Published 42 mins ago
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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/stacks-price-analysis-stx-price-face-22-downside-risk-if-sellers-break-support/