Stacks price analysis is showing price at $2.00.Price is facing decline after the bearish return.Support is still significantly strong at $0.897.
The Stacks price analysis shows STX/USD value has been reduced up to $2.00, as the bears have been trying to avail chances for dominating the price function. The past week had been highly successful for the bulls as there was a constant uptrend. The price managed to break past the $1.911 resistance as well, as the upswing was at its peak. But, the current scenario is not so supportive for the cryptocurrency as the price is undergoing a gradual decline.
STX/USD 1-day price chart: Price drops below $2.00 after bears hinder bullish movement
The price is going down once again according to the one-day Stacks price analysis. The bearish momentum is coming back and the price has been decreased up to the $2.00 level in the last 24-hours. Although the price has been advancing quite consistently since the past week, today’s trend has been relatively unfavorable. The moving average indicator is showing its value at $1.583, which is quite lower than the current price.
STX/USD 1-day price chart. Source: TradingView
The Bollinger bands Indicator is maintaining its average at $1.404, while its upper value is resting at $1.911 and the lower value is at $0.897. The Relative Strength Index (RSI) score is 75.50, which is going beyond the over-bought range. This is further confirming the uptrend that has been following since the past week.
Stacks price analysis: STX price dives down to $2.00 after bullish momentum decelerates
The four hours Stack price analysis is showing signs of bearish momentum as the price has dropped down to $2.00. Generally, the last few hours proved crucial for the cryptocurrency as the price covered the downwards range at a persistent rate. Now the price levels have receded back to their formal position. The moving average is higher than the price and is standing at $2.07 at present.
STX/USD 4-hours price chart. Source: TradingView
The volatility has been increasing which means that further decline in the price may slow down but is still quite high. The upper and lower values of the Bollinger bands have changed as well. The upper band is now at $2.37 position while the lower band is at $1.51. Also, the RSI score has moved down to 63.4 as well because of the bearish trend.
STX/USD technical indicators chart. Source: TradingView
The overall progression of the price has been quite considerable during the past few days, as can be deduced from the technical indicators chart. There is a bullish indication as there are 14 indicators settled on the buying mark, seven indicators on the neutral mark, and only five indicators on the selling mark.
The moving averages indicator is also dictating a rise in price with a strong bullish signal. There are 13 indicators standing on the buying position while one indicator each is present on the selling and neutral positions. The Oscillators, on the other hand, are indicating a decline in price with four indicators on the selling point, six on the neutral point, and only one indicator on the buying point.
Stacks price analysis conclusion
The price is following downward movement again as the bearish candlesticks are reappearing on the price charts. Both the hourly and daily predictions are confirming a decline in price, as it has been reduced up to $2.00. However, chances of recovery are still there as the support is standing resolutely at the $0.897 level.
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