![Stacks [STX]: A 165% 7-day rally, will the bull run continue in March?](https://i.headtopics.com/images/2023/2/24/cryptoamb/stacks-stx-a-165-7-day-rally-will-the-bull-run-con-stacks-stx-a-165-7-day-rally-will-the-bull-run-con-1628961164813033480.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The huge rally of Stacks might be near its end, but that does not rule out a push past $1. Short sellers must be extra cautious. The Ordinal craze was witnessed earlier this month. […]
is a Bitcoin layer that enables dApps and smart contracts. The rise of Ordinals meant that demand to transact on Bitcoin’s blockchain could rise.
The price charts showed a persistent downtrend since January 2022. Since late May 2022, STX has toiled beneath a descending trendline resistance. The downtrend and the series of lower highs saw a false breakout in early December, but these gains were quickly reversed. The breakout and rally in February were enormously strong. A retracement, even one as deep as $0.4, would likely be healthy for the market in the long term. However, such a retracement might not occur if buyers do not relent. Not all imbalances on the chart will be filled.To the north, the $0.91 and $1.06 levels are the significantly higher timeframe resistance levels. Between these levels lies the $1 psychological resistance level, which can oppose the price movement upward as well.
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