spot_img
spot_img
spot_img
ThecoinrepublicCryptocurrencyStacks (STX) Eyeing a Reversal: Could It...
google-news-img

Trending

Hamster

Hamster

notco

Notcoin

mogutou

Mogutou

Premium Partners

immerion
spot_img

Stacks (STX) Eyeing a Reversal: Could It Flip Toward The $2 Mark?

spot_img

The Stacks (STX) coin price has persisted in losing the gains and has approached the downside region of $1.40 this week. At the bottom, a morning star pattern followed by a decent recovery was exhibited, displaying the buyer accumulation.

Meanwhile, the coin is attempting to climb above the 20-day EMA mark for a follow-on recovery ahead. If the Stacks coin price achieves the $2 mark, a short covering move will soon be triggered, pulling the STX price toward the $2.40 mark.

Interestingly, a falling wedge pattern was observed, which is known for its bullish reversal. STX is on the verge of exhibiting a rebound ahead. Once STX begins to sustain above the 20-day EMA, it will regain the shine slowly & steadily.

At press time, the Stacks price traded at $1.71 with an intraday surge of 5.36%, reflecting neutrality on the charts. It has a monthly return ratio of -12.30% and 144.30% yearly, reflecting a short-term downtrend.

The pair of STX/BTC is at 0.0000280 BTC, and the market cap is $2.52 Billion. Analysts are neutral and suggest that STX may retain momentum and reach the $2 mark soon.

Stacks Forms Falling Wedge Pattern: Reversal Imminent?

STX delivered the lower top and lower bottom swings for the past weeks and was corrected by over 40% in the past two months. Amidst the market volatility, significant distribution was played by the bear cartel in this counter.

Buyers are in the game until the coin secures its downside support of $1.50, a free fall might be seen ahead. Meanwhile, no further sign of a selloff was spotted, and the coin could rebound soon.

Source: TradingView

The Relative Strength Index curve stayed below the midline region and spotted a positive divergence. Meanwhile, the MACD indicator conveys a bullish crossover on the charts and begins to plot the green bars on the histogram.

Its trading volume sharply spiked over 75% to $117.81 Million, resembling the demand surge. Notably, the Stacks coin was ranked 42 and had a total supply value of 1.82 billion.

Per the Fib levels, the coin took support on its 23.6% zone and is close to the lower Bollinger Band support region. 

In a tweet, Eugene Ng Ah Sio mentioned that the STX coin might flip the gains from the bottom and could revisit the $2.70 mark soon.

Source: X

Futures Open Interest (OI) Data Reveals Long Buildup Activity

STX

Source: Coinglass

The Open Interest (OI) data noted a rise of over 9.61% to $71.15 Million, conveying that buyers have regained momentum and begun to add fresh longs.

The immediate support levels for the Stacks coin are $1.50 and $1.30, whereas the key upside hurdle is around $2.00, followed by $2.20.

Conclusion

The Stacks coin price retested the 20-day EMA mark and is trying to overtake the hurdle to extend the pullback momentum. Meanwhile, a sharp reversal may be seen ahead if the coin escapes the channel’s trajectory.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.

Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
spot_img
spot_img

Related News

Worldcoin
Kelvin Munene

Worldcoin Token Climbs Over 22% After Lockup Extension to 5 Years

Crypto
Kelvin Munene
Hong Kong Crypto Exchange
Maxwell Mutuma

Hong Kong Identifies 7 Crypto Exchanges as Unlicensed

Binance CEO The Coin Republic
Kelvin Munene
Gary Gensler US SEC
Maxwell Mutuma

Can Gary Gensler Be Fired On This Congressman’s Request?

Maxwell Mutuma
spot_img