Stacks (STX) Bulls and Bears Are Battling It Out at a Key Price Level

  • STX’s price also weakened against BTC but was able to gain on ETH.
  • Technicals suggest that STX’s price has established a peak and will retrace in the next few days.

The price of Stacks (STX) experienced a 24-hour price drop of around 1.96% according to CoinMarketCap. As a result, the altcoin’s price stands at $0.9267 at press time.

In addition to weakening against the U.S. dollar, STX also weakened against Bitcoin (BTC) over the last 24 hours. Currently, STX is down 1.53% against the crypto market leader. STX was, however, able to gain 0.81% against Ethereum (ETH) during this period.

After reaching a daily high of $1.01, STX’s price has pulled back in today’s trading session to trade at its current price. Furthermore, STX is trading near its 24-hour low of $0.9102 at press time.

Daily chart for STX/USDT (Source: TradingView)

STX’s price is currently trading within a bullish ascending price channel after it printed higher lows and higher highs over the last few weeks. The latest low of $0.7898 was printed this past Saturday. Since then, the altcoin’s price has rebounded from the low to break above the 9-day and 20-day EMA lines, where it continues to trade at press time.

STX now has a key resistance level at $0.9956 to overcome before it can continue its ascent. Should it successfully flip this level into support in the next 24-48 hours then it will likely make a move to $1.1722 in the days that will follow.

On the other hand, if STX’s price fails to remain above the 9-day and 20-day EMA lines by the close of today’s trading session, then it will likely pull back to the nearest support at $0.7898 in the next few days.

The daily RSI indicator does currently suggest that STX’s price has reached a peak, which supports the bearish thesis that the altcoin’s price will retrace to the aforementioned resistance level in the next few days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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