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- After a downtrend over the daily graph, the bulls have accumulated to rescue the coin, still, a bearish run is expected.
- The crypto asset is trading below the 20, 50, 100, and 200 daily moving average.
- The STX/BTC pair is at 0.00001978 BTC with a gain of 12.83% in it.
Stacks is a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications (DApps) to Bitcoin (BTC). Stacks looks to take what makes Bitcoin so powerful, and extend it with additional functionality, without needing to fork or change the original Bitcoin blockchain.
It looks like the STX after a downfall over the daily chart has managed to attract buyers. The STX price has started climbing over the market as a result of bulls’ efforts. The coin has gained 472% of its volume in just 24 hrs which means that the buyers are taking a keen interest in the coin. This recovery is not enough so the bulls need to make the efforts consistent to make a significant gain in the price. Looks like the investors had a good opportunity to enter the market and most of them grabbed it. But it is expected that the bears are definitely gonna interrupt.
The current price for one STX coin is trading at $0.42 with a gain of 17.42% in its market capitalization in the last 24 hrs. The coin has a volume of 73 million which is at a massive gain of 472.25% in the 24 hrs trading session and a market cap of 560 million
Short-term Analysis for STX
While analyzing the graph for a short term (4 hrs) we can observe the same uptrend. But over the hourly graph, we can observe the bears are back in the market as the STX price has started falling again.
In support, the technical indicators like MACD are indicating for initiation of the bearish rally as the histograms started fading.
In support, the relative strength index is also indicating the same, as it hit the overbought and now it’s time for the price drop amid the increasing selling pressure.
Conclusion
It looks like the STX after a downfall over the daily chart has managed to attract buyers. The coin has gained 472% of its volume in just 24 hrs. This recovery is not enough so the bulls need to make the efforts consistent to make a significant gain in the price. Whereas the technical indicators suggest a bearish rally further.
Technical levels
Resistance levels: $0.44 and $0.47
Support levels: $0.33 and $0.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
