Stacks 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.
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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
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