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This Altcoin Could Increase By 110% In The Coming Weeks

The Stobox (STBU) price has rebounded from the previous crucial resistance zone and broken above the short-term resistance level. It is expected to increase sharply in the coming weeks.

Weekly Outlook

Stobox (STBU) price has declined since reaching the yearly high at $0.185 in late December 2023. This move brought the price back to the previous crucial resistance zone at $0.051 in the week of February 5 to February 11, 2024 (green arrows).

Bulls bought aggressively as the price dropped to this zone, forming long wick candles below for the past few weeks.

This momentum has strengthened this week as the price is in the process of forming a large bullish candle.

The RSI indicator has bounced up from the 50 level and is sloping upward, signaling that the bulls are returning.

If the price continues to rise, it could potentially increase by 109.84% to the yearly high at $0.185.

STBU/USDT weekly chart. Source: TradingView

Short-Term Resistance Breakout

The daily chart shows that the STBU price has broken above the horizontal resistance zone at $0.079 yesterday.

This indicates that the corrective phase from the yearly high may have ended, and the STBU price might have initiated a new uptrend.

The daily RSI has created a significant bullish divergence (green line) and surpassed the 50 level, indicating that bulls have regained control in the short term.

Therefore, the STBU price may rise to the nearest horizontal resistance at $0.12 in the coming days.

STBU/USDT daily chart. Source: TradingView

Conclusion

The most likely scenario suggests that the Stobox (STBU) price will continue to rise in the near future. The immediate target is $0.12, with the potential to reach $0.18.

The bullish outlook could be invalidated if the price breaks and closes below the $0.079 zone on the daily timeframe.

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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