Stacks Zooms Over 3% Intraday: Could It Cross the $2 Mark Ahead?

• Stacks (STX) price rebounded from the demand zone of $1.80 this week.
• Buyers are struggling to surpass the 200-day EMA mark for a smooth recovery ahead.

The Stacks (STX) price trades in the downside trajectory and hovers below the key moving averages. It trades in a downtrend for weeks and displays lower low swings.

However, the correction might come to an end, and buyers will start accumulating the STX crypto in the past sessions. A break and close above the $2.20 mark might trigger a short-term pullback ahead.

The Stacks price traded in a falling channel and erased over 25% of gains last month. Still, STX crypto does not look negative and can recover the gains ahead.

At press time, the Stacks crypto (STX) price traded at $1.97 with an intraday rise of 3.20%, reflecting a pullback on the charts. It has a monthly return ratio of -16.20% and 222.39% yearly.

The pair of STX/BTC is at 0.0000286 BTC, and the market cap is $2.88 Billion. Analysts are neutral and suggest that the STX price might retain strength and will retest the 20-day EMA mark shortly.

Could Stacks (STX) Recover Gains Amidst Downtrend?

Amidst the follow-on decline and a downtrend, the STX crypto hovers near the 200-day EMA mark and is eyeing to sustain above the $2 mark for a steady recovery ahead.

The ongoing battle indicates that sellers have maintained their grip near the $2 mark and do not permit the bulls to surpass it. If bulls succeed in striking the zone, a short covering may trigger, which leads to a pullback ahead.

Source: Santiment

The daily charts signify the downtrend and continuation of the lower top and lower bottom. Still, the STX crypto trades are in a downtrend and are struggling to cross the mid-Bollinger Band region beyond $2.20.

Per the Fibonacci retracement tool, the Stacks price trades below the 38.2% zone and replicates a short-term negative outlook.

Meanwhile, the Relative Strength Index (RSI) curve reached the midline region and witnessed a positive crossover in the last trading session.

Price Volatility and Weighted Sentiment Data Outlook

Amidst the decent recovery of over 5% this week, the price volatility remained lower and revealed a nominal upmove over 4.45% to the 0.014 mark, implying a drop in the trading activity.

Source: Santiment

Similarly, the weighted sentiment data resembles a decline of over 4% to -0.878%, which has witnessed a decline in investor confidence in buying STX crypto.

A tweet by @Captain Faibik on X says that it seems like the STX crypto has completed the correction phase and will replicate a bounce ahead.

$STX Seems like Correction phase is over, & Now Ready to Bounce Back so keep an eye on it.. #Crypto #STX #STXUSDT pic.twitter.com/OqztfttL9z

— Captain Faibik (@CryptoFaibik) June 4, 2024

Source: Twitter

Analyst Crypto Busy, in a tweet, says that Stacks price is back below the $2 mark, but there’s a catch here.

As Bitcoin‘s (BTC) price consolidates at the highs due to its strong dominance, selling pressure affects the altcoins.

The Stacks price trades at a 50% discount and might replicate a pullback shortly.

$STX is now back below $2 – but there's a catch!

This coin has been performing well whenever #Bitcoin is pumping hard.

Now since #BTC is consolidating and its dominance is high, altcoins are suffering.

Personal opinion, we think this coin can still rise when the market's… pic.twitter.com/Xd4ENlK3tm

— CryptoBusy (@CryptoBusy) June 4, 2024

Source: Twitter

Futures OI Data Reveal Long Additions, Guides Positive Outlook

Amidst a notable price rise of over 3% intraday, investors are expecting more and added fresh long positions in the last hours.

The open interest spiked over 6.36% to $83.42 Million, replicating fresh long buildup activity and investor eagerness to execute a short-term pullback ahead.

The immediate support levels for the Stacks (STX) price are $1.80 and $1.40, whereas the key upside hurdle is around $2.20, followed by $2.50.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.