- STX coin price has been on a strong uptrend after bouncing off the long term demand zone.
- STX coin price is retracing back at the 0.6 FIB level on a daily time scale.
- The pair of STX/BTC is trading at the price level of 0.00003353 with a decrease of -1.47% in the past 24 hours.
STX coin price has been following the overall cryptocurrency trend as it manages to hold off the bearish pressure jumping off the long term support zone. STX coin price is forming a positive price structure as it trades at the price level of $0.7530.
STX coin price shows bullish pressure as bears fails to overpower bulls
STX coin price has been trading above the demand zone on a daily time frame after it showed tremendous strength despite a bearish pressure in the global market. As of now the coin price is trading above the 50 and 100 Moving Averages. This comes after the token price bounced off the demand zone leading to the breakout of these important MAs. Moving upwards these MAs can be seen acting as a strong demand zone during pullback in the bullish run.
STX coin price has been trading above the middle of the bollinger band indicator at the upper band after managing to surpass the 15 EMA. Volumes increased as the token price managed to sustain at the demand zone. Investors should remain cautious and wait for a proper breakout of the supply zone after the volatility settles to not get caught in traps.
STX token price retraces to the 0.6 FIB level
STX coin price is still bearish as the MACD indicator suggests. The MACD indicator turned negative as soon as the coin price started the pullback rally. Since then the MACD line has been training negatively. The blue line crossed the orange line on the downside indicating a strong bearish pressure. If the coin price bounces off to the supply zone then the MACD lines can be seen turning positive supporting the trend.
As per the supertrend indicator the coin price is super bullish. The indicator triggered a strong buy signal way back during the previous year and since then it has been continuing the signal. STX coin price has continuously taken support at the supertrend buy line and the same can be seen happening moving further until and unless bears don’t overpower bulls.
Conclusion: STX coin price has managed to sustain above the demand zone and therefore the same is seen in the technical parameters. The coin price has retraced back to the 0.6 FIB golden level and reversed forming a strong bullish candlestick pattern. If bulls continue the same power then the coin price can be seen forming a new high in the upcoming trading days.
Support:$0.56 and $0.64
Resistance: $0.77 and $0.79
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.