STX coin price analysis: STX coin rises to the $1 level

The STX coin price is trading at the supply zone on a daily time frame.
The STX coin price forms a rounding bottom pattern on a daily time frame.
The pair of STX/BTC is trading at the price level of 0.00003633 with an increase of 3.10% in the past 24 hours.

STX coin price is trading near the supply zone of $0.9032, as it tries to break it. STX coin price has bounced off the demand zone as the coin price follows bullish momentum. At present, the coin price is trading in a small narrow range and a breakout on either side will trigger a big move. As the STX coin price moves higher it is forming higher high and higher low formations in a 4-hour time frame.

STX token price excites bulls

While on a weekly time frame the coin price is still bearish as it forms s lower low and lower high price structure. The STX coin price is trading above the 50 Moving Average and 100 Moving Average on a daily time frame. This comes after the coin price broke these MAs during a recent bullish move to the supply zone from the demand zone. Going forward the coin can be seen taking support at these MAs.

The STX coin price is currently trading at the upper band of the Bollinger band indicator after bouncing off the lower band of the Bollinger band indicator. The STX coin price has already given a breakout of 14 SMA as the coin now retests the yellow line. Volumes have increased as the coin price hovers near the supply zone. This will lead to an increase in volatility.

The STX coin price is forming a rounding bottom pattern on a daily time frame

MACD indicator has given a positive crossover as the coin forms a bullish chart pattern on a daily time frame. The coin bounced off the demand zone which resulted in a positive crossover. The blue line crossed the orange line on the upside. As soon as the coin breaks the supply zone on the daily time frame the MACD line can be seen widening, supporting the trend.

The STX coin can be seen moving up as soon as the coin reaches the supply zone. The coin is hovering around the supply zone. The STX coin zone has already crossed the super trend sell line which was acting as a strong supply zone. This comes after the coin price bounced off the demand zone with strong bullish pressure. As a result, the super trend indicator triggered a buy signal. Although the coin price is yet to break the supply zone, moving upwards the coin price can be seen resting at the super trend buy line.

ADX curve has been dipping on a weekly time frame as the coin continues to fall. In a 4-hour time frame, the ADX curve has dipped out of the 30 mark and has turned upwards. As seen in the 4-hour time frame the ADX curve has risen above the zone indicating strong bullishness. As the coin price hovers around the supply zone, the ADX curve is still pointed upside. Investors should wait for a breakout of the supply zone with a positive candle formation.

Conclusion: The STX coin price is trading at the short-term supply zone, as it forms a bullish chart pattern on a daily time frame as the price action suggests. The technical parameters have turned positive as the coin price rose to the supply zone from the demand zone. As of now, the coin price is consolidating. It remains to see if the coin price will break the supply zone and start moving up after consolidation or break the demand zone and fall. Investors should wait for a proper signal of breakout on either side and then act accordingly.

Support: $0.85 and $0.80

Resistance: $0.98 and $1.1

Disclaimer-

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing