<

Stargate Finance (STG) price breaks out of long-term resistance, what’s next?

The price of Stargate Finance (STG) has broken above the long-term horizontal resistance level and shows decisive bullish signals. It is expected to continue rising in the near future.

Long-term Resistance Breakout

The Stargate Finance (STG) price has been trading below the significant resistance zone at $0.71 since May 2023. After being rejected by this zone four times (red hammers), it finally broke above the resistance zone last week.

The breakout has formed a large bullish Pin bar candle, with a very long lower shadow (green arrow), confirming the validity of the breakout.

This breakout is crucial as it indicates the end of the long-term downtrend and the beginning of a new uptrend.

The weekly RSI (Relative Strength Index) is above 50 and sloping upwards, indicating that the bulls have taken control of the market.

Therefore, the STG price could rise by 38.48% to the long-term resistance zone at $1.15.

STG/USDT weekly chart. Source: TradingView

Daily Outlook

The daily chart shows that the STG price has successfully confirmed the $0.71 zone as support yesterday (green arrow). This indicates that the bulls are buying in as the price dips to the breakout level, often leading to the continuation of the uptrend.

The daily RSI has broken above the descending divergence trendline and is rising, supporting the possibility of further upside.

Therefore, the STG price could rise to the nearest horizontal resistance zone at $0.94 in the coming days.

STG/USDT daily chart. Source: TradingView

Conclusion

The most likely prospect suggests that the STG price will continue to rise in the near future. The nearest target is $0.94 and higher towards $1.15.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like