Market & Ticker: Stacks – STX/USDC

Date: 27/08/2024

Horizon / Timing:  Tactical Mid-term / 1 to 3 months

Scenario: 

STX has been evolving in descending range since MARCH 2023. This Range is forming a base for a long-term perspective. We do expect a bullish momentum to test the upper part of the range before following the capacity of the token to exit from the pattern.

At the current level as long as 1,40 remains a tactical support valid a larger rise towards 2,35 is expected. On the midterm 2,85 is the standard target

Technical Key Elements:

• Range upper limit is being tested
• RSI indicator is above 50% and keeps potential
• The Moving average are support
• Fibonacci key support is adjusted at 1,40 while the Elliot wave shows upside potential towards 2,35

Trade Idea conclusion: Buy 

• Tactical Target Max 2,85
• Tactical Target 2,35
• Tactical key support (Pivot) 1,40 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic 

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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