STX Technical Analysis: Stacks Prices Skyrocket Above $0.50
Table of contents
Key technical points:
Past Performance of STX
STX price action shows a long-coming downtrend under the insurance of a highly bearish trendline, accounting for a downfall of 75% to reach $0.32. However, the buyers quickly overtook the train control resulting in the trendline breakout and a jump to $0.40. However, today the buying pressure hits the ceiling resulting in a 25% jump surpassing the psychological mark of $0.50.
Source- Tradingview
STX Technical Analysis
STX price action shows the bullish engulfing candle attempting to sustain above the $0.50 mark but the higher price rejection results in a wick formation. Hence, traders must wait for the price action confirmation. The DMI indicator shows a phenomenal increase in bullish spread after the recent crossover. Moreover, the bullish trend momentum grows as indicated by the rising ADX line.
The RSI indicator shows a phenomenal increase in the underlying bullishness as the slope spikes above the halfway line. Moreover, the 14-day SMA starts a parabolic reversal from the oversold boundary teasing a bullish reversal. The MACD indicator shows a positive trend in the fast and slow lines rising to reach the zero line, after undermining the recent bearish crossover. Moreover, the lines regaining the bullish alignment restart the positive trend in the MACD histograms. In a nutshell, the technical indicators support the STX price action analysis teasing an uptrend continuation above $0.50.
Upcoming Trend
Considering the daily candle closes above $0.50, the STX prices will skyrocket to reach the overhead resistance at the $0.65 mark.
Resistance Levels: $0.65 and $0.80
Support Levels: $0.40 and $0.32