Stack’s price increased by 5% today despite the latest price decrease in the global market cap. This gain surfaces after the price bounced from $0.7 yesterday. It looks poise for a reversal.
Last week saw STX through a small push above $0.82 after six weeks of decline. The push took the price out of a wedge (that forms a pennant flag) in two days but later stopped due to rejection. It retraced throughout the week and retested the wedge as support.
It bounced off the wedge last weekend and entered this week with a substantial profit. It is yet to reiterate actions today as the price stagnates under $0.74. Pushing through that price level could allow buying pressure towards $1 before the end of the week.
Meanwhile, the cryptocurrency has found support above the $0.67 level in the last two weeks of trading. If the price fails to advance higher, it may remain calm above the support level until it gathers volatility for an increase.
Failure to build up for upward movement may result in a fresh crackdown to the first quarter low before it takes a break. Such a scenario will most likely lead to a fakeout – trapping the bull in a dip.
STX remains neutral for now. The price will have to pass through either of the mentioned support or resistance to determine the next major move. Based on the current metrics and technicalities, the price of STX is more likely to rise than fall in the coming week.
STX’s Key Level To Watch
Just in case the price pushes further, the resistance levels to watch in the meantime are $0.85, $0.95, and $1.05, respectively. Other resistance levels lie at $1.2 and $1.3.
On the other hand, the levels to watch below the current holding support are $0.60 and $0.522. If those level fails to suppress sling pressure, lower supports to keep in mind are $0.45 and $0.40.
Key Resistance Levels: $0.85, $0.957, $0.105
Key Support Levels: $0.671, $0.60, $522
- Spot Price: $0.73
- Trend: Neutral
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
