This Altcoin Could Increase By More Than 100% In The Future
The price of Stargate Finance (STG) has formed a bullish pattern on the monthly timeframe and successfully confirmed the previous crucial resistance as support. It is expected to continue rising in the near future.
The monthly chart shows 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 this range several times, confirming the validity of the range.
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 circle).
This is a bullish pattern, typically appearing at the end of a downtrend. It is more significant when formed on the monthly timeframe.
If so, the STG price may have initiated a new uptrend towards the top of the range at $1.2. This figure corresponds to a 104.58% increase from the current price.
Breakout of Crucial Resistance
The price of Stargate Finance (STG) has broken above the crucial resistance zone at $0.52 and confirmed it as support since November 9th. This is a bullish development, indicating that the short-term trend has turned bullish.
Indeed, after rising from the $0.52 level on November 28th (green arrow), the STG price broke above the short-term resistance line today.
The daily RSI (Relative Strength Index) has risen from the 50 level and is sloping upward, supporting the continuation of the upward trend.
Therefore, the STG price may rise to the next resistance zone at $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.
This bullish outlook could be invalidated if the price breaks down below the support zone at $0.52.
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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