STX Technical Analysis – Price Tested and Broke Out of the Level of $2.03
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STX Technical Analysis – Price Tested and Broke Out of the Level of $2.03

April 9, 2021      Ankita Awasthi

In technical analysis, Stacks is an open-source protocol developed on Bitcoin (BTC). It makes BTC programmable and enables users to develop decentralized applications and smart contracts with the powers of BTC. Miners can earn BTC by stacking. STX is the native token of this network.

Past Performance

On April 2, 2021, the opening price of STX was $1.27. As of April 8, 2021, the closing price of STX was $1.91. Thus, in the past week, the STX price has surged by approximately 50%. In the past 24 hours, STX has traded between $1.85-$2.15.

STX Price Analysis

https://www.tradingview.com/x/3fL9YSmr/

Day-Ahead and Tomorrow

Currently, STX is trading at $2.04. The price has increased from the opening price of $1.91. Thus, the market looks positive.

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The MACD and signal lines are negative. However, they are very close to the zero line and may change signs soon. Plus, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect a price rise as a trend reversal is on the horizon.

In the last 24 hours, the OBV indicator has been upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the STX price. Hence, we can expect the price to go up.

The RSI indicator is currently at 56%. Thirty minutes back, the RSI was in the oversold region. Thereafter it rallied to the current level. However, it has faced rejection at 42% and started rising again. Thus, buying pressures are mounting. We can expect the STX price to rise in some time.

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STX Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $1.97. It may soon break out of the first resistance level of $2.08. If the bulls remain strong, we can expect the price to break out of the subsequent resistance levels of $2.15 and $2.27 respectively.

The price has tested and broken out of the 38.2% FIB retracement level of $2.03. It may soon break out of the 23.6% FIB retracement level of $2.08. In that case, we can expect the bull-run to continue today as well as tomorrow.

 

#Stacks #STX
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.