Blockstack is a decentralized platform built on the Bitcoin blockchain network. It makes Bitcoin more programmable. Thus, all the decentralized apps and smart contracts can benefit from the positive aspects of the Bitcoin blockchain ecosystem. Miners can earn Bitcoin on this network by stacking. Stacks (STX) is the tradable asset for the platform. Past Performance On March 13, the opening price of STX is $1.15. As of March 19, 2021, the closing price of STX is $1.36. Thus, in the past week, the STX price has surged by approximately 18%. In the past 24 hours, STX has traded between $1.27-$1.45. https://ift.tt/2NzUFCl Days -Ahead and Tomorrow Currently, STX is trading at $1.38. The price has increased from the opening price of $1.36. Thus, the market looks positive. The MACD and signal lines are negative. Thus, the MACD indicator is showing bearish market momentum. Moreover, a bearish crossover by the MACD line over the signal line is giving further credence to an impending price pullback. Thus, the price may dip for some time. Currently, the RSI indicator is at 40%. It faced a bearish swing rejection at 45% and fell to the current level. Thus, the RSI indicator is implying high selling pressures. High selling activity will exert downward pressure on the STX price. The OBV indicator is steadily falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the price to go down. STX Price Analysis Currently, the price is just above the Fibonacci pivot point of $1.36. Since the oscillators have pointed towards a price drop, we can expect the price to fall up to the first support level of $1.29, in some time. The price has tested and fallen below the 23.6% and 38.2% FIB retracement levels of $1.41 and $1.38, respectively. It may soon test the 61.8% FIB retracement level of $1.34. If the price fails to breakout of these levels by the day close, then probably a price downtrend has set in. In that case, the price decline will continue tomorrow as well.
The post STX Price Decline in Place for $1.34 – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
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