.
Despite market sell-offs, STX’s price showed resistance, triggering a breakout from the $1.74 horizontal resistance level. If this trend continues, STX could reach notable targets of $1.90, $2.12, $2.25, and $2.46. These levels correspond to key Fibonacci extensions derived from three swing points between January 5 and 7, offering potential profit opportunities for investors.