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- STX coin price has given a return of 42.06% during the weekly trading session.
- The technical indicators summary shows buy signals at the current market phase.
Stacks is a Bitcoin layer for smart contracts as a Proof-Of-Work (PoW) based blockchain. It protects its network by the combined efforts of thousands of miners and nodes. STX enables smart contracts and decentralized applications to use Bitcoin as an asset for transactions. The Stacks ecosystem consists of independent entities, developers, and community members.
Stacks Price is at Massive Buying from the Recent Demand Zone
The 50-day EMA has made a bullish crossover with the 200-day EMA in November 2023, resulting in a reversal. The STX coin price broke above the $0.8921 resistance level, which boosted the bullish sentiments in the market.
Afterward, the buyers became ready for the next rally at the $0.8921 level, pushing the price upward by nearly 150%. Another boost has arrived, and sellers lost hope during that rally. The STX coin price reached $2.0551 resistance level.
As far as technicals are concerned, the buyers started booking profits from that level, resulting in a 61% bullish correction. The price fell approximately 39% on the $1.2098 support level, followed by the trendline forming below.
It was the last swing low made and is currently responsible for preventing the STX coin price from falling. It reached an all-time high at $3.61 level two years ago, and the price is performing 28.89% below that level.
Technical Analysis of the STX/USD
The STX coin price is moving above the 50-day and the 200-day EMAs, indicating a bullish trend. The 50-day EMA is primarily responsible for keeping the current price in a strong uptrend. The 50-day EMA is $1.6588 and the 200-day EMA is $1.1091.
Conversely, the STX coin price has delivered a 400% return from the start of the trendline forming below. Recently, it got a massive upside boost from the $1.2098, which made buyers a bit cautious about further rallies. However, it’s not a negative sentiment.
The price faces resistance from the $2.8039 resistance level at press time. It may start a bullish retracement session soon; sellers can make profits up to the $2.0551 support level during that session. After that, it may continue a bullish rally with $2.8039 resistance as a target.
The relative strength index (RSI) is sloping in the overbought region, reflecting bullish dominance over the current market price. The RSI is at 83.48, moving above the 70-mark upper band.
Conclusion
The STX coin price is performing in an uptrend. The price reached the $2.8039 resistance level, followed by the 50-day EMA. After a pullback to the $2.0551 breakout level, it may continue its rally. However, a short-term fall can be expected if it closes below that trendline forming below.
Technical Levels
- Resistance Levels: $2.8039 and $3.6100
- Support levels: $1.9416 and $1.2098
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 assets comes with the risk of financial loss.
