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- The price of Stack (STX) has dropped by almost 30% in the last 20 days.
- STX price fluctuated just above the yearly low at $0.199.
- Trading volume suddenly increased by 186% to $14.7 million.
For a longer term outlook, there is no doubt that Stax coin is looking weak this year. Buyers are caught in the bullish rally of the last year, in which bulls made a remarkable return from the yearly low of $0.387 to the high of $3.256. Amidst this pump and dump ride, the bulls pushed the crypto’s price up by nearly 750%.
Since it’s all-time high, Stacks coin has been underperforming. The bears are following the bullish sell-off. Also, due to the FTX crisis, buyers saw a yearly low of $0.199. The $0.20 area turned into an immediate support level. If buyers fail to hold this bottom, there could be another bloodbath.
This month too as buyers struggle under strong selling pressure, prices have declined by 25% thus far in November. Meanwhile, the STX crypto is trading at the $0.237 mark at press time with a 2.60% intraday gain against the USDT pair. Bulls are barely defending their 52-week low. The Average Directional Index (ADX) is trending down, which is a sign of sideways movement.
However, the trading volume is low as compared to other trading sessions. But, overnight the trading volume suddenly increased by 186% to $14.7 million. Due to this volatility, the market capitalization increased by 2.2% to $318.9 million. Furthermore, the STX crypto relative to the bitcoin pair is up by 3.67% at 0.00001442 satoshis.
On 4 hour chart, price action is slightly bullish as it reflects higher-lows formation. Thus, SRX coin stays above 20 and 50 Simple moving averages. In addition, RSI also gradually increases higher.
Conclusion
However, buyers are troubled by strong selling pressure. Despite the fact, bulls have an opportunity to push Stacks crypto price higher above the annual bottom level.
Support level – $0.20
Resistance level – $0.35 and $0.50
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
