- SHX has made large gains in a small amount of time, leading to questions about sustainability.
Small-cap tokens tend to be more volatile, and SHX has not held up well during BTC’s downtrend.
As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the recent performance of Stronghold [SHX]. The 60.5% surge in just a week has certainly caught my attention, but it’s the subsequent retracement that has me questioning its sustainability.
In the last seven days, Stronghold [SHX] experienced a notable surge of approximately 60.5%. This asset, valued at $29.3 million, has been in circulation since 2019. With the anticipated Bitcoin [BTC] price increase, Stronghold might get its second opportunity to garner attention.
In just 12 days during February, the token’s value skyrocketed from $0.00347 to $0.0159, representing a massive increase of 188%. However, since then, all these gains have been entirely wiped out. With this in mind, are investors hopeful for further growth?
The OBV urges Stronghold crypto swing traders to buy
On a day-to-day scale, the market trend was bearish. For the trend to become bullish, we need the closing price to exceed $0.0056, which was the peak on August 18th. The price has been encountering resistance at the $0.005 level, a barrier that the bulls have found challenging to surpass since late July.
In February, the action served to define a series of potential reversal points, which might also function as potential support or resistance zones for the Stronghold cryptocurrency on its journey towards recuperation.
Today’s Relative Strength Index (RSI) reached 70, indicating robust upward movement in the market. Additionally, On-Balance Volume (OBV) is nearing a recent two-month peak, which could boost the optimism of SHX investors even more.
As an analyst, I’m observing a potential breakout that suggests strong buying pressure and might serve as a buy signal. However, the overall structure remains bearish at this moment, indicating a predominant downward trend.
Social metrics surged alongside prices
During the last week, social activity increased significantly due to substantial price improvements. As a result, the overall sentiment, taking into account various factors, rose sharply and even slightly exceeded the peaks reached in May.
Realistic or not, here’s SHX’s market cap in BTC’s terms
The Twitter follower count has increased slowly over the past month as well.
In essence, the surge in On-Balance Volume (OBV) surpassing its previous peak during September was a compelling bullish indicator supporting Stronghold cryptocurrency.
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2024-09-10 12:39