SHX Price Surge: Can It Overcome This Challenge?

The recent surge in the price of Stronghold (SHX) can be attributed to its recent listing on Uphold, which significantly increased trading activity. Currently, SHX is facing a crucial resistance level that it needs to surpass for continued upward momentum.

Key Takeaways

The recent price rally was largely driven by SHX's listing on Uphold, generating strong demand.
Short-term predictions indicate an uptrend is likely, but overcoming the resistance at $0.0139 is essential for further gains.
Stronghold (SHX) saw a remarkable increase of 44.1% in the last 24 hours, with trading volume soaring nearly fivefold, according to CoinMarketCap.
Despite the encouraging news, market sentiment remains slightly negative, and social engagement around SHX is low, as noted by Santiment data.
At the time of writing, SHX's market capitalization was relatively modest at $5.56 million.

Why is SHX’s price up today? Uphold listing inspires 44% Stronghold move

Bullish Momentum Pushing SHX Into Overbought Zone

SHX 4-hour Chart

Source: SHX/USD on TradingView

Recent analysis of the 4-hour chart reveals a promising bullish trend, with buyers successfully transforming the $0.011 price point from a supply zone to a demand zone. SHX bulls also pushed prices beyond the critical $0.0125 resistance level, a Fibonacci retracement point following its previous price drop. The news of the Uphold listing motivated buyers, leading to a short-term recovery that has allowed SHX to reclaim a significant portion of its losses from November. However, at the current moment, the price remains under the pivotal $0.0139 resistance level on the 4-hour timeframe.

The On-Balance Volume (OBV) has increased, signaling robust demand, while the Relative Strength Index (RSI) reached 81, indicating SHX is in overbought territory. Nonetheless, this alone does not suggest an imminent pullback.

Potential for Mild Retracement

SHX 30-minute Chart

Source: SHX/USD on TradingView

An analysis of the shorter timeframes indicates that the price level around $0.0115 serves as a potential support area that may be revisited. This level is situated within the former supply zone from November, now aligning with the demand region on the 4-hour chart.

The RSI has normalized to a neutral position of 50, and although the OBV showed a slight decline, it continues to maintain an upward trend. This suggests that a minor retracement in SHX is likely, which could be followed by another upward push if demand persists.

Disclaimer: The information provided herein is not intended as financial, investment, or trading advice; it reflects the author's personal opinion.