Rising Stacks(STX) Price Need This Breakout To Bolster Further Rally


Published 10 mins ago

Earlier today, the Stacks coin price witnessed a huge pump and reached $0.335. However, the prices couldn’t sustain the higher price and reversed immediately, leaving a long higher price rejection candle. Anyhow, the altcoin is currently struggling to reclaim the $0.25 resistance, indicating the selling pressure persists.

Key points: 

The coin chart shows a strong accumulation zone below $0.21
The Stacks coin would maintain its ongoing downtrend until the resistance trendline is intact
The intraday trading volume in the STX is $80 Million, indicating a 1146.05% gain

Stacks priceSource- Tradingview


Amidst the last week’s sell-off in the crypto market, the Stacks coin price plunged to a new 2022 low of $0.21. However, with the ongoing uncertainty in the market, this altcoin rebounded twice from the $0.21 support within a week.

Furthermore, the second bullish reversal showcased a long wick rejection at $0.21, indicating the buyers are actively accumulating at this level. Moreover, earlier today, the Stacks coin price witnessed a massive inflow, causing a 52.6% intraday jump.

Having said that, by 2:07 pm EST, the sellers had nearly evaporated the bullish gains and left the price chart with a long-wick rejection. The coin price dropped below the $0.25 resistance and currently trades at the $0.244 mark.

Thus, if the daily candle closes below the $0.25 resistance, the prices will likely prolong the ongoing consolidation for a few more trading sessions.

On a contrary note, a breakout above the $0.25 barrier will offer buyers an additional footing to pump the prices higher.

Technical indicator

Relative Strength Index: a bullish divergence in the daily-RSI slope reflected the increasing buying activity at the $0.21 support.

EMAs: the ongoing downtrend in Stacks coin has made it evident that the 20-and-50-day EMA acts as dynamic resistance and continues to assist selling in extending the price fall,

Stacks coin intraday price levels

Spot price: $0.244
Trend: Bullish
Volatility: High
Resistance level- $0.25 and $0.287
Support level- $0.212 and 0.178 

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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