- The STX coin chart shows a bullish crossover of the 20-and-50-day EMA
- The STX/BTC pair trades at 0.00003841BTC with a gain of 30.70%
- The 24 hr volume for STX coins is $1.08 Billion
On October 6th, the STX showed a bullish breakout from the descending triangle pattern in the daily time frame chart. The pattern provided a strong boost for the continuation of the bull rally and is now 50% up from the breakout point. Furthermore, the new rally also reclaimed the crucial resistance of the $1.73 level; however, it is currently struggling to cross the $2.26 mark.
Regarding the EMAs; The STX price shows a strong bullish outlook as its price is trading high above the crucial EMAs 20, 50, 100, and 200 EMA. Moreover, the chart shows a bullish crossover of the 20 and 50 EMA, encouraging the ongoing rally.
The RSI value is at 80, indicating a bullish sentiment in STX coins. However, the RSI line could soon enter the overbought zone.
The STX Coin Price Could Enter The Retracement Phase.
The STX coin has sure shown a sudden surge in its price in a short period. The technical chart indicates a long higher price rejection at the $2.26 resistance, indicating the intense selling pressure above it. However, if the price enter into another retracement, the Fibonacci retracement level could provide the possible levels for strong support for this coin
The MACD indicator(BULLISH) shows the MACD and signal lines are moving higher than the neutral zone (0.00), indicating the bullish sentiment in the coin.
Conclusion: From a technical perspective, the STX coin shows a strong uptrend in its chart. As mentioned above, the price is currently facing strong rejection from the $2.26 resistance, indicating a minor pullback for the coin. However, the long trader should mark the good support for this chart and decide how much of a retracement they can handle.