- The RSI line shows a slight bearish divergence concerning the STX coin price
- The STX/BTC pair trades at 0.0000404 BTC with a gain of 13.13%
- The 24 hr volume for STX coins is $1.21 Billion, indicating a 347.23% hike
As mentioned in my previous article on Stacks, the STX coin price gave a bullish breakout from the symmetrical triangle pattern, which provided the long traders with a quick target of $2.7.
This level is the highest known horizontal resistance of the technical chart, and the price is currently wavering below it. Furthermore, looking at the big picture, the STX coin also shows a rounding bottom pattern in the daily time frame chart.
Concerning the EMAs; The STX price still shows a solid uptrend as its price is trading high above the crucial EMAs 20, 50, 100, and 200 EMA.
The RSI value is at 74, indicating a bullish sentiment in STX coins. However, with the bearish divergence in its chart, the RSI line shows slight weakness regarding the coin’s price action.
The STX Coin In The 4hr Time Frame Chart
In this lower time frame chart, the STX coin price shows a minor rejection from the crucial resistance of the $2.7 mark, which is quite normal after this sudden surge in price. The coin has now plunged to the nearest support of $2.44, and the crypto traders must wait to see if this level can provide strong support or not.
In addition, the STX traders can plot the traditional pivot level in their chart, which shows great confluence with the significant SR level of this chart, providing more confirmation to coin traders.
Conclusion: From a technical perspective, the overall trend for the STX coin is strongly bullish. However, as mentioned above, the coin price reveals another bullish pattern in a higher time frame chart. However, the coin could enter a minor retracement phase now, and the STX trader should keep an eye on the significant support levels, which can help continue the bull rally.
Support $2.45
Resistance $2.7