STX Technical Analysis: Bullish Failure Hints 18% Downfall

Table of contents

  1. Past Performance of STX
  2. STX Technical Analysis 
  3. Upcoming Trend

STX prices fail to surpass the long coming resistance trendline teasing a downfall to the $0.45 mark after failing to surpass $0.60.

Key technical points:

STX prices are up by 2.76% today.However, the bullish reversal fails to surpass the resistance trendline.The 24-hour trading volume of Stacks is $50 Million, indicating a rise of 158%.

Past Performance of STX

STX prices showcase a bullish reversal from the $0.45 mark after a 70% downfall last month, increasing the bearish influence on the EMAs. However, the bullish reversal formed a double bottom pattern resulting in a retracement to $0.60, but the buyers failed to surpass the long-coming resistance trendline.

TradingView Chart

Source-Tradingview

STX Technical Analysis 

STX price action shows a failed bullish breakout due to the high supply pressure near the resistance trendline. Therefore, the possibility of a downfall of $0.45 increases drastically as the selling pressure grows.

The crucial daily EMAs indicate an inclination to decline in a bearish trend which demonstrates the force of the bearish foundation.

The RSI values suddenly shift away from the oversold zone but fail to sustain the uptrend. This starts a retracement to the 14-day average line before getting to the mid-point. Moreover, the Stochastic indicator’s optimistic outlook isn’t confirmed because the D and K lines end the bullish spread. They also suggest a bearish crossover to exit the overbought zone shortly.

In short, the STX technical indicator displays a higher chance that the market value will fall drastically in the upcoming sessions.

Upcoming Trend

The failed bullish attempts to inflate the STX prices above the resistance trendline warn of a downward trend below the $0.45 mark. The fallout rally could be able to reach $0.40, which is a decrease of 10% in this scenario.

Support Levels: $0.45 and $0.40

Resistance Levels: $0.60 and $0.80

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest

Post comment

Your email address will not be published. Required fields are marked *

AllEscort