- Stacks price (STX) slid 1.50% on the past day and is currently trading at $0.58.
- Stacks price (STX) is forming a falling wedge pattern in the daily chart, the breakout of which may show strong momentum to the upside.
STX is a platform that leverages the security and finality of Bitcoin to enable smart contracts and decentralized applications. Stacks introduces sBTC, a new asset that is fully backed by BTC on the Bitcoin layer and can be transferred between the layers in a trustless way.
The Stacks price is currently trading at $0.58 with a decline of 1.5% in the past 24 hours. According to coinmarketcap data, STX cryptocurrency holds a total market cap of $812.73 Million and ranks 49th in the crypto market.
STX token has received $27.06 Million in volume in the past 24 hours which is 50.25% less than the last day. STX has over 1.39 Billion circulating supply. The volume to market cap ratio of STX coin is 3.37% indicating low volatility in the market at the current time.
Stacks Price Prediction Using Price Action Strategy
Stacks coin had a remarkable rally of about 260% in February 2023, changing its trend from bearish to bullish. However, it entered a correction phase and dropped by making lower highs and lower lows, forming a falling wedge pattern.
The price bounced back from the support zone and broke out of the falling wedge pattern. Then, it pulled back and formed another falling wedge pattern.
Now, if the price breaks out of the rising wedge pattern, it may rise to surpass the previous high. However, it needs more buying volume to enter the market, and leads to a breakout.
STX Price Forecast from Indicators’ point of view
STX price has broken out of both 50 and 200 EMAs. The price is taking a pullback but could not stay above the 200 and 50 EMA, which shows a lack of buying pressure at the current level.
The RSI value of the Stacks coin is 40.47 and the SMA line is 40.76 at the time of writing. The RSI is falling gradually and facing rejections from the SMA line, which indicates a short-term weakness in the market.
The MACD lines have crossed below the signal line, showing a bearish crossover. The histogram bars are below the zero line but shrinking in size. The MACD is signaling a neutral sentiment in the market.
Conclusion
Stacks coin made a rally of 260% in February 2023, but then corrected and formed a falling wedge pattern. The price broke out of the pattern but pulled back and again corrected to form a falling wedge pattern. They may break out to surpass the previous high, but it needs more buying volumes. The price is below the 50 and 200 EMAs, showing low buying pressure. The RSI is below the SMA line, showing short-term weakness.
Technical Levels
- Support levels $0.48 and $0.32
- Resistance levels $0.86 and $1.01
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.