The Stonks price surged over 127% in the last 24 hours to trade at $347.95 as of 6:22 a.m. EST as investors go long on the altcoin.
This strong 24-hour performance by the STNK price was enough to erase its weekly loss. As a result, the crypto is in the green by more than 24% on the longer-term time frame.
Stonks Price Challenging The $359.34 Resistance
4-hour chart for STNK/USD (Source: GeckoTerminal)
The Stonks price broke above the $309.32 resistance level in the last couple of hours, and is attempting to overcome the next barrier at $359.34. Recently, the crypto managed to rise above $359.34, but bears quickly pushed the altcoin’s price back down. Should STNK close a 4-hour candle above this threshold within the next 8 hours, it could rise to as high as $409.36.
Conversely, the Stonks price failing to close a 4-hour candle above $359.34 within the next 8 hours might lead to a correction in the crypto’s price. In this alternative scenario, STNK could lose the support of the recently-breached $309.32 mark. Thereafter, continued sell pressure might lead to STNK falling below the $257.38 support to potentially as low as $209.29.
Technicals Suggest Bulls Are Still In Control Of The Stonks Price
Technical indicators on STNK’s 4-hour chart suggest the Stonks price might keep climbing through the course of the next trading day. Short-term Exponential Moving Averages (EMAs) show that momentum currently favors buyers. This is after the 9 EMA crossed above the longer 20 EMA in the last 24 hours.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator suggests STNK is currently in a bullish cycle. With the MACD line positioned above the MACD Signal line, it appears bulls have the upper hand against bears. Additionally, the growing margin between the two MACD lines suggests that STNK’s positive momentum is picking up steam.
If these bullish technical signs influence traders’ decision making in the coming 24 hours, the Stonks price might soon establish a position above the $359.34 resistance.
