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Vikram
Apr 10, 2022
by Vikram

STX Technical Analysis: Trendline Rejection Keeps Downtrend in Motion

STX
STX coin price action shows a highly influential bearish trendline keeping the downtrend in motion. Will sellers regain control to hit $1? 

Key technical points:

  • The 20-day EMA dynamic support flipped to a resistance

  • The STX price tumbled 21.2% since last week

  • Finally, the 24-hour trading volume of Stacks is $31.95 Million, marking a 61.52% rise.

    • Past Performance of STX

    STX coin price deflated by 51% under the influence of the bearish trendline that crushed multiple bullish attempts starting from $2.60. The downtrend has created beneath the psychological level of $1.5  and all the crucial daily EMAs. The recent rejection led to the $1.30 breakout with an 18% fall finding support at the $1.25 mark.

    STX Technical Analysis 

    STX coin price shows a consolidation move below the $1.30 level thanks to the psychological support provided by the $1.25. However, the increasing selling pressure threatens the possibility of a downtrend continuation to the $1.11 mark.

    The bullish reversing (50, 100, and 200 days) EMAs suffer another bearish influence resulting in a flattish movement. Hence, the EMAs keep the resistance status with a significant spread among the EMAs.

    RSI Indicator: The recent price drop has sunk the RSI(44) slope below the equilibrium line, indicating a bearish sentiment among the market participants.

    In a nutshell, the STX technical analysis highlights the possibility of different continuation below $1.30.

    Upcoming Trend 

    STX coin price action shows a short consolidation under the $1.30 mark which may shortly give a bearish breakout. Hence, traders can shortly find selling opportunities with a closing below $1.25 mark with a downtrend possibility to $1.

    Support Levels: $1.25 and $1

    Resistance Levels: $1.30 and $1.50

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    Stacks STX
    STX Technical Analysis: Trendline Rejection Keeps Downtrend in Motion
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&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.

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