STX Technical Analysis: Bullish Reversal from $2 Drives Prices Higher

Stacks is able to bring smart contracts and DApps to Bitcoin without changing any of the features. Moreover, it is very secure and stable as it is a layer-1 blockchain. But the superpower remains its ability to bring DApps and Smart Contracts to the Biggest Cryptocurrency Network i.e. Bitcoin.

Let us now take a deep look into the technical analysis of Stacks.

Past Performance of STX

After facing opposition near the $2.8 mark, the price action reflects a retracement to $2. However, the increased demand near $2, which coincides with the 50% Fibonacci Retracement level, pushes the price higher. As a result, the price action showcases a bullish reversal in the daily chart.

Furthermore, the rise in demand is evident by the 450% jump in intraday trading volume. Meanwhile, the coin trades at $2.26 at press time. 

STX Technical Analysis

STX coin price action shows growth in the daily chart due to the increased demand. Moreover, the recent formation of the bullish engulfing candlestick reflects a rise in underlying bullishness. 

The breakout of the $2.15 resistance level can be considered a suitable entry spot. However, the price jump may find opposition near the Pivot Points at $2.75 and $3.66. And, on the flip side, the $1.95 and $1.75 can help oppose the downfall.

The RSI slope in the daily chart spikes higher above the central line. Moreover, the slope shows a steady increase from the central line. As a result, the RSI indicator generates a buy signal for the STX coin.

The MACD and the signal line show a bullish crossover in the daily chart. Furthermore, the decrease in the bearish histograms indicates rising bullish pressure. That is why the MACD indicator signals growth in buying pressure. 

Upcoming Trend

As per the technical analysis of Stacks, the STX coin price can continue this bull run to the $3 mark. Furthermore, the technical indicators signal equal opportunities to buy. 

If the price breaks above the $3 mark, the STX token can hit the $3.66 mark.