<strong><em>The STX buyers struggle to surpass the $0.60 barrier despite the long-term resistance trendline breakout as the buying pressure cools down. </em></strong>

Key technical points:
<ul>
 	<li>The STX price shows a limiting range as the trend momentum falls.</li>
 	<li>However, the lateral trend teases the possibility of a bullish rally.</li>
 	<li>The 24-hour trading volume of Stacks is $19.25 Million, indicating a hike of 12.50%.</li>
</ul>
<h2>Past Performance of STX</h2>
As <a href="https://www.cryptoknowmics.com/news/stx-technical-analysis-bearish-trendline-delays-breakout-rally/">STX </a>buyers failed to surpass the 200-day EMA and tumbled under $1.50, the price trend triggered a sharp downfall under the influence of a resistance trendline. The falling movement resulted in a 70% cut in market value within six weeks to take support at the $0.45 mark. After which, the sideways trend started, which eventually surpassed the resistance trendline but failed to undermine selling pressure at $0.40.

<img src="https://s3.tradingview.com/snapshots/b/BuSGk62t.png" alt="TradingView Chart" />

<strong>Source-</strong> <a href="https://www.tradingview.com/x/BuSGk62t/" target="_blank" rel="noopener">Tradingview</a>
<h2>STX Technical Analysis</h2>
The STX price shows a lateral trend struggling to rise above the $0.60 mark, and the lack of a surge in intraday trading volume lowers the chances of a breakout. Hence, traders hoping for a price jump above $0.60 must wait for a price action confirmation. The bearish alignment of the falling crucial EMAs- 50, 100, and 200-days display solid underlying bearish power. Moreover, the breakout rally will have to face high selling pressure close to the EMAs which will provide a reversal spot.

But, the continuous uptrend in MACD and the signal line that continues to close to the zero line indicate an increase in the underlying bullishness. So, the rising pressure could assist in re-evaluating the overhead resistance breakout possibility. The wavy upward trend in the RSI displays a gradual rise in bullish sentiments and buying pressure. However, it struggles to break its halfway point. The 14-day SMA line offers reversal points that help maintain the upward trend and boost the chance of a breakout. In a nutshell, the STX technical analysis suggests the possibility of a further consolidation move.
<h2>Upcoming Trend</h2>
With the growing consolidation range in the STX price trend, buyers hope to breach the $0.40 resistance, which will result in a 20% rally to the 50-day EMA close to $0.72.

<strong>Resistance Levels:</strong> $0.61 and $0.72

<strong>Support Levels:</strong> $0.45 and $0.33

&nbsp;

STX Technical Analysis: Sideways Trend Trapped Under $0.60

STX Technical Analysis shows buyers struggling to surpass the $0.60 barrier despite the long-term resistance trendline 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: Sideways Trend Trapped Under $0.60

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