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- 1 Stacks price trades at $0.6325 while observing a gain of 0.68% during the intraday session.
- 2 STX price trades above the 200-day EMA but still trades below the 20,50 and 100-day EMAs.
- 3 The year-to-date return of Stacks is 202.49%, while the three-month return is -14.06%.
STX price has been in a downtrend, forming lower lows after the bullish rally which was initiated in June halted at $0.82. The bullish rally commenced during the middle of June as the price had started to rise from the support level of $0.4880.
The overall price action shows that the price is struggling to rise above $1 but the strong presence of bears has not made it possible. Previously, the cryptocurrency’s price did rise above $1 but faced strong rejection from the $1.20 level which led to a drastic decline in the price.
The price has entered into a consolidation zone ranging between $0.6870 and $0.6250 since the start of July. The previous candle had closed as a bearish candle leaving a long upper wick, hinting that bears are trying to keep the price below $0.64. The current candle is bullish and shows the price striving to rise above $0.64.
If bears can push the price below $0.6250, there is a possibility that the price might head down toward the next support level of $0.5550, which would cause a loss of roughly 11% in the price. On the other hand, if the current candle is successful in closing above $0.64, the price might rise toward the resistance level of $0.6870.
Analysis Of Stacks Ecosystem
The daily active addresses (DAA) has witnessed a downfall of 34.5%. Currently, daily active addresses are 1,053. DAA peaked on May 17 and since then it has been falling. The daily transactions have reached 8,041, with a gain of 2.8%. The total value locked (TVL) has also increased in the past three months, reaching $26.5 million. TVL has been rising ever since the price entered into a bullish trend during the middle of June.
Will STX Price Melt Down To $0.5550?
The cryptocurrency’s price trades below the 20,50 and 100-day EMAs suggesting that price is in bearish momentum. Chaikin money flow score is -0.06, implying weakness in the market. The relative strength index (RSI) is trading at 44.67, indicating that there is a rise in the bearish momentum of the price.
The bollinger bands have contracted, indicating low volatility in the market. The price has rejected the 20-day SMA of bollinger on 18 July, which implies the presence of bears in the market. The long/short ratio is 0.91 with 47.78% longs and 52.22% shorts, indicating a higher position of sellers in the last 24 hours.
Conclusion
The market structure and price action of Stacks is slightly bearish, even though the price is stuck in a consolidation zone. Bears are trying to keep the price below $0.64. The current candle is bullish and might close above $0.64, which will give a bit of confirmation to bulls regarding move toward $0.6870.
Technical levels
Major support: $6250 and $0.5550
Major resistance: $0.7500 and $0.8200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
