Stacks Looks Weaker, Could Be At Risk For A Big Fall Ahead?

• 1 Despite earlier growth, current prices struggle to sustain, leading to decreased volatility and instability.
• 2 MACD is below zero; RSI is declining and that makes its current level riskier, and it appears like STX at risk of big fall.

The Stacks asset is expressing bearish behavior as social volume, volatility, and price volume have declined and have the opportunity to fall further on the daily chart. It performed poorly last week, and month with a -8.09%, and -1.22% respectively, implying a possible start of a stable downtrend for the coming sessions.

Since then, the Stacks crypto has demonstrated a decline from the supply reign as the price sank from a vital hurdle level of around $3.800 on the chart. STX crypto is almost at a big fall, as it meets the resistance level and could dive to new lows from the current price.

Stacks Price Forecast And Indicator Study

The Stacks price asset plunged below the 20-day and 50-day EMA bands, reliant on the sellers’ surge could deteriorate more.

Likewise, the Stacks price asset is displaying bearish characteristics as MACD is below the zero line at -0.0064 and the RSI is falling smoothly below the median line at 44.07, implying that the STX asset is losing momentum and can achieve new depths in the coming sessions.

At press time, the STX crypto had experienced a 0.34% incline in the last 24 hours with CMP at $3.000. Therefore, if Stacks fails to stay above the $2.700 level, it could decline further and reach lower lows.

However, if the demand for the crypto remains high, Stacks asset price could bounce back from the current level. The next goal for Stacks would be is to reach $3.500 and $4.000.

Social Volume Activity In Stacks Crypto

The social volume and dominance of santiment website, is an indicators of the increasing or decreasing acceptance of Stacks crypto among the users. The social dominance chart displays a negative trajectory over the period. 

Looking precisely, the STX crypto saw a significant decline after February 2024 and is still declining, which indicates the declining interest of the users in the Stacks crypto in the short term. 

The decreasing social volume may also have a negative impact on the Stacks price as the decreasing participation of users may create less demand and the STX crypto price could deteriorate.

Price Volatility Analysis Of Stacks Crypto

The following chart illustrates the difference between the fluctuations in price and the movement of the Stacks cryptocurrency. STX crypto experienced impressive growth in earlier sessions.

However, the recent chart prices indicate that it could not sustain above and the price has been struggling at the top, resulting in a decline in volatility. This indicates that the volatility is decreasing and the STX price is at a supply level, indicating instability in the price.

Stacks Volume Analysis

A closer look at the STX chart shows that volume was high around February last week of, 2024. That meant an increase in interest and activity in the market for the Stacks token at that point in time, Volume was earlier above $825 Million.

However, from February 2nd, 2024 onwards, volume continued to fall, and a significant descent in Stacks activity was observed which illustrated decreased demand and excitement about STX price. The trading volume depleted from $840 Million to the low of $70 Million by April 7th on the chart.

Summary

Stacks asset showing bearish signs with decreasing social volume, volatility, and price volume on daily chart. Performance down -8.09% last week, -1.22% last month. Price fell below key level of $3.800, likely to dive further. MACD below zero, RSI declining. STX at risk of big fall.

STX crypto experienced a significant decline since February 2024, indicating reduced user interest. Decreasing social volume may further impact STX price negatively. Despite earlier growth, current prices struggle to sustain, leading to decreased volatility and instability. Trading volume decreased sharply from February, signaling reduced demand.

Technical Levels

Support Levels: $2.700

Resistance Levels: $3.500

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.