- STX crypto price is hovering above the $1.87 bullish point of interest (POI).
- Moving averages show a strong bearish signal in the current trading phase.
- The current price is performing 46.66% below the all-time high price of $3.84.
Stacks (STX) is a Bitcoin layer that enables smart contracts and decentralized applications (dApps) on the Bitcoin blockchain. The layer uses a proof-of-transfer consensus algorithm to read and settle all transactions on the blockchain.
The STX crypto price has shown enormous growth since October 2023. However, the price has been facing some bearish remarks after creating an all-time high price level. It recorded a 41% decline in April and a 5.08% decline in May 2024.
How further will the Stacks Price fall? STX Performance
The STX crypto price gave a breakout of the $2.06 major resistance on Feb 13, 2024. Subsequently, the price recorded an over 80% bullish rally to the $3.84 level, which became an all-time high mark. However, the initial profit bookings started after the all-time high mark, resulting in the $2.47 bullish congestion breakdown.
The above situation shifted market sentiments into bearishness, and the price ended up falling to the $1.87 key demand zone. The zone holds the potential to prevent the price from falling further. The Stacks price outperformed the GMCI 30 Index while comparing the last seven days’ data.
Price Volatility & Social Dominance Analysis
The Stacks social dominance rose over 0.61% in mid-Feb 2024, which had a positive impact on the price growth. Subsequently, social sentiments have been declining since then, but the price took a longer time to fall.
The crypto price has shown declines since April, although the social dominance average covering is at 0.31%. This reflects the ineffectiveness of social buzz in the current sessions.
Technical Analysis of the Stacks (STX/USD)
The short-term outlook lies below the key exponential moving averages on the bearish side. The current STX price slipped below the 50-day and 200-day EMA, indicating the bearish sentiments.
STX price has fallen on the $1.87 decisional point of interest (POI) while following the trendline forming above. The sellers are showing weakness in the current trading sessions. The price movement is shifting to the sideways structure in a minor look. This could be a sign of a potential reversal. A bullish look would be expected above the $2.47 level.
The relative strength index (RSI) oscillates in a sideways momentum at the current phase. This reflects the neutral perspective on the price. The RSI is moving at 42.19 above the SMA.
Summary
The STX price has been experiencing bearish remarks since April 1, 2024. The cryptocurrency has recorded over 45% since then. The sellers showed weakness in the current sessions, reflecting a minor sideways structure.
This indicates a sign of a potential bullish reversal. However, the price can also fall further if the price closes below the $1.87 Demand zone.
Technical Levels
The immediate resistance for STX at the time of writing was $2.56, and the $1.87 level is the next support. Breaking past the upper resistance can be predicted as a price rise, while a drop below the support can be expected as a fall in the price.
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.