Can StormX Crypto (STMX) Head For A Recovery or Crash Again? Can StormX Crypto (STMX) Head For A Recovery or Crash Again?
The RSI line and 14 day Line has surged from an oversold region indicating an improved sentiment.
StromX crypto has crashed by nearly 56% in the last three months and has dropped over 98% from its All time high.
StormX crypto seemed to be stabilizing recently after a sharp crash. As the Bitcoin extended its journey below the $60K level it has sparked a panic among the investors about a market crash.
Due to the panic in the broader market, many altcoins have loomed below their annual lows. Stormx crypto also has crashed nearly 38% a month and was trying to stabilize near August 2023 lows.
The crypto was trading close to $0.0047 with a moderate bearishness of 1% in intraday today. with a live market capitalization of $48.73 Million and ranks 442nd in the cryptoverse. By now it has fallen over 98% from its All time high still 688% from its All time low.
StormX Crypto: Price DAA divergence Improves!
StormX stands at the forefront of global crypto-based platforms, extending its reach across international markets. It operates as a mobile application and browser plugin, offering users the opportunity to earn cryptocurrency as a cashback on online shopping activities.
Moreover, the recent sessions have observed a significant development in the price DAA divergence indicator. As per the data obtained by an on-chain analytics website app.santiment.net, the bearish divergence between the StormX price and daily active addresses have dropped.
The decreasing bearish divergence points to an improved sentiment which could trigger a recovery in the crypto. The improving price DAA (daily active address) divergence indicator points to increased user activity in the crypto.
StormX Crypto Technical Analysis
From a technical point of view, the StormX price hovers below all the key Exponential moving averages of 20, 50 and 200 day suggesting a bearish trend prevailing in the short term as well as long term.
Currently, the daily chart highlights a consolidation which if breaks down may indicate a bearish continuation and the price STMX crypto may slide towards the older demand zone of $0.0036.
Conversely, if the price manages to surpass the recent hurdle of $0.0050 on the higher side, then the bulls may look for a recovery towards the 50 day EMA at $0.0060. Moreover, the RSI line has recovered from an oversold zone indicating a swift recovery in the short term.
Conclusion.
StormX crypto seemed to be searching for stability after a 38% crash in a month. Bitcoin has dropped below $60K triggering a panic among the investors. Currently trading at $0.0047, with a market cap of $48.73 million. A decrease in bearish divergence between price and daily active addresses suggests improving sentiment, potentially signaling a recovery.
From a technical point of view, StormX crypto was hovering below key EMAs, indicating a bearish trend. Now, If it breaks consolidation, it may fall towards the next support of $0.0036. whereas surpassing $0.0050 could lead to a rebound towards the 50-day EMA at $0.0060.
