Stacks(STX) Technical Analysis: STX Price Feared to Lose $1

Key Takeaways

• The STX price closed the previous day’s trade at $1.059 with a market capitalization of $1.4 billion and a circulating supply of 1.30 billion STX
• The asset is currently attempting to reverse the trend, yet the bearish trend cannot be completely nullified
• With another leg pulled down, the STX price may eventually slide below $1 to hot the lower support around $0.8

Stacks(STX) Technical-Analysis for Today: 09 March 2022

The Stacks price consolidated for the first couple of days this month and quickly fell deep down the cliff to hit levels close to $1. Currently, it is attempting a notable flip to reach out the safe zone above $1.2. But the bears appear to have jumped in and may shed some of the gains. 

The STX price at the press time is $1.12 with a jump of nearly 6.44% compared to the previous day’s close. Yet the trading volume is down by more than 9% while the market capitalization has surged by more than 6%.

Stacks(STX) Technical Analysis at a Glance

After trending within a very narrow range from the past couple of days. The STX price broke above the consolidation and rose by more than 6% since the early trading hours. After rising high a significant chance of a correction or pullback is much expected in the next couple of hours.

Additional Read: Top Crypto News Today, 9 March 2022.

Technical Indicators & Pivot Levels

Technical Indicators

Pivot Levels

Oscillators

The Stacks(STX) price is extremely bullish in the short-term while mostly bearish in the long term. Also, the price has surpassed the 50-day MA levels indicating the ignition of the bullish trend. However, a pretty long way to go to validate the uptrend as the local resistance and the 200-day MA levels in STF are pretty distinct. 

Yet the asset is less volatile therefore a slow and steady rise may be expected further. Once the price settles beyond $1.5, a constant uptrend may be imminent. But the long term is extremely bearish and hence a cautious move needs to be carried out. 

Additional Read: What is Stacks (STX)?

STX /USDT Technical-Analysis for Short-Term

Source: Tradingview

• With the sudden rebound, the STX price appears to have completed with the cup of the cup & handle pattern
• The bears seem to have jumped in, who may drag the price to the lower support and hence forming the handle
• Yet the asset is expected to break through the consolidation once hit the lower support to ignite a strong flip
• However, a notable buying volume has accumulated and hence only a minor pullback may make its way instead of a drastic plunge

STX/USDT Technical Analysis for Long-Term

Source: Tradingview

• After a huge plunge on January 20, the asset tried to flip the bearish pattern but eventually failed, forming lower highs and lows
• The STX price is flashing a notable bullish pattern by swinging within a falling wedge and very close to its apex
• Therefore the price may drop a little more, where-in a strong rebound may uplift the price towards the pivotal resistance $1..5
• The zones between $1.52 and $1.57 need to be tested and cleared to validate a strong uptrend, aiming at $2

Where & How to Buy Stacks(STX coin)

Want to buy Stacks(STX)? Buy with the best deal in the market at affordable prices here on CoinDCX. We are India’s most trusted cryptocurrency exchange with a huge user base of more than 1 Crore(10 million). To begin your journey, register following just 3 simple steps, 

• Download the CoinDCX App on your smartphone
• Enter the required details like Name, Mobile number, Bank details, etc
• Once the details are verified just fund your wallet and buy the desired crypto. Simple!

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.