Bears Overrun Stacks (STX) Market Days After A Bull Break

The latest price of STX reveals that it has been overwhelmed by the bear. This happened after it had experienced a bull run for some days. As of the time of this report, the STX trades at $0.9522 and still going downwards. It was discovered that it had experienced a 2.57% fall in the last 24 hours, and experts predicted that the trend might continue as the bull, for now, has no end. 

Two days before, the price of STX was $0.9511 before it took a break and went even lower at  $0.9459, then $0.9375. it is also said that it will still go lower in the coming days. Experts also suggested that the only thing to save the coin from further decline is if the holders resist selling it at $0.9511.

They’d also placed the STX recovery price at $1.03 hence, the beginning of a new price era for the coin. It was also gathered that the STX didn’t just decrease in price in the last 24 hours; it also affected the liquidity and volume. The recorded total volume of STX traded is established at  $199 million.

This figure is lower than 4.33% compared to what was obtained in the past 24 hours. This development is attributed to the decline in the market purchasing power. This was also visible in STX’s market capitalization, which was said to have dropped to $1.3 billion, a downward trend of 0.79%.

The Technical Analysis Of The STX Market

According to the daily technical indicators, all pointers are going toward a bear trend. The average indicator is currently at $1.07, in a downward trend. And the Relative Strength Index (RSI) recorded so far also showed a declining trend at 52.63. This shows the bear market is still in charge of the market behavior.

Again, the Moving Average Convergence and Divergence (MACD) trend was considered while assessing the STX’s latest market activity – and the MACD was reported to have moved below the signal level, sighting a bearish trend. And according to the per-hour chat for STX to the U.S. Dollar, the bear seems to be having a solid grip on the market. 

It was gathered that the cryptocurrency had opened trade today with a bullish movement, and the price is surging from $0.94 to as high as $1.04. But not anymore; the bearish trend has long taken over, pushing the prices of STX to the USD below $0.95. Experts also believe that to achieve price recovery in STX; there must be a synergy between buyers and sellers, especially now that the price has hit $0.9511. 

The Overall Analysis Of The STX Market Movement

It was disclosed that the 4-hour inductor chart had recorded a decrease of $0.975 and has been trading at a downward trend ever since. Meanwhile, the Relative Strength Index (RSI) indicator is presently showing 38.51, which is  considered a neutral terrine. Analysts who commented on this trend believe that the RSI is most likely to be oversold in a situation where the bear movement persists in the market.

On the other hand, the Moving Average Convergence/Divergence (MACD) indicator is indicating a bearish movement. This was confirmed as displayed on the histogram, which shows a downward trend, boldly stating the red bars. But all hope is not lost for STX investors, as experts also predicted that the bear market will only be short-termed. But for now, it is believed that the pressure on the current price will continue, at least in this short period.

Spectators are advised to keep an eye on $0.9511; according to them, this may be the key to the potential price surge and a pathway into a low price trend. However, as it stands, all technical indicators point towards a bearish market, although there is still a chance that the coin will experience a full recovery. But this, they say, will only happen if the buyers are persistent in holding the support level.

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