STP Network(STPT)/USDT Technical Analysis : 02 February 2022

The STP network price since its inception maintained a silent trend and spike more than 600% during the first half of 2022. Despite the huge plunge which drained almost 90% of its gains, consolidated for more than 3 months after rising slightly. Later the STPT price spike nearly 500% in just a couple of days at the beginning of Q4 and dragged traders’ attention towards it. However ever since then, the price is trending within a descending channel and is currently about to break through the consolidation very soon.

STP Network(STPT)/USDT Technical Analysis at a Glance

The STPT network began the 2022 trade with a notable bearish trend which remained unstoppable until it marked the monthly lows. With a couple of drastic plunges, the asset continued to form multiple lower highs and lows. Yet after consolidating within the lower regions for some time, the asset yet again surged to a notable extent. Following the same strategy, the asset is not very close to hitting the upper resistance. 

Additional Read: Crypto Taxation Guide Budget 2022

STP Network(STPT) Technical Analysis & Pivot Levels

Technical Indicator 

Pivot Levels

Summary

The STPT price is bullish in the STF while extremely bearish in HTF. Yet, the RSI levels are pretty stagnant on both time frames. The only difference is the RSI is consolidating in the lower bands in the long term while around the upper bands in the short term. And hence a trend reversal may be expected after sometime ahead. 

While the momentum that measures the rate of change is pretty bearish in both the time frames and bull/bear power is pretty neutral. On the contrary, the MACD is showcasing a diverse trend as in the short term it’s bearish and in long term it’s bullish. And hence it indicates that the current trend may be bearish but in the long term it’s extremely bullish. 

Additional Read: STP Network Price Predictions

STP Network(STPT)/USDT Technical Analysis for the Week

As mentioned the asset is maintaining a descending trend ever since it smashed its ATH at the beginning of Q4 2021. After undergoing multiple lower highs and lows, the asset is now on the verge to hit the upper resistance, very close to the apex of consolidation. Hence one can easily expect a notable uptrend very soon.

Source: Tradingview Date: 02-02-2022 Time: 3:20pm

• The asset ever since smashed its highs is swinging within a descending triangle and approaching the apex
• Before reaching the apex, the asset may attempt to slice through the consolidation in the next couple of hours
• However, a fair chance of rejection may appear and the asset may experience a pullback to the lower support
• Yet the support may be held strong and a quick rebound may be triggered that could assist the price to barge through the descending consolidation
• However, until and unless, the asset do not sustain above the immediate resistance levels, the uptrend may not be validated

STP Network(STPT)/USDT Techincal Analysis for Today: 02 February 2022

The STPT price since the past couple of days has been trending within a notable uptrend and hence the possibility of maintaining an uptrend is pretty high. However, the rally may follow a silent yet steady trend eliminating the possibilities of a drastic plunge. Therefore, in the short term, the asset is extremely bullish but may turn bearish reaching the immediate resistance. 

The STPT price at the press time is around $0.07602 with a jump of nearly 1.18% compared to the previous day close. The trading volume since the last close has jumped drastically more than 326% to hit $13.4 million. And the market capitalization also spiked more than 1.18% in the last 24 hours.

Where & How to buy STP Network(STPT) 

Investing in STP Network or any of your favorite assets is extremely simple here on CoinDCX. All you need to do is download the CoinDCX App on your smartphone and register yourself with the required details. Further, the platform verifies your bank account and then you become a proud customer of CoinDCX. Now you need to just fund your wallet and start investing or trading your favorite cryptocurrencies.

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