Stacks’ main function is to bring Decentralized Apps (DApps) and other smart contracts to Bitcoin. Stack makes sure that the security and stability of the contract do not get affected while transferring. This is what makes STX unique. Let us look at the technical analysis of STX. Past Performance On July 1, 2021, STX opened at $0.78. As of July 07, 2021, the closing price of STX was $0.98. Thus, in the past week, the STX price has surged by roughly 25.06%. Also, in the last 24 hours, STX has traded between $0.93 – $1.19. The volatility has been high in the market. https://ift.tt/3k2p2Pw Day Ahead And Tomorrow At the time of analysis, STX is trading at $1.17. The price has increased by 22% in the last 25 hours. The opening price was $0.98. Thus, the market looks fairly bullish. The MACD and signal lines are still in the negative zone. However, we can witness a bullish crossover by the signal line over the MACD line. This indicating that the market momentum is bullish, and we can expect the price to rise and test the resistance level, in the entire day. On the daily chart, the RSI indicator is close to the overbought zone. It is currently at 68.66%. Thus, it has enough potential to cross the 70% mark and then cool off for a while. Till then, we can expect the STX price to go up. Also, the RSI has taken support of the 48% mark. During the cool-off period, we can expect it to touch the 48% mark. However, RSI is indicating that buying pressures are high in the market. Hence, we can expect the price to rise for a few hours. In short, after looking at both oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. STX Price Analysis The price is trading above the Fibonacci pivot point of $1.06. As the oscillators are showing bullish signals, thus we can expect the price to go up and test the resistance at the Fibonacci pivot level of $1.20 soon. We can also expect the price to break this resistance level of $1.20 if the price sustains above the level of $1.06 level for the entire day. If the price breakout on the upside, traders can take a long position, keeping the take profit target at $1.49 and the stop loss at $1.05. However, if the price tests and falls below the FIB retracement level of $1.06 in some time, this implies that the price downtrend is strong. In that case, we can expect the downswing to continue tomorrow as well. After breaking the level of $1.06 price will highlight the support level at $0.90. Traders can take a short position here.
The post STX Technical Analysis: Trading at $1.17, Price Increased by 22% in the Last 24 Hours appeared first on Cryptoknowmics-Crypto News and Media Platform.
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