Stacks is an open-source protocol that aims to improve the efficiency of the Bitcoin blockchain. It provides a robust infrastructure for the development of decentralized apps, smart contracts, and digital assets that are integrated with the Bitcoin network. STX is the native token of this PoT (Proof-of-Transfer)-based blockchain ecosystem. The STX technical analysis is as follows: Past Performance On May 17, 2021, STX started trading at $1.52. On May 23, 2021, STX closed at $0.91. Thus, in the past week, the STX price has declined by approximately 40%. In the last 24 hours, STX has traded between $0.92-$1.43. https://ift.tt/3ueFtKm Day-Ahead and Tomorrow Currently, STX is trading at $1.11. The price has increased from the day’s opening price of $0.92. Thus, the market seems to be bullish. The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish. Hence, we can expect the price to start falling. The OBV indicator is downward sloping. This implies that selling volumes are much higher than buying volumes. Heavy selling activity will exert downward pressure on the STX price. Currently, the RSI indicator is at 38%. It faced rejection at 33% and rose to the current level. However, selling pressures are still much higher than buying pressures. In short, when we look at all three indicators together, we can say that the overall market momentum is negative and the price is expected to start declining. STX Technical Analysis Currently, the price is below the Fibonacci pivot point of $1.09. The price is likely to soon fall below the first support level of $0.89 as well. If the bears remain strong till day end, then the price may fall below the subsequent support levels of $0.77 and $0.58, respectively, as well. The price has tested and fallen below the 38.2% FIB retracement level of $1.11. It may soon fall below the 23.6% FIB retracement level of $1.04 as well. Thus, the price downtrend seems strong and is expected to continue today and tomorrow.
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