- The price of Stacks dropped approximately 1.96% in the last 24 hours.
- STX’s price also weakened against BTC but was able to gain on ETH.
- Technicals suggest that STX’s price has established a peak and will retrace in the next few days.
The price of Stacks (STX) experienced a 24-hour price drop of around 1.96% according to CoinMarketCap. As a result, the altcoin’s price stands at $0.9267 at press time.
In addition to weakening against the U.S. dollar, STX also weakened against Bitcoin (BTC) over the last 24 hours. Currently, STX is down 1.53% against the crypto market leader. STX was, however, able to gain 0.81% against Ethereum (ETH) during this period.
After reaching a daily high of $1.01, STX’s price has pulled back in today’s trading session to trade at its current price. Furthermore, STX is trading near its 24-hour low of $0.9102 at press time.
Daily chart for STX/USDT (Source: TradingView)
STX’s price is currently trading within a bullish ascending price channel after it printed higher lows and higher highs over the last few weeks. The latest low of $0.7898 was printed this past Saturday. Since then, the altcoin’s price has rebounded from the low to break above the 9-day and 20-day EMA lines, where it continues to trade at press time.
STX now has a key resistance level at $0.9956 to overcome before it can continue its ascent. Should it successfully flip this level into support in the next 24-48 hours then it will likely make a move to $1.1722 in the days that will follow.
On the other hand, if STX’s price fails to remain above the 9-day and 20-day EMA lines by the close of today’s trading session, then it will likely pull back to the nearest support at $0.7898 in the next few days.
The daily RSI indicator does currently suggest that STX’s price has reached a peak, which supports the bearish thesis that the altcoin’s price will retrace to the aforementioned resistance level in the next few days.
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