STX Technical Analysis: Stacks Prices Skyrocket Above $0.50

STX prices showcase a sudden surge in the resistance trendline breakout rally resulting in a jump surpassing the $0.50 mark. Key technical points: The STX market price has increased by 27.16% over the past 24 hours. The price action shows a bullish engulfing candle surpassing $0.50. The 24-hour trading volume of Stacks is $176 Million, indicating a hike of 2000%. Past Performance of STX STX price action shows a long-coming downtrend under the insurance of a highly bearish trendline, accounting for a downfall of 75% to reach $0.32. However, the buyers quickly overtook the train control resulting in the trendline breakout and a jump to $0.40. However, today the buying pressure hits the ceiling resulting in a 25% jump surpassing the psychological mark of $0.50. Source- Tradingview STX Technical Analysis STX price action shows the bullish engulfing candle attempting to sustain above the $0.50 mark but the higher price rejection results in a wick formation. Hence, traders must wait for the price action confirmation. The DMI indicator shows a phenomenal increase in bullish spread after the recent crossover. Moreover, the bullish trend momentum grows as indicated by the rising ADX line. The RSI indicator shows a phenomenal increase in the underlying bullishness as the slope spikes above the halfway line. Moreover, the 14-day SMA starts a parabolic reversal from the oversold boundary teasing a bullish reversal. The MACD indicator show...