STACKS Price Analysis: STX Bulls Need to Come Forward for Rescue of Token


  • In the midst of this BTC dominance, the STX price is sinking toward the bottom while trading inside a symmetrical triangle pattern on the daily price chart.
  • The price of the cryptocurrency asset is below its 20, 50, 100, and 200-day moving averages.
  • The STX/BTC pair is at 0.00001849 BTC with a loss of 2.26%.

The STX price trading inside a symmetrical triangle pattern over the daily price chart is falling towards the lower side amid this BTC domination. The coin needs to draw buyers in order to avoid the breakdown that the bears are predicting and instead produce a trend reversal. The entire cryptocurrency industry is having a difficult time as a result of BTC’s dominance.

The STX investors are a bit tense as the trading volume is at a mere gain of 4% which is sinking and needs to be supported. The bulls should concentrate on this volume of trading because it will pump up the prices. If they succeed in making a breakdown the price will at least fall to the support level of $0.30 and will create a difficult situation to make the price recover.

One STX token currently values equal to $0.38 which is suffering a loss of 6.54% in its market capitalization in the last 24 hrs. The token has a trading volume of 11 million which is facing a conspicuous loss of 23.48% in the 24 hrs trading session and a market cap of 509 million. The volume market cap ratio for STX is 0.02291.

Short-term View for STX Token

While observing the short-term (4 hrs) graph we can keep continuous domination by the bears which made the price fall approx 17% in just 3 days.

The technical indicators like MACD is showing the seller’s line is moving above the buyers line which indicates the dominance of sellers over the token along with the support of red histograms. The relative strength index on the contrary took a turn after approaching the oversold mark and indicating the manipulative behavior of indicators. The RSI value is above 30.

Conclusion

The STX price trading inside a symmetrical triangle pattern over the daily price chart is falling towards the lower side amid this BTC domination, and the entire cryptocurrency industry is having a difficult time as a result of BTC’s dominance. The bulls should concentrate on this volume of trading because it will pump up the prices. The hourly analysis shows bearish dominance but also the bull’s efforts as the RSI as indicating the induction of bullish effort. The investors need to wait for the directional move.

Technical levels

Resistance levels: $0.45 and $0.48

Support levels: $0.34 and $0.30

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.



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