STX Technical Analysis: Pullback Can Soon Become a Downtrend

The sudden retracement in the price action of STX crypto forms a triangle pattern. Meanwhile, the technical indicators project a sell signal. Stacks, a layer-1 blockchain solution, is designed to bring decentralized applications and smart contracts to Bitcoin. These smart contracts can be added to Bitcoin without affecting its security or stability. The Stacks token (STX) powers the platform. It is used to fuel smart contracts execution, process transactions, and register new digital assets on the Stacks 2.0 blockchain. Let us now take a deep look into the technical analysis of Stacks’ cryptocurrency. Past Performance of STX The STX coin price shows retracement to the support zone near the $2 mark in the daily chart. The retracement results in the formation of the descending triangle pattern. Despite the bearish nature of the pattern, the solid underlying bullishness might result in an upside breakout. The strength of the uptrend is evident by the price jump of more than 120% this month. Hence, traders can find STX buying opportunities with minimum risk upon bullish breakout. Moreover, the uptrend has the potential to reach the $3 mark upon breakout. Source – Tradingview STX Technical Analysis During the writing period, the STX coin price was trading at $2.16, with a price retracement of 0.80% in the last 24 hours. Furthermore, the trading volume stands at $58 million with a fall of 15% compared to yesterday. As per the Pivot Points, upon bullish breakout, the uptrend can face resistance at $2.66 and $3.12. In an otherwise situation, $1.9 can act as a support level followed by the $1.6 level. The MACD indicator in the daily chart gives a sell signal. Due to the recent bearish crossover between the MACD and the signal line. The RSI indicator projects a gradual fall in the slope after reaching the overbought zone. Furthermore, the RSI keeps falling despite the slight consolidation in price action. Thus, resulting in the bearish divergence. Hence, RSI indicates a sell signal for STX crypto. Upcoming Trend As per the technical analysis of Stacks cryptocurrency, the STX coin price is at a very decisive stage. The technical indicators suggest selling, whereas the price action depicts the strength of the uptrend. Hence, we must wait till the price action breaks the pattern formation before entering either side in STX cryptocurrency.
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