Stacks is a public blockchain network that allows users to create 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 native token of this ecosystem. Let us look at the technical analysis for STX. Past Performance On Jul 21, 2021, STX opened at $0.814. On Jul 27, 2021, STX closed at $1.16. Thus, in the past week, the STX price has increased by roughly 43%. In the last 24 hours, STX has traded between $1.07-$1.17. https://ift.tt/3iSYY7z Day-Ahead and Tomorrow Currently, STX is trading at $1.141. The price has decreased from the day’s opening price of $1.16. Thus, the market seems bearish. 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 negative. Hence, we can expect the price to start falling. Currently, the RSI indicator is at 55%. It faced rejection at 39% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the STX price. However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further. In short, the RSI indicator has given positive signals, while the MACD and OBV indicators have given negative signals. Thus, we have to wait and watch if the bearish momentum continues or a trend reversal occurs. STX Technical Analysis Currently, the price is above the Fibonacci pivot point of $1.13. The price may soon fall below it and further below the first Fibonacci pivot support level of $1.09. After that, we have to wait and watch if the price falls further or starts rising. The price has tested and fallen below the 76.4% FIB retracement level of $1.14. It may further fall below the 61.8% FIB retracement level of $1.13 as well. If by day close, the price retests and rises above these levels, the price uptrend is strong enough to sustain till tomorrow.
The post STX Technical Analysis: Price Is Above the Fibonacci Pivot Point of $1.13, May Go Below $1.09 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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