Stacks is a public blockchain network that allows users to build decentralized apps and smart contracts on Bitcoin. All the digital assets built on this platform are integrated with Bitcoin’s security features, capital, and network. In other words, users can create a bitcoin-based robust financial system by stacking. STX is the governance token of this ecosystem and the technical analysis is as follows. Past Performance On Jun 14, 2021, STX opened at $0.90. On Jun 20, 2021, STX closed at $0.80. Thus, in the past week, the STX price has decreased by roughly 11%. In the last 24 hours, STX has traded between $0.74-$0.83. https://ift.tt/3zHYicJ Day-Ahead and Tomorrow Currently, STX is trading at $0.76. The price has decreased from the day’s opening price of $0.80. Thus, the market seems bearish. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst a bearish trend. Currently, the RSI indicator is at 42%. It faced rejection at 34% and rose to the current level. Hence, buying pressures are slowly building for STX. In other words, the RSI indicator is giving further credence to the impending price rise indicated by the MACD oscillator. However, the OBV indicator has fallen steeply. Thus, selling volumes are much higher than buying volumes. High selling activity will exert downward pressure on the STX price. In short, when we look at all three oscillators together, we can say that the overall market momentum is negative. However, temporary price rises can be expected as a market corrective action. STX Technical Analysis Currently, the price is below the Fibonacci pivot point of $0.79. It may soon fall below the first Fibonacci pivot support level of $0.76. If the bears remain strong, then the price may fall below the subsequent support levels of $0.73 and $0.70, respectively, in a few hours. The price has tested and fallen below the 23.6% FIB retracement level of $0.76. The price may soon fall below the 23.6% FIB extension level of $0.72 as well. Thus, as of now, the bearish trend is strong enough to sustain till tomorrow.
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