<strong><em>STX price shows a consolidation rally struggling to continue due to the high supply pressure near the resistance trendline. </em></strong>

Key technical points:
<ul>
 	<li>The STX market value decreased by 4.29% today at press time.</li>
 	<li>The price action shows a consolidation range challenging the resistance trendline.</li>
 	<li>The 24-hour trading volume of Stacks is $10.10 Million, indicating a drop of 60%.</li>
</ul>
<h2><strong>Past Performance of STX</strong></h2>
As we see in the STX/USD price chart, the downfall starting from April depreciated the <a href="https://www.cryptoknowmics.com/news/stx-technical-analysis-bullish-failure-hints-18-downfall/">STX</a> prices by 67% resulting in a bottom formation at the psychological mark of $0.50. The abrupt ending of the downfall due to the consolidation in May brings a challenge to the resistance trendline.

<img src="https://s3.tradingview.com/snapshots/9/9iEKoAw1.png" alt="TradingView Chart" />

<strong>Source-</strong> <a href="https://www.tradingview.com/x/9iEKoAw1/" target="_blank" rel="noopener">Tradingview</a>
<h2>STX Technical Analysis</h2>
The sideways trend in STX price ranging between $0.50 and $0.61 levels shows a failed double bottom pattern as the resistance trendline knocks out the bullish reversal. Moreover, the higher price rejection in the previous daily candles warns of a downtrend continuation below the $0.50 mark. The falling trend in the crucial daily EMAs maintains a bearish alignment showcasing a solid bearish trend in action. However, the trendline breakout can result in a rally retesting the 50-day EMA which can provide another breakout entry.

The RSI slope shows a diagonal rally with increasing bullish influence with the support of the 14-day SMA showing a bullish divergence in the price action. However, the slope struggling to surpass the halfway line can result in a bearish retracement. The MACD and signal lines reflect an uptrend in motion but the diminishing spread increases the likelihood of a bearish spread. Moreover, the decreasing intensity of the MACD histograms adds points to the bearish crossover likelihood. In a nutshell, STX technical analysis shows a high possibility of a breakout rally shortly.
<h2>Upcoming Trend</h2>
A drop below the support level of $0.50 will intensify the bearish spiral and catalyze the fall to the next support level at $0.45. However, the bullish breakout from the resistance trendline could trigger a rally in STX prices that could reach $61.

<strong>Resistance Levels:</strong> $0.61 and $0.79

<strong>Support Levels:</strong> $0.50 and $0.45

&nbsp;

STX Technical Analysis: Bearish Trendline Delays Breakout Rally 

STX technical analysis shows a consolidation rally struggling to continue due to the high supply pressure near the resistance trendline.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

STX Technical Analysis: Bearish Trendline Delays Breakout Rally

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