STX Technical Analysis: Stacks Struggles to Sustain the Bullish Momentum

The STX technical analysis displays that Stacks is unable to sustain the bullish momentum above $0.26 despite the recent reversal rally, with RSI moving sideways around the midpoint.

With a spike of 7.09% during the last 24 hours, Stacks (STX) is again on the bull run with market valuation growing by 9.68% to $340.75. The token has registered a remarkable growth of 18.8% over the last 7 days while rebounding from the recent low of $0.20. After dividing down from $0.34 to $0.24 on Monday, the token is again in recovery mode with 1.9% growth in the last hour as of writing. Presently trading at $0.26, the 24-hour trading volume has grown by 512.84%, showing a surge in the demand among buyers. 

Key Points

The STX price action maintains a bullish reversal trend after the recent slash Prices above 61.80% on the Fib replacement level show uptrend in the market The intraday trading volume in STX is $80.79 million, reflecting a 512.84% rise

TradingView ChartSource Tradingview

STX Technical Analysis

The price line moving significantly above the 200-day EMA, with the moving average far below the support trendline, signifies the recovery rally in the market after the recent plunge. However, despite buyers trying hard to break above the mark of $0.26 with the recent two bullish breakouts, the prices have pulled back twice from the resistance trendline. Sidelines traders will still find entry and exit opportunities at another breakout on either side. If STX strengthens the bullish momentum, prices will reach $0.30, whereas if the token witnesses a bearish reversal it will again plummet below $0.24.

Technical Indicators

Moving sideways along the halfway line, the RSI slope makes a bullish divergence at the mean point, highlighting mediocre demand for the token. MACD and signal lines also make a bullish crossover at the midpoint with a bullish histogram. 

The technical indicators display mixed situations in the market with RSI hovering around the midpoint as prices are still struggling to gain the buyers’ attention.


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