- Over the daily price chart, the STX price is moving inside of a symmetrical triangle pattern.
- The crypto asset is moving above the 20 days average and is approaching the 50days one.
- The STX/BTC pair is at 0.00001936 BTC with a considerable gain of 4.10%.
Smart contracts and decentralized applications are intended to be added to Bitcoin using the layer-1 blockchain technology known as Stacks. Without forking or altering the core Bitcoin blockchain, Stacks aims to take what makes Bitcoin so strong and add new capabilities.
The STX price is trading inside a symmetrical triangle pattern over the daily price chart. The STX bulls are trying to push the price towards the upper arm to register a breakout, but the process is interrupted by the bears. So the coin needs to manage some more buyers to make this flattering uptrend a continuous one before they push the price towards a breakdown. If the bears successfully register a breakdown it will create a difficult situation for the bulls to make the coin recover.
The current price for one STX coin is trading at $0.42 with a gain of 17.42% in its market capitalization in that last 24 hrs. The coin has a trading volume of 43 million which is at a gain of 66.73% in the 24 hrs trading session and a market cap of 591 million. The volume market cap ratio for STX is 0.07371.
STX’s Short Term Analysis
While observing the graph for a short term (4 hrs) we can observe the bulls’ efforts for pumping the price along with the bears interrupting the process
The MACD indicator shows the buyer’s line is moving above the sellers signal line along with the histograms growing green which means the buyers are dominating the price but the bear’s interruption can change the movement if the coin didn’t manage to attract more buyers. The relative strength is moving slightly downwards showing the minimal increase in selling pressure. The RSI value is above 55. The bollinger band supports the bearish movement as the price makes a cross over the upper band of the BB cloud.
The STX price is trading inside a symmetrical triangle pattern over the daily price chart and the bulls are trying to register a breakout but as expected the bears have started interrupting. This can be observed closely over the hourly price chart. So the coin needs to manage some more buyers to make this flattering uptrend continuous. The technical indicators show the increasing domination of sellers, pushing the price for a breakdown. The investors need to wait for the directional move.
Resistance levels: $0.48 and $0.54
Support levels: $0.40 and $0.34
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.