- STPT/USD has a bullish short-term and medium-term trading outlook
- The four-hour time frame shows that a bullish reversal pattern has formed
- The daily time frame shows that a bullish double-bottom pattern has formed
Standard Tokenization Protocol is starting to show positive technical signs on both the lower and higher time frames, with the cryptocurrency stabilizing above its key moving averages.
The STPT/USD pair has spent nearly two-weeks above its trend defining 200-day moving average and continues to create bullish higher highs and lower lows.
Technical analysis shows that the cryptocurrency could be on the verge of an upside breakout, as both the four-hour and daily time frames are now showing bullish reversal patterns.
The four-hour time frame shows that an inverted head and shoulders pattern is taking shape, with the overall size of the pattern suggesting that a rally towards the $0.017 level could occur.
The daily time frame is slightly more bullish and depicts a possible rally towards the $0.020 level over the medium-term, according to the size of the bullish double-bottom pattern.
Looking slightly more long-term, it is also possible a potential upside rally could move past the $0.020 level and target the upsloping trendline on the daily time frame, around the $0.030 level.
The Relative Strength Index on the daily time frame is bullish and holding well-above 50, while the MACD indicator is currently neutral.
STPT/USD H4 Chart by TradingView
Upside Potential
The four-hour time frame shows that key technical resistance is now located at the $0.012 and $0.013 levels.
Key technical resistance over the medium-term is located at the $0.017 and $0.020 levels.
STPT/USD Daily Chart by TradingView
Downside Potential
The four-hour time frame is showing that the STPT/USD pair has strong medium-term technical support around the $0.009 and $0.008 levels.
Critical long-term technical support for Standard Tokenization Protocol is located at the $0.006 support level.
Summary
STPT has solid short and medium-term upside potential if bulls can maintain the cryptocurrency above its 200-day moving average.
Both the four-hour and daily time frames are depicting bullish reversal pattern with strong double-digit upside potential.
DISCLOSURE
Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.
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