STX coin price action forms a consolidation range between the 100 and 50-day EMAs. Will the recovery help in the bullish breakout?

Stacks is a layer-1 blockchain technology that is designed to enable smart contracts as well as Decentralized Applications (DApps) to Bitcoin (BTC). These smart contracts are added to Bitcoin without altering any of the characteristics that make Bitcoin so effective such as its security and stability.

It is <a href="https://www.cryptoknowmics.com/news/stacks-technical-analysis-new-uptrend-aims-to-reach-4-mark/">powered</a> by Stacks token (STX) that is used to fuel an execution process for smart contracts processing transactions, and also for creating new digital assets to the Stacks 2.0 blockchain.

Let us move ahead to read about Stacks technical analysis.
<h2>Past Performance of STX</h2>
The STX coin price action shows a growth of 10% in the past week despite the bloodbath in the crypto market. However, the growth comes after a 20% fall from $2.40 to $1.85. The coin price shows a sideways movement for the past few days, but the presence of lower price rejection is clearly visible. That is why a stronger bullish side is seen.

<img src="https://s3.tradingview.com/snapshots/b/bKPDpa5I.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/bKPDpa5I/">STX/USD Daily Chart</a>
<h2>STX Technical Analysis</h2>
The STX coin price hints at a morning star pattern formation in the daily chart with substantially lower price rejection. Therefore, the possibility of a price jump by the day’s end is increasing. 

Crucial EMAs (50, 100, and 200) maintain a sideways trend in a bullish alignment in the daily chart. Moreover, the range formation between the 100 and 50-days EMA will shortly provide a breakout entry opportunity.

The RSI indicator at 48% indicates the slope struggling to surpass the central mark in the daily chart. Moreover, the slope struggles to surpass the 14-day SMA as well.

The MACD indicator shows the bearish histograms maintain a trend in the daily chart. However, the slight reversal in the fast line increases the chances of a bullish crossover.

Therefore, the technical analysis shows the bullish powers struggling to take back the trend control.  
<h2>Upcoming Trend</h2>
The sideways momentum in the STX coin price maintains a consolidation range in motion. However, the lower price rejection indicates a high possibility of a bullish breakout.

The price action suggests upcoming resistance levels at $2.40 and $2.60 above the 50-day EMA. And, the support levels are at $1.85 and $1.65, below the 100-day EMA.

At press time, the sentiments chart remains "NEUTRAL" on the STX coin.

STX Technical Analysis: Growing Consolidation Within EMAs Teases A Bull Run: Is It Too Soon To Buy?

STX coin price action forms a consolidation range between the 100 and 50-day EMAs. Will the recovery help in the bullish breakout?

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: Growing Consolidation Within EMAs Teases A Bull Run: Is It Too Soon To Buy?

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