Binance Coin (BNB) Eyes 40-45% Gain, Stacks (STX) Challenges Cycle High – Key Trends to Watch
Top crypto analysts are closely monitoring the price movements of Binance Coin (BNB) and Stacks (STX). Captain Faibik’s analysis suggests a 40-45% bullish wave may be on the horizon for BNB in the short term. Meanwhile, Daan Crypto Trades anticipates STX to “expand nicely” if it can break and hold above the $3.4 resistance level.
What you'll learn 👉
Binance Coin (BNB) Shows Promising Signals
According to Captain Faibik’s daily chart analysis, the BNB chart exhibits a symmetrical triangle pattern. This pattern typically signals a continuation of the prevailing trend. In this case, the breakout from the upper trendline suggests a potential continuation of the prior uptrend. Moreover, the green box above the breakout point represents a price target area, indicating where the price could potentially move next.
“Keep an eye on $BNB. Looks Promising for the 40-45% Bullish Wave in the Short term..” states Captain Faibik.
However, it’s worth noting that the volume data, a crucial factor in confirming breakouts, is not explicitly shown on the chart. Ideally, a breakout should be accompanied by increased volume to validate the move as a strong signal.
Stacks (STX) Battles Previous Cycle High
Daan Crypto Trades’ weekly chart analysis for Stacks (STX) reveals the price is grappling with its previous cycle high, much like Bitcoin. The chart displays horizontal lines denoting significant price levels, with the topmost red line around $3.4 representing a major resistance level. According to Daan, if STX can close and hold above this resistance, it could “fly” or experience a significant upward price movement.
Daan Crypto Trades notes, “$STX Still fighting with its previous cycle high, similar to #Bitcoin. The dips have been getting bought up pretty quicky and I think this will expand nicely on a close and hold above $3.4. But it is a resistance until then and could take a while.”
The uptrend in STX, evident from the large green candlesticks, coincides with increased trading volume, lending credence to the idea that a breakout above the resistance could result in a significant price increase.
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According to the price data from CoinMarketCap at the time of publication, BNB is currently trading at $606.06, down 1.59% in the last 24 hours. Stacks (STX), on the other hand, is priced at $2.69, down 6.45% in the same period.
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