STX Price Trend Takes A Pause: Are Bulls Running On Reserve?

The post STX Price Trend Takes A Pause: Are Bulls Running On Reserve? appeared first on Coinpedia Fintech News

Following the remarkable recovery jump at the start of 2024, the STX price hits a barrier above the $1.50 mark. Taking a sideways road due to the rejection at $1.74, the Stacks price trend clings to the psychological mark of $1.50, and buyers struggle to avoid a crash. 

With the 15% jump in the first two days of 2024 at risk, the volatility is on the rise in the Stacks price chart. Nevertheless, the STX price prediction projects a high likelihood of a high momentum bullish trend in the coming months. 

Source – TradingView

With a retest breakout of the $0.82 neckline leading to an amazing rally in the STX price of almost 90% in the last 25 days, the uptrend finds a new barrier. As of now, the bearish stand at the $1.75 mark remains a crucial roadblock to further recovery in the altcoin’s price. 

Further, the increased trading volume aligning with the ongoing brawl reflects the increased participation of interested players with differing opinions. The recent long-range Doji formed this Wednesday reflects the indecisive state in the Stacks daily chart. 

At press time, STX price trades at $1.5483 and shows a minimal price move of 0.424% with a long wick. Hence, today’s price action at the time of writing reflects a strong selling at higher levels. 

Technical Indicators:

RSI Indicator: The daily RSI line shows a negative trend below the overbought boundary, reflecting a lack of bullish momentum.  

MACD Indicator: The momentum indicator stays bearish with the MACD and signal lines in a negative alignment following the recent crossover. 

Therefore, the momentum indicators are turning bearish as the buyers delay the recovery rally. 

Will The STX Price Reach $2?

The STX price is losing momentum despite the recent bounce back above the $1.50 mark as the sellers are finding their grip. Additionally, the long-term trend is failing to surpass the $1.75 barrier and the buyers are struggling at the $1.50 mark.  Therefore, the likelihood of a bearish breakdown is increasing. 

Nevertheless, as long as the buyers are dominant at $1.50, the upside potential to $2 stays on the table. Conversely, if the bullish move fails to sustain above $1.50, it will retest the $1.20 level.

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