Stacks price (STX) slid 3.17% in the last 24 hours and is currently trading at $0.468.
Stacks price (STX) suffered rejections due to short selling from the upper levels and failed to sustain above $0.5 and slid down.
The Stack price surged more than 66% in a very short span of two weeks in June 2023. The price hiked from the swing low and surged higher.
However, the price could not continue with the momentum and was unable to surpass the level of $0.82 from where sellers took control of the game and the price declined. The price then gained momentum toward the downside after forming a bearish price action.
Thereafter, the price tried to sustain above the 50 EMA, but the lack of buying volume could not defend the level of $0.5 and the price made a sharp decline after breaking below the $0.5 level, currently trading at $0.46.
Stacks (STX) is a layer that adds smart contracts and decentralized apps to Bitcoin, the most secure and valuable crypto asset. Stacks uses Bitcoin as the base currency and settles transactions on the Bitcoin network, unlocking $500B in BTC capital for the decentralized web.
Stacks Price Prediction Using Price Action Strategy
The analysts observe that the price may decline more as the bears have taken control of the game. The price could not sustain above the key moving averages which indicates the weakness in the crypto in the short term as well as the long term.
The price is also respecting a trendline resistance as it has suffered multiple rejections from the trendline. The price may remain bearish until it maintains itself below the trendline resistance. The price has made a breakdown of the previous swing low turning the long-term trend bearish.
Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The STX token has received a $13.33 Million volume in the past 24 hours which is nearly 1.94% less than the past day. The price may keep correcting until it gets enough buyers to surpass the upper supply zone.
STX Price Forecast from Indicators’ point of view
As per the EMA analysis, the STX price could not sustain above the 50 and 200 EMA indicating the dominance of sellers in the market.
At the time of publishing, the RSI value of the STX token is 27.68 and that of the SMA line is 30.85. RSI is declining suffering rejections from the SMA line indicating the bearishness in the market.
MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with increasing height indicating bearish sentiment in the market.
Stacks price hiked 66% in two weeks in June 2023, but failed to break $0.82 and fell sharply. The price broke below the 50 EMA and the previous swing low, turning bearish in the short and long term. The price is also facing a trendline resistance and low volume, indicating weakness in the market. The price may continue to drop until it finds enough buyers to overcome the upper resistance.
- Support levels: $0.385 and $0.282.
- Resistance levels: $0.588 and $0.689.
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.