- Stacks price analysis shows bullish price function.
- Resistance is found at $2.22.
- Strong support is present at $2.05.
The Stacks price analysis reveals STX/USD is on recovery after a bearish strike. During the last three days, bears devalued the coin value significantly, bringing it down from $2.22 to $1.96, which stooped the STX quite low. But today, the bulls have returned to the charts with a notable rise in price, as they boosted the price function to $2.1. Bullish wave has almost covered half of the losses of the past few days, and further improvement is also expected. The support for STX/USD is present nearby at the $2.05 mark.
STX/USD 1-day price chart: Bullish efforts helps STX in marking 5 percent gains
The 1-day price chart for Stacks price analysis shows bulls are leading the price function as the price continues to move in the positive direction. After the steep bearish plunge, today’s recovery is quite supportive for traders, as bulls covered an upwards range of $1.96 to $2.09 in a swift move. Overall the STX/USD gained 5.6 percent value over the last 24 hours and has gained more than three percent value over the past week. The trading volume of STX has also increased by almost 89 percent, resulting in an increase in the market cap by 6.7 percent.
The volatility for STX/USD is on the higher side as the Bollinger bands show expansion, with the upper band at the $2.39 mark and the lower band at the $0.88 mark, making an average at the $1.64 mark. The price has traveled above the moving average today, which is a further indication of a bullish crossover.
The relative strength index (RSI) is again going to hit the overbought zone if the current buying activity in the market continues, as the RSI is on an upwards curve at index 66 but is still in the neutral zone.
Stacks price analysis: Recent developments and further technical indications
The 4-hour price chart for Stacks price analysis shows no signs of a bearish hindrance as price moved steeply up in the first four hours of today’s session, but during the later hours, the price progression has slowed down, as the price increment is comparatively less in the preceding hours, but is still on the higher side.
The volatility is mild on the 4-hour chart as the upper Bollinger band is at the $2.22 mark and the lower band is at the $1.88 mark, the average is forming at the $2.05 mark, which represents support for the STX/USD price as the price is trading above the mean average. The RSI is in the upper half of the neutral zone and has taken a straight line, which confirms the slow down in the buying activity as the price movement is showing.
Overall the technical indicators are on the bullish side with a number of 17 indications for buying of STX assets, as the price is in the upper price envelope of the last three months. And none of the technical indicators support the selling side; however, nine technical indicators stand neutral and don’t favor either side of the market.
Stacks price analysis conclusion
The Stacks price analysis shows the bullish momentum is quite helpful for investors who bought the dip recently, as today’s price function is quite positive. Traders can expect the price to improve further in the coming hours, even recovery to $2.22 is also possible in the coming hours, and maybe we even observe another five-month high if the support from buyers persists.
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