Stacks is an open-source public blockchain project that aims to improve the efficiency of the Bitcoin blockchain. It provides a robust infrastructure for the creation of decentralized apps, smart contracts, and digital assets that are integrated with the Bitcoin network. STX is the prime governance token of this PoT (Proof-of-Transfer)-based ecosystem, and we will see the STX technical analysis as below. Past Performance On Jun 18, 2021, STX opened at $0.90. On Jun 24, 2021, STX closed at $0.72. Thus, in the past week, the STX price has decreased by approximately 20%. In the last 24 hours, STX has traded between $0.62 – $0.75. https://ift.tt/35Op8Ca Day-Ahead and Tomorrow Currently, STX is trading at $0.72. The price hasn’t changed from the day’s opening price of $0.72. Thus, the market seems neutral with equal buying and selling pressures. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to decline. Currently, the RSI indicator is at 7% – deep into the ‘oversold’ region. It faced rejection at 41% and fell to the current level. However, selling pressures are extremely high. Heavy offloading activity will exert downward pressure on the STX price. Besides, the OBV indicator is also falling. Thus, selling volumes are higher than buying volumes. Heavy selling activity will push the price further down. In a nutshell, all three oscillators have given strong bearish signals. STX Technical Analysis Currently, the price is below the first Fibonacci pivot resistance level of $0.75. It may soon fall below it and further below the Fibonacci pivot point of $0.70. Currently, the bearish forces are strong. Hence, we can expect the price to fall below the first, second, and third support levels of $0.65, $0.62, and $0.57, respectively, by day close. The price has tested and fallen below the 23.6% FIB retracement level of $0.72. It may soon fall below the 38.2% and 61.8% FIB retracement levels of $0.70 and $0.67 respectively. If by day close, the price retests and surpasses these levels, then probably a bullish trend has set in. In that case, the price may continue to rise tomorrow as well.
The post STX Technical Analysis: Expect the Price to Fall Below the Support Levels of $0.65, $0.62, and $0.57 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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