Stacks Price Prediction: Will STX Escape its Consolidation?

STX price had broken through its consolidation phase and surged toward the resistance. However, the bullish rally was interrupted by the bears. The sellers tried to bring the downward momentum with some dips, but STX continued to follow the upward curve over the daily price chart.

Stack’s current price is around $1.02 with a gain of 17.38% during the intraday trading session. The STX/BTC pair is surfing around 0.00003594 BTC with an increase of 11.36 % in the last 24 hours. The ongoing bullish rally might result in the price reaching the primary resistance of $1.20 and the price might boost up to the secondary resistance of $1.55. If the bears again try to manipulate the trade, the price could drop to the primary support of $0.87, and if the bearish trend persists, then the price could drop to the secondary support of $0.56. The strong bullish trend would be difficult to reverse for the bears.

Source: STX/USD by TradingView

The volume for STX inclined by 64.85% during the last 24 hours and the increasing price of the coin indicates that the short-selling pressure is decreasing, indicating the buyers’ accumulation over the market of STX. The STX price is trading above the 20,50,100,200 Daily Moving Averages. The bullish dominance might take the price to the secondary resistance.

The Technical Analysis of STX

Source: STX/USD by TradingView

Technical indicator shows that the intersection of the MACD and MACD signal forming a negative cross. The buyers are getting active and trying to take the Relative Strength Index toward the overbought territory. The RSI’s current value is 55.62 which is lower than its average RSI of 62.28. The RSI might move toward neutrality. The buyers are taking advantage of the bears stagnancy, wherein the sellers might again attempt to take over the trade.

Conclusion

The current market trend of the Stacks is bullish; the buyers’ dominance might continue if the sellers stand still. Stack’s current price is around $1.02 with a gain of 17.38% during the intraday trading session. The volume has also increased indicating the buyers’ accumulation over STX. Investors might have to wait for a directional change over the daily price chart.

Technical Levels

Support Levels: $0.87 & $0.56

Resistance Levels: $1.20 & $1.55

Disclaimer

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

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