The Stacks $STX chart is heating up! After a period of consolidation, $STX has officially broken above a key descending resistance line on the 12H timeframe. With the price currently battling the SMA 50, the bulls are looking to flip this level into support for a sustained rally. 📈
🔎 Market Setup & Strategy
The technical structure suggests a shift in momentum. As the leading Bitcoin L2, Stacks is showing signs of a classic trend reversal.
Buy Strategy: Consider building a position here at the breakout. You can enter a "small bag" at current levels and look to "add another bag" if we see a successful retest of the broken trendline. 💰
Trend Confirmation: A solid 12H candle close above the SMA 50 would confirm the bullish bias.
🎯 Potential Upside Targets
If the momentum holds, watch these key levels as price targets:
Target 1: $0.2901 🎯
Target 2: $0.3115 🎯
Target 3: $0.3328 🎯
Target 4: $0.3633 🚀
⚠️ Risk Management First
Trading breakouts requires discipline.
Stop-Loss: Always maintain tight stop-losses below the trendline to protect your capital. 🛡️
Position Sizing: Don't go all-in at once; use the "laddering" technique mentioned above.
Current Market Stats:
Price: ~$0.27
Trend: Bullish Breakout 💥
Timeframe: 12H
