Stacks Price Action Analysis Over Daily Timeframe
Upon observing the Stacks past price chart, it looks evident that the price trend was upward until April 1st, which experienced a substantial increase of more than 820%.
However, the trend was reversed thereon due to a major sell-off from a peak of $3.84. As the price entered a robust correction phase, it followed a downward wedge for nearly 150 days.
Recently, the STX price surged to the upper border from the lower border but failed to pierce it through. The upper border deflected the price downward, where the recent bearish pressure has led the STX price to cross the 20-day, 50-day, and 200-day EMA bands. This showcased more bearishness to come ahead.
The RSI flashed at 50.05, exactly on top of the median line, after breaching the 14-SMA from the top. The median line shows that the price could deteriorate more on the break of the median line and could hit the lower border of the wedge if bearishness accelerates.
Likewise, the MACD has shown reduced momentum of bulls, and both lines are getting ready to form a bearish cross. If it's formed, it would give another hint of bearishness, but if bulls take action, then the histogram might enlarge again.
So, as per price action, the movement depends on the investor's and traders' biases.
STX was trading at $1.612 at press time, with an intraday dip of 0.17%. If STX crypto experiences bullish growth, the upper targets would be $2.0 and $2.50.
However, if STX fails to sustain above the $1.50 level, it could plummet to the key support at $1.0 or even lower.
