STX Price is Eyeing a Rebound: Could It Reach $3 Mark This Month?

• The Stacks coin price has breached the downward trendline and is eyeing a pullback ahead.
• The coin has decisively settled the gains near its 200-day EMA support mark.

The Stacks coin price has succeeded in breaching the trendline hurdle of $2 and retained the strength this week. Despite the overnight selloff, the price remained stable at around $2.10.

For weeks, the STX coin price was in a correction phase and retraced over 30% in the past two months, which led to retesting the demand zone near the $2 mark.

Once the STX price breaks and is sustained above $2.30, a trend reversal may be seen, which might result in the recovery of the gains ahead.

At press time, the Stacks price traded at $2.10 with an intraday surge of 4.36%, reflecting neutrality on the charts. It has a monthly return ratio of 9.20% and 319.20% yearly, reflecting a long-term bullish outlook.

The pair of STX/BTC is at 0.0000323 BTC, and the market cap is $3.20 Billion. Analysts are neutral and suggest that the STX price may see a trend reversal and retain gains soon.

Could Stacks Regain Solidity Amidst the Downtrend?

The Stacks coin sails in the downtrend and has made a base around the $2 mark and held gains near the 200-day EMA support zone. Bulls are eyeing to cross its prompt hurdle of $2.30 near the 100-day EMA to revert the trend.

Amidst the selloff in the crypto market this week, Stacks coin price remained flat and guided a positive outlook. Despite the past correction, the buyers have begun accumulating and will likely initiate a significant rebound in the upcoming sessions.

Source: Santiment

Notably, the trading volume jumped over 22.56% to $92.50 million, revealing investor speculative moves.

Ranked at 41 per the market cap, the coin has a total supply value of 1.82 billion and will begin to outperform in the upcoming sessions.

The Momentum Oscillators signify a trend reversal and suggest a possible surge that can be seen ahead. Notably, the RSI curve approached the overbought zone and saw a positive crossover on the charts.

A tweet by @Aleex Minimal hints that Stacks looks good and might see an upmove soon.

$STX looking good! pic.twitter.com/svSFcf7u5w

— Aleex Minimal (@MinimalTrader_) June 11, 2024

 Source: X

Additionally, @CJ, in his tweet, stated, “Been watching STX last few days – held up really well. 

We closed last week as an SFP, so technically a run on 1.8 is possible, but I’ve built a position in the 1.9-2.0 region due to market structure and a flip of EMA 200 to support. 

I’ll accept a wick to fill any last bids at 1.8 but don’t want to be closing below the 1.6 mark.”

That implies the Stacks (STX) price has reverted from its strong support of $1.80 and might replicate a possible rebound soon.

$STX

Been watching STX last few days – held up really well.

We closed last week as an SFP, so technically a run on 1.8 is possible, but I've built a position in the 1.9-2.0 region due to market structure and a flip of EMA 200 to support.

I'll accept a wick to fill any last… pic.twitter.com/G5bhuvMadD

— CJ (@CJ900X) June 11, 2024

Source: X

What Do Social Metrics Indicate About the Stacks (STX) Price

Per the Santiment data, the social dominance value reflects fluctuations and dragged over 8.38% to 0.178%, which implies a neutral outlook.

Source: Santiment

Notably, the Twitter followers data reflects a minimal upmove over 7.38% to 130, guiding a surge in user engagement on the X platform this week.

The immediate support levels for the Stacks coin are $2.00 and $1.80, whereas the key upside hurdle is around $2.40, followed by $2.60

Conclusion

The Stacks coin price held gains near the 200-day EMA mark and is trying to overtake the 100-day EMA mark for a significant upmove ahead. Moreover, buyers have started to accumulate gains and will reveal a bullish trend ahead.

Disclaimer

This article is for informational purposes only and provides no 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.