CoinDCX Lists New Futures Trading Pair: STX/USDT – Trade Now!

Key Takeaways:

• STX is a token that has been on a downward trend over the past three months, after providing a 300%+ rally in the early days of 2023.
• However, it has given a very optimistic breakout form the lower high, lower low chart pattern and managed to cross $0.8 before receding to $0.7 as of writing this article.
• If STX price is able to maintain above $0.55 to $0.6 support region, and the broader market bullishness is also maintained, this token is well positioned to rally all the way to $1.2.
• And if we see a breakout beyond $1.2, a near 100% rally may ensure all the way up to $2 to $2.4 region on the upside!

MTL/USDT Price Analysis

STX/USDT | Source: TradingView

• STX price is a token that saw a massive 300%+ rally in the first quarter of 2023, going from under $0.3 to touching $1.3 at its highest point.
• However, since mid-March 2023, STX/USDT has been on a steady downward trend, as depicted on the chart by the parallel channel in the chart above.
• But more recently, STX price has provided a strong breakout from the downward channel on June 20, 2023 – going from under $0.6 to near $0.9 levels.
• On the upside, STX price would face some resistance at the psychological mark of $1, but that shouldn’t las too long, given the recent recovery in optimism in the coin. Eventually, the $1 to $1.2 region would also bring in some selling pressures into the token, but if the bullishness is maintained, it shouldn’t be too much of a concern.
• The Relative Strength Index (RSI) of 54 would also support any upward action that may come in the token today.
• And additionally, STX price is also trading just above the 50-day and 200-day exponential moving average, which would support bullish sentiment in the near future too.

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STX 2023 Price Prediction

From a technical standpoint, STX price is well positioned to show sustained bullishness over the rest of the year of 2023, provided it is able to sustain at current levels and also provide some convincing breakout above the $1 to $1.2 zone. A breakout above that could potentially result in a potential 100% rally from there to touch $2 to $2.4 regions very quickly before the end of 2023. Thus overall, as long as STX price is able to maintain itself above the support region of $0.55 to $0.6 for the time being, we can expect moderately sustained bullish action in 2023.