The STX coin price consolidated within the $1.65 and the 200-day EMA after the 25% rally past week. Will the uptrend be able to continue?

Stacks is an advanced layer-1 blockchain solution that was designed to integrate smart contracts and apps that are decentralized (DApps) in Bitcoin (BTC). The smart contracts are added to Bitcoin without altering the characteristics that make Bitcoin so effective -- such as security and stability.

This platform runs on STX token that can be used to power an execution process for smart contracts processing transactions, and the registration of new digital assets on the blockchain.

Let us move ahead to read about Stacks technical analysis.
<h2>Past Performance of STX</h2>
STX coin price shows a growth of more than 25% in the past week resulting in th breakout of a double bottom pattern near the $1.40 mark. The rally struggles to surpass the 200-day EMA but sustains above the $1.65 mark. The rally comes after the 45% fall in the second of January. 

<img src="https://s3.tradingview.com/snapshots/a/ALO7qDm8.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/ALO7qDm8/">STX/USD Daily Chart</a>
<h2>STX Technical Analysis</h2>
The STX coin price shows multiple bullish engulfing candlestick followed by a streak of Doji candlesticks between the $1.65 and 200-day EMA. Hence, traders can find the breakout of this consolidation phase as an excellent entry spot.

The MACD indicator shows the bullish growth in the fast and slow lines as they continue to approach the zero line. However, the bullish trend in histogram shows a weakness due to the current consolidation.

The RSI indicator shows the slope moving flat above the 50% mark in the daily chart. Furthermore, the 14-day SMA maintains an uptrend to head higher reflecting a solid underlying momentum. 

The crucial Exponential Moving Averages (50,100, and 200) maintains a slightly bullish alignment but the STX prices trade below the EMAs. Moreover, the 200-day average provides resistance to the ongoing accumulation phase. 
<h2>Upcoming Trend</h2>
The STX coin price consolidates after a sharp bullish recovery in the past week. The consolidation projects an image of exhausted bulls and thus, lowering the chances of an upside breakout.

Nonetheless, the rising greed in the market can help avoid the chances of a death cross in the daily chart and break the $2 mark. However, the uptrend may find opposition near the $1.85 mark.

STX Technical Analysis: Uptrend Stands Still, Leads To Consolidation

The STX coin price consolidated within the $1.65 and the 200-day EMA after the 25% rally past week. Will the uptrend be able to continue?

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: Uptrend Stands Still, Leads To Consolidation

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