stobox (STBU) price managed to recover from the previous significant resistance zone. The altcoin broke above the short-term resistance level. It is expected to increase sharply in the coming weeks.
STBU price has been declining since reaching a yearly high of $0.185 in late December 2023. This move brought the price back to the previous key resistance zone at $0.051 for the week of February 5 – February 11, 2024 (green arrows).
The bulls bought aggressively as the price fell into this zone, creating long wick candles below over 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 back from the 50 level and is sloping upwards, signaling that the bulls are back.
If the price continues to rise, it has the potential to rise to a new yearly high of $0.185, potentially up 109.84%.
daily chart, Stobox priceIt shows that it broke above the horizontal resistance area of $0.079 yesterday.
This indicates that the correction phase from the yearly high may have ended and STBU price may have started a new uptrend.
The daily RSI has created a significant bullish divergence and crossed the 50 level, indicating that the bulls have regained control in the short term. Therefore, Stobox price might rise towards the near western horizontal resistance at $0.12 in the coming days.
The most likely scenario shows that the Stobox price will continue to rise in the near future. The immediate target is $0.12 with the potential to reach $0.18.
The bullish view could be invalidated if the price declines and closes below the $0.079 zone on the daily time frame.
