Stacks Price surged 10% on a single day and attempted to climb above the 50-day EMA. It shows responsive buyers are active on lower levels and trying to regain the positive momentum.
STX price corrected 40% approx from the swing high at $1.3113 and consolidating near to the previous breakout level. However, the price is still sustaining above the 200-day EMA indicates the positional trend is in upward direction. The volume bars in the Stacks crypto is continuously on a decline phase from the past few months and prices are also lacking the momentum.
Stacks Price is trading at $0.7753 with an intraday rise of 2.69%. The 24-hour volume-to-market cap ratio is 0.1297. At the mid of March, Stacks price took support near $0.5200 and formed a bullish hammer candle. Later, prices take a U-turn and begin to rise by forming higher highs.
STX price rallied 130% approx and hit a swing high at $1.3113. It consolidated for a few days near the supply zone and buyers struggled to continue the upward momentum. Later, prices witnessed profit booking and slowly it reverted in a downward direction.
Is Stacks Price returning to a bullish track?
Stacks price has performed well in the past few months and generated decent returns for the long-term investors. Currently, the price is retracing downward for the short-term correction.
Till STX price is sustaining above the $0.4000 level the probability of bounce back will remain high. However, if the price dropped below $0.4000 level then it may raise concern for the long-term investors.
The technical analysis suggests, Stacks price is in bulls grip and prices are showing signs of bullish trend reversal. STX price will pick up the positive momentum when buyers succeed to break the $1.000 hurdle. Till then price may consolidate in a range with a bullish bias.
STX price on weekly time frame
STX price forming a reversal pattern on a weekly timeframe and trying to break out of previous week high. It seems like the correction is over and buyers are returning back to the track. However, if the overall market sentiment turns bearish then it may negatively impact the prices of Altcoins.
The technical indicators like MACD had generated a fresh positive crossover. It indicates that prices are likely to show some upside momentum in the coming months. The RSI at 41 sloping upward denotes STX price is recovering from the oversold territory and may reach the neutral level.
Conclusion
Stacks price surged 10% on a single day and formed a bullish reversal pattern. STX price is near to the demand zone and till the price sustains above 200 day EMA the probability of rebound remains high. The technical analysis says, Stacks price is in bulls grip and buyers seem to be returning back to the track.
Technical levels
Resistance levels: $1.0116 and $1.3113
Support levels: $0.5200 and $0.4000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/03/stacks-price-surged-10-stx-price-prepares-for-1-00-again/