Stacks Price analysis: STX booms by 150% after getting listed on a Korean Exchange

STX price is undergoing through a massive correction
  • Stacks, which was consolidating at $1.135 until April 5, 2021, has shot up an impressive 150% in a single day and formed an ATH of $2.82
  • After the parabolic move, the token has shown signs of correction

On April 5, 2021, STX price made an astonishing move to the upside and formed at ATH of $2.82, followed by huge volumes attracting tons of buyers. The very next day, the token showed signs of correction and continues to hit the downtrend. The currency eventually came under selling pressure which has brought the price to 46% below its ATH. Overall, the price action looks good with buyers accumulating. $2.64 and $2.83 are the two resistance levels where the price of STX faced rejections, but it is holding well above previous levels. While the token is undergoing a massive correction, it is expected to form new levels of support and retrace back up. 

WILL STX KEEP ON RECTIFYING?

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As of today, STX price is plummeting very rapidly. Although it did form a support at $1.51, there aren’t any correct signals that suggest that the price will move back up from that support level. The chart might be forming a falling wedge pattern which can only be taken into consideration once it breaks the resistance trend line.

The current market capitalization of STX is $2.3 billion, with an increase in volumes of trades by 1260.94%, accounting for $1.3. 

The token is currently hovering above all major EMA levels. If it breaks the support level of $1.51, there is a strong chance 20 EMA will back it at $1.35. Another crucial support level would be $1.16 (50 EMA). For the short term, STX is trading below its 9 day EMA, which indicates that the downtrend is most likely to continue. 

The RS1 on a daily time frame is hanging tight at 47, indicating moderation in both buying and selling. 

 MACD shows moderate to bearish levels with the profit booking in session. 

CONCLUSION

Looking at the big picture, after a minor consolidation, indications are that the bullish trend is likely to follow. Blockstack shows many potentials, and the technology behind it is based on powerful fundamentals. The fact that it is built to work on the bitcoin network gives them stability compared to other innovative contract platforms. The short-term target of $30 by the end of 2021 doesn’t seem to be impossible at the moment.  

SUPPORT : $1.17. $1.82 and $1.51

RESISTANCE : $2.83 (ATH) and $2.64

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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