The cryptocurrency market has seen an uptick, with investors showing increased interest in altcoins, particularly Stacks (STX) and Mantle (MNT). Both tokens have experienced significant movements, with technical analyses suggesting possible trends and levels of support and resistance for traders to watch.
Understanding Stacks’ Market Dynamics
Stacks recently witnessed a price defense at the $2.77 mark, implying consistent buying activity during its price corrections. A notable rise on March 10 signaled a renewed bullishness, tempered by signs of bearish resistance. Analysts suggest that a break above $3.39 could confirm a continued uptrend, potentially reaching the $5 threshold. However, a fall below the $2.77 support could signal a bearish shift, with a possible decline to the 50-day Simple Moving Average (SMA) at $2.20.
On the 4-hour chart, a break past a downtrend line indicates a potentially strong rebound, but a drop beneath moving averages could mean that bearish activity persists at elevated price levels, possibly leading to a retest of the $2.20 support zone.
Deciphering Mantle’s Price Action
Mantle, while also experiencing growth, has faced challenges from bears, particularly at the $1.15 mark. The asset managed to maintain its price above $1, with rising moving averages and an RSI in the overbought territory hinting at a bullish dominance. Should buyers overcome the $1.15 resistance, Mantle could ascend toward $1.37 and further to $1.50.
The positive outlook for Mantle, however, hangs in the balance if prices dip below the 20-day EMA at $0.91, potentially leading to a fall to $0.85 and then to a steeper $0.80 support level. Bulls aim to cement the $1.01 breakout level as a new base of support, with a rise above $1.07 potentially pushing prices to retest $1.15 and possibly higher. A slip below $1.01 would suggest a bearish sentiment, with the 50-day SMA offering minor support before a potential retraction to lower levels.