Stargate Finance (STG) Price Could Increase by Nearly 80% in the Near Future, Here’s Why?
The price of Stargate Finance (STG) has broken out above the short-term range, forming a bullish pattern on the monthly timeframe. It is expected to continue rising in the near future.
The monthly chart reveals that the price of Stargate Finance (STG) has been trading within the range of $0.38 to $1.2 since May 2022. The price has tested the support and resistance of the range several times, confirming its validity.
In October, after forming a doji star candle at the support level of the range, the STG price created a morning star pattern in November (green ellipse). This is a bullish pattern typically seen at the end of a downtrend, and it holds more significance when formed on a monthly timeframe.
Indeed, in December, the STG price is forming a long lower-wick candle. A long lower wick is a sign of buying pressure.
Notably, the candles for November and December have seen very high volumes. This is a positive development as the token begins an uptrend.
Therefore, the STG price may continue to rise to the upper boundary of the range at $1.2. This figure corresponds to a 79.51% increase from the current price.
Short-Term Range Breakout
The daily chart shows that the STG price broke out of the range from $0.5 to $0.61 on December 25th with a large bullish candle.
On December 26th, the price successfully confirmed the previous resistance of the range as support (green arrow). This marks the continuation of the previous upward trend.
The daily RSI indicator has broken above the descending divergence line and is near the overbought region, indicating that the bulls are in control of the market.
Therefore, the STG price may rise to the resistance zone of $0.71 in the coming days.
The most likely scenario suggests that the price of Stargate Finance (STG) will continue to rise in the near future. The immediate target is $0.71, with further potential to reach $1.2.
The short-term bullish momentum would be invalidated if the price drops below the $0.61 zone.
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.
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