Will STX Crypto Price Smash $1 Mark?

Stacks (STX) is the main token of the Stacks blockchain, a layer-one blockchain that operates on top of the Bitcoin blockchain. The Stacks blockchain permits developers to make decentralized applications (dApps) with smart contracts, turn assets into tokens, and build digital marketplaces. 

The STX token is made using the Clarity smart contract language, which is a special, safe, and verifiable language. The Clarity language and STX token are meant to be used in secure and trustworthy smart contracts that can be used to turn assets into tokens, make financial tools, and power decentralized applications.

The Stacks blockchain uses a Proof-of-Transfer (PoX) consensus protocol, which pays miners for checking transactions with a mix of Bitcoin and STX tokens. The PoX consensus protocol is meant to provide a secure, reliable, and decentralized platform for the Stacks network.

The Stacks Ecosystem consists of the Stacks network, the Stacks token (STX), and the Stacks wallets and applications. The Stacks wallets give users a secure and easy way to store, send, and receive STX. The Stacks applications let developers create and launch dApps powered by the Stacks blockchain.

Let’s Evaluate The Charts of Stacks Crypto

Stacks price prediction indicates that the Stacks crypto may see further depreciation in its value in few pasrt sessions. Presently, the Stacks price is down by 3.40% and 1.30% over the past 7 days and according to the price action it is facing bearish pressure.

At present, the bears are in charge of the trend where they are maintaining firm command over the price action. Although the bulls attempted to take control. Despite the bullish optimism, the buyers were unable to break above $0.7486, and bears regained supremacy over the price action on the 1-day chart.

Stacks crypto is trading under the key exponential moving averages within the bear’s grasp. The price is facing resistance from the level of $0.7486 at present on the daily timeframe. The price is facing substantial selling pressure in the supply zone which indicates that bears may push its value down further in the near future.

The technical indicators suggest that bears hold the edge over the price action. The price pattern, oscillators, EMA’s, and Volume are moving in tandem, giving similar signals.

Summary

Stacks (USD: STX) technical oscillators  support the mild bearish trend. The MACD, RSI, and EMA are emphasizing neutral signs and imply that the mild correction may continue in the STX crypto price. Stacks Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.

Technical Levels

Support Levels: $0.7486

Resistance Levels: $0.6197

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.