NewsletterStacks Price Analysis: STX Price will Face 22% Downside Risk if Sellers Break this Key Support
Stacks Price Analysis: The ongoing correction phase in stacks coin price is strictly responding to two technical levels which are a downsloping resistance trendline and a horizontal support level of $0.67. The coin price bounced back twice from both aforementioned levels accentuating the traders’ respect for these levels and therefore it will also have a significant implant on the near future move.
Key points:
- Supply pressure at the overhead resistance trendline of the Stacks price could continue to resonate in a narrow range for a few more sessions.
- The 20-and-50-day EMA offers additional resistance against rising STX prices.
- The intraday trading volume in the STX is $331.7 Million, indicating a 696% gain
Source- Tradingview
The Stacks coin price resonating between the downsloping trendline and $0.67 support over a month has created a narrow range in the daily chart. Moreover, the mentioned levels converging to a single point indicates altcoin’s price action will narrow shorter before giving an actual decisive breakout.
Today, the Stacks coin price trades at the $0.76 mark and shows a long-wick rejection near the overhead trendline. This rejection reflects the trades are aggressively selling at this trendline indicating correction remains intact.
Also Read: Top Web 3 Phones And Their Specifications
Thus, if the supply momentum rises, a daily candle closing below the $0.67 support will offer sellers a new resistance level to pressurize the price for further downfall. The potential downfall may tumble the price 22% down to hit $0.525.
Conversely, a breakout above the downsloping trendline will signal the end of the correction phase and trigger a fresh recovery rally.
Technical indicator
Relative Strength Index: As the stacks price retest $0.67, the daily RSI slope rising project the increasing buying pressure at the support level
Exponential Moving Average: The coin price trading above the 100-and-200-day EMAs keeps the overall market sentiment bullish.
Stacks Coin Price Intraday Levels
- Spot rate: $0.759
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.775 and $0.86
- Support levels- $0.67 and $0.525
- U.S. SEC’s Crypto Task Force Sets Dec. 15 for Privacy Roundtable After Previous Delay
- Grayscale Files S-1 for New SUI ETF After 21Shares’ Successful First Fund Launch
- Do Kwon Faces Up to 12 Years in Prison Over ‘Colossal’ Role in $40B TerraUSD Collaps
- ProShares Drops 3x Bitcoin, Ethereum, XRP ETF Plans After SEC Pushback
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Is Chainlink Price Headed for $20 as Reserves Pass 1M LINK?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
