- 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.
Stronghold [SHX] saw a 60.5% move higher in the past week. The $29.3 million market cap asset has been trading since 2019, with the upcoming Bitcoin [BTC] bull run being its second chance at fame.
The token surged from $0.00347 to $0.0159 in February, a 188% gain in the span of twelve days. Since then, all the gains made were wholly retraced. Should bulls anticipate a continued move upward?
The OBV urges Stronghold crypto swing traders to buy
Source: SHX/USDT on TradingView
The market structure on the daily chart was bearish. A daily session close above $0.0056, the high on the 18th of August, is necessary to shift the structure bullishly. The price was at the $0.005 resistance level, which the bulls have struggled to breach since early July.
The move in February was used to mark a set of retracement levels, and they could also be key support/resistance levels during the Stronghold crypto’s path to recovery.
The daily RSI was at 70 to signal strong bullish momentum. The OBV was on the verge of clearing a local high of the past two months, further buoying SHX bulls’ confidence.
Such an OBV breakout would point toward steady buying pressure and could be a buy signal, but the structure remained bearish at press time.
Social metrics surged alongside prices
Source: Santiment
The social volume rocketed higher during the past week as the price made considerable gains. On the back of this, the weighted sentiment also soared positively, slightly surpassing the highs last made 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.
Overall, the increase in the OBV past the local high was the strongest bullish argument for the month of September for Stronghold crypto.
