STP Price Poised for a 60% Rally If the $0.08 Technical Barrier Gives Way

Highlights:

• STP price soars 6% to $0.08 as bullish momentum bolsters.
• Its daily trading volume has exploded by over 500% to $156 million, showing increased demand. 
• With a strong bullish sentiment, the STPT price could rally by 60% if the $0.08 barrier were to give way. 

The STP price has skyrocketed 6% to $0.08 at press time, as strong bullish momentum suggests more upward movement. Its daily trading volume has gone ballistic by over 500% to $156.47 million, indicating intense market activity. STP is now boasting a 7% surge in a week, 42% in a month, and 33% in a year. 

Despite the market dump, STP is holding well above support levels. Crypto analyst Jason Ness has said via X that buyers are trying to clear out sellers on $0.08 resistance. He has added that if retail interest keeps up, it’s not hard to get over the $0.08291 barrier and rally in the coming days. 

#STPTUSDT (STP) Updated till 15-01-25
we can see 2 wicks toward 0.08291 thats buyers trying to clear out sellers on resistance. if retail interest keeps up its not hard to get over 0.08291. its holding well even through market dump till now. recent support at 0.06287.#STPT $STPT pic.twitter.com/au8K8TRQK0

— Jason ness (@freesignal0) January 15, 2025

STP Statistical Data

Based on CoinmarketCap data: 

• STPT price now – $0.08
• Trading volume (24h) – $156.47 million
• Market cap – $141.76 million
• Total supply – 1.94 billion
• Circulating supply – 1.94 billion
• STPT  ranking – #375

STP Price Signal More Bullish Trend Ahead

STP price on the 1-day chart timeframe reveals a rounding bottom pattern, signalling a potential bullish reversal. This pattern signals a possible breakout, which has occurred, as evidenced by the parabolic curve from the $0.06 support to $0.09 before a slight retracement to $0.08.

The upward breakout shows strong bullish momentum, suggesting further gains ahead. A continuation of this movement could drive the price towards $0.12.

Over the last 24 hours, bulls have put their best feet forward, quashing the selling pressure and supporting an impressive rally to $0.09. A zoomed outlook at the technical indicators, the buying interest is rising, painting the bigger picture bullish. Moreover, the immediate support levels at $0.057 and $0.053 further tilt the odds towards the bulls. 

Traders interested in holding long positions in STPT and possibly desire to seek more exposure to the token may do so assured that the golden cross pattern on the 1-day chart is a bullish gesture. A golden cross comes into the picture when a short-term moving average (50-day SMA) crosses above a long-term moving average (200-day SMA).

Although not currently overbought, the RSI (Relative Strength Index) which measures the strength of an asset’s trend – either up or down, suggests intense buying activity. Its position at 61.66 signals that there is still more room for the upside before STPT is considered overbought. 

On the other hand, the MACD (Moving Average Convergence Divergence) is strongly positive, with the MACD line (0.0057) crossing above the orange signal line (0.0049). This indicates buyer momentum still exceeds selling pressure. 

STP Price to Continue Soaring

Based on the technical outlook, the bulls have quashed their seller counterparts, entirely taking the reins. The Golden Cross and the Roundng bottom pattern formation further affirm the bullish grip in the  STP market. Bulls could seize the opportunity to push the STP price to $0.09 if the support levels hold.  In a highly bullish case, the gains could extrapolate to $1.12, a 60% breakout. 

Conversely, early profit-booking activities and a market-wide sell-off may culminate in an STP price correction to $0.06. Nevertheless, the bullish sentiment for the STP price would only be invalidated below the $0.0575 support. Such a move would also indicate a change in market structure.