The price of Stacks (STX) experienced a 24-hour price drop of around 1.96% according to CoinMarketCap. As a result, the altcoin’s price stands at $0.9267 at press time.
In addition to weakening against the U.S. dollar, STX also weakened against Bitcoin (BTC) over the last 24 hours. Currently, STX is down 1.53% against the crypto market leader. STX was, however, able to gain 0.81% against Ethereum (ETH) during this period.
After reaching a daily high of $1.01, STX’s price has pulled back in today’s trading session to trade at its current price. Furthermore, STX is trading near its 24-hour low of $0.9102 at press time.
STX’s price is currently trading within a bullish ascending price channel after it printed higher lows and higher highs over the last few weeks. The latest low of $0.7898 was printed this past Saturday. Since then, the altcoin’s price has rebounded from the low to break above the 9-day and 20-day EMA lines, where it continues to trade at press time.
STX now has a key resistance level at $0.9956 to overcome before it can continue its ascent. Should it successfully flip this level into support in the next 24-48 hours then it will likely make a move to $1.1722 in the days that will follow.
On the other hand, if STX’s price fails to remain above the 9-day and 20-day EMA lines by the close of today’s trading session, then it will likely pull back to the nearest support at $0.7898 in the next few days.
The daily RSI indicator does currently suggest that STX’s price has reached a peak, which supports the bearish thesis that the altcoin’s price will retrace to the aforementioned resistance level in the next few days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
