Stacks Price Drops 20%, Eyes To Retest $1.2 This November?

The cryptocurrency market has experienced a significant pullback this week due to the rising uncertainty concerning the possible outcome of the upcoming U.S. election in 2024. Following this, the Stacks price has recorded a major price correction, highlighting increased bearish sentiment.

With the Decentralized Finance market constantly struggling to regain momentum, is this a good time to add Stacks crypto token to your portfolio? Read our in-depth research to explore the potential short-lived price targets of the Stacks (STX) token.

STX Coin Price Hints At A Bullish Reversal?

Amid increased price uncertainty, the Stacks crypto price has recorded a strong bearish pullback over the past few days. Notably, it has dropped 19.36% over the past week and 15.76% during the past 30 days. With a market cap of $2.273 billion, it has secured the 34th position.

The Relative Strength Index (RSI) has successfully retested its oversold range in the 1D time frame. This indicates an increase in the buying-over-selling pressure for the altcoin in the crypto market.

However, the SMA indicator constantly acts as a resistance to the Stacks price chart. This suggests a mixed price sentiment for the altcoin this week.

Will STX Price Retest $2 Soon?

If the bullish sentiment resurfaces, this could result in the Stacks price retesting its resistance level of $1.675 in the upcoming time. Maintaining the price above that level could set the stage for it to head toward its upper resistance level of $2.135 this month.

On the contrary, an intensified bearish action could pull the STX coin price toward its crucial support level of $1.230.

Wondering about the long-term sentiment for this DeFi project? Read our Stacks (STX) Price Prediction article!

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