- Stacks Price up more than 10% in the last 24 hours.
- STX Price trying to climb above the 50 and 200 day EMA.
- The Stacks crypto price defends $0.5000 support.
Stacks Price up 10% in the last 24 hours and formed a bullish engulfing pattern. STX price defended the $0.5000 support and showed signs of short term trend reversal.
Crypto leader Bitcoin Price also recovers from the crucial support which improves the market sentiment. It positively impacted the price of STX and many other Altcoins.
From the past few months, Stack Price is in correction mode and slipping down by forming lower lows swings. It eroded the majority portion of the gains generated in March month and consolidating near to the previous breakout level.
Stacks price is trading below both 50 and 200 day EMA shows downtrend. However, buyers are trying their best to push the price above the EMA to turn the trend in the upward direction.
The buying volume also increases in the previous sessions indicates the responsive buyers are getting active from the demand zone. If STX price is able to regain the EMA then confidence of the buyers will increase.
Stacks price is trading at $0.6133 with an intraday rise of 3.77%. The 24 hour volume to market cap ratio is 0.201. The pair of STX/BTC is trading at 0.0000237 with an intraday rise of 6.56%. The chart pattern of Stacks with Bitcoin pair looks similar to the UST pair.
Will Stacks Price register rise from support?
Stacks Price performed well in the beginning of 2023 and displayed a breakout of $1.00. However, the breakout is not long lasting and prices failed to give the follow up momentum.
Slowly, profit booking triggers in STX crypto and prices begin to decline. The downfall continued for quite a long time and prices returned back to the breakout level. Till Stacks price holds $0.4000 support the possibility of reversal is high.
Presently, Prices bounce back from the demand zone but the confirmation of the reversal is still awaited. On the other hand, if the price drops below $0.4000 then the recent up-move will be considered as a trap and more downside will open.
STX Price begins to recover
STX Price is forming a long tail bullish hammer candle on the weekly time frame. It shows the strength of bulls and downside seems to be limited. If bulls are able to break out of $0.8000 hurdle then the probability of reversal will substantially increase.
The technical indicators like MACD curve are on rise and generated a positive crossover. It indicates mild bullishness and more upside is possible. The RSI at 49 sloping north denotes price is recovering and RSI may reach 55 in coming weeks.
Conclusion
Stacks Price up 10% in the last 24 hours due to sharp bounce in the crypto leader Bitcoin. Well, STX price took support near $0.5000 and is trying to climb above the EMA which shows buyers active at lower levels.
The technical analysis suggests Stacks crypto might continue to rise upward and reach $1.00 in coming months.
Technical levels
Resistance levels: $0.8000 and $1.0000
Support levels: $0.5000 and $0.3745
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.