STX Technical Analysis: Will Breakout of the Resistance Level of $2.36
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STX Technical Analysis: Will Breakout of the Resistance Level of $2.36

April 13, 2021      Ankita Awasthi

Stacks is a blockchain network that allows users to build decentralized apps and smart contracts on Bitcoin. All the electronic assets built on this platform are integrated with Bitcoin’s safety features, capital, and network. Users can bitcoin on this network by stacking. STX is the main governance token of this ecosystem. The following STX technical analysis predicts the performance for the next two days:

Past Performance

On April 6, 2021, STX started trading at $2.57. As of April 12, 2021, STX closed at $2.08. Thus, in the past week, the price has dropped by approximately 24%. In the past 24 hours, STX has traded between $2.08-$2.29.

Day-Ahead and Tomorrow

Currently, STX  is trading at $2.28. The price has increased from the opening price of $2.08. Thus, the market looks bullish.

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The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to go up further.

The OBV indicator is 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 rise further.

The RSI indicator is currently at 64%. It has just fallen from the overbought region. However, buying pressures are still high, Hence, we can expect the STX price to increase further.

STX Technical Analysis

The price is closer to the second Fibonacci pivot resistance level of $2.27. Soon, the price will break out of it. In some time, it will break out of the third resistance level of $2.36, as the bulls are strong.

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The price may soon test the 23.6% FIB retracement level of $2.24. It may fall below it for some time as a part of the price correction process before resuming its upward journey. Overall, the bullish trend is strong, and we can expect the price uptrend to continue tomorrow as well.

#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.