Stacks is the layer-1 blockchain solution that is designed to build Decentralized Applications (DApps). These can be brought into bitcoin to make it more secure and safer. It directly connects with the bitcoin blockchain through proof-of-transfer, which makes it easier for the miners to pay in $BTC to mint new STX tokens. The technical analysis for STX is as follows:
Past Performance
On June 1, 2021, STX started trading at $1. As of June 07, 2021, the closing price of STX was $0.92. Thus, in the past week, the price has decreased by roughly 8%. In the last 24 hours, STX has traded between $0.864-$1.04.
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Day Ahead And Tomorrow
The MACD and signal lines are negative. Plus, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish for STX, and we can expect a price pullback. However, both the lines are close to the zero lines and may change signs soon. Thus, there may be a trend reversal on the horizon.
The RSI indicator is at 35%. It has just fallen from the 30% mark. Thus, selling pressure is slowly mounting. Hence, we can expect the price to fall again for a few hours.
Both indicators suggest a bearish trend for STX.
STX Technical Analysis
The price has fallen below the Fibonacci pivot point of $1.0049. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.8202 soon.
The price has tested and fallen below the 23.6% FIB retracement level of $1.20. If the price falls below the 23.6% FIB extension level of $1.20 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.
