STX Technical Analysis: Bullish Failure Puts $0.45 Level In Danger
Table of contents
Key Technical Points:
Past Performance of STX
The STX prices broke above the $0.45 mark, resulting in a price jump to the overhead resistance at $0.50. However, the increased selling pressure at the psychological map of $0.50 resulted in a 10% drop last week. The downtrend comes as a retest of the bullish breakout and might result in a post-retest reversal shortly.
Source - Tradingview
STX Technical Analysis
The STX price action displays a streak of bearish candles over the last four days, and the long wick of the daily candle warns of a price drop. Hence traders can find short-term selling opportunities once the price closes below the $0.45 support level.
The daily RSI slope maintains a downtrend as it drops below the halfway line reflecting an increase in the underlying bearishness. Moreover, the MACD indicator reflects the bearish trend in histograms gaining momentum as the fast and slow lines begin bearish alignment. Hence the technical indicators project a high likelihood of a downtrend continuation.
In summary, the STX Technical Analysis supports the possibility of a $0.45 fallout as the selling pressure increases.
Upcoming Trend
STX prices will test the $0.033 support level if the buyers fail to maintain dominance at the $0.45 horizontal level.
On the contrary, a bullish reversal might start a sideways continuation with the overhead resistance at $0.50.
Resistance Levels: $0.50 and $0.63
Support Levels: $0.45 and $0.33