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- 1 Stacks price (STX) surged 2.55% in the last 24 hours and currently trades at $0.544.
- 2 STX crypto price skips consolidation of over 59 sessions.
- 3 The STX crypto price broke above the 50-day EMA and currently hovers near the 200-day EMA.
Stacks price witnesses a breakout of a consolidation of over 59 sessions. The price has gained over 12% in the last four intraday sessions to break out of the consolidation. The breakout is supported by a 94.72% rise in the volume.
The technical indicators imply that the STX crypto price has shown a breakout of the 50-day EMA and currently hovers near the 200-day EMA. The price currently struggles to break above the 200-day EMA, however, it requires more buying volume to enter the market as the bulls are losing momentum.
Furthermore, the price persisted in a correction phase after a short-term surge in June. The correction in the price wiped out the short-term gain and declined further to form a new low. Thereafter, the crypto price went in a consolidation of over 59 sessions and recently witnessed a breakout.
The volume analysis shows that the Stacks crypto price has a trading volume of $83.395 Million in the past 24 hours which is 93.39% more than the last day. The STX crypto has a market cap of $770.8 Million and ranks 44th in the crypto market. The volume-to-market-cap ratio is 10.91% indicating mild volatility in the market.
Stacks Price Broke Out of Consolidation
The Stacks price currently trades at $0.544 with an intraday gain of 2.55%. The STX price has shown a breakout of the consolidation zone. However, the price has an immediate resistance of 200-day EMA that may invite sellers. The bulls must surpass the 200-day EMA in order to keep the trend in their favor.
The breakout of the 200-day EMA may initiate a short covering and the price might show sharp gains in the short term.
Technical Indicators Show Bulls Regaining Momentum
MACD lines are showing a positive crossover. The histogram bars are formed above the mean line of increasing height, indicating the bulls regaining momentum in the short term.
The EMA analysis shows that the STX price broke out of the 50-day EMA indicating the dominance of buyers in the short term. The price currently hovers near the 200-day EMA. The buyers must surpass the 200-day EMA in order to maintain the trend.
Conclusion
Stacks is a crypto platform that broke out of a 59-session consolidation with a 12% gain. The price is at $0.544 and faces resistance from the 200-day EMA. The volume rose by 94.72%, indicating a strong breakout.
The STX price needs to surpass the 200-day EMA to continue the bullish trend. The volume-to-market-cap ratio is 10.91%, indicating mild volatility. The price was in a correction phase before the consolidation and formed a new low. The breakout may trigger a short covering and a sharp rise.
Technical Levels
- Support Levels: $0.445 and $0.383
- Resistance Levels: $0.588 and $0.756
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
