The Stacks Price Dips as Trading Volume Decreases
The price of Stacks (STX) has dropped 8% in the last 24 hours and is currently trading at $0.703. At the same time, trading volume has plunged 28% to $130 million.
Stacks Price: Bulls Ride The Double Bottom Pattern
Potential bullish momentum is building for Stacks as it exhibits a double-bottom reversal pattern on the daily chart. This pattern positions the STX price for a breakout rally in the near future.
Emerging from a downtrend, the STX price has surpassed several resistance levels and is currently above the 200-day Simple Moving Average (SMA), indicating a bullish reversal.
Stacks Price Reaches Five-Month High
The Stacks price recently reached a new high for the past five months, hitting $0.792. This has generated interest in the cryptocurrency market.
The 50-day and 200-day SMAs for STX are positioned favorably, with the 50-day SMA at $0.634 and the 200-day SMA at $0.586. The upward trend is triggering a golden crossover above the $0.603 threshold, and the 200-day SMA forms a double bottom pattern with the neckline at $0.752.
Monitoring RSI and SMAs for Reversal Indications
The Relative Strength Index (RSI) has risen from the midline mark of 50 to 64, indicating buying pressure. However, caution is advised as the RSI approaches the overbought territory (above 70), which could precede a trend reversal.
While the bullish momentum is promising, it is important to monitor the RSI and SMAs for any potential signs of reversal. Failure to break the immediate resistance could trigger a sell-off, while a successful breakout could lead to further bullish momentum.
The Rounding Bottom Pattern and Potential Breakout
If the rounding bottom pattern breaks out, the STX coin price could reach $1.305. The current resistance zone for STX is from $0.735 to $0.792. A successful breakout above this zone could generate more bullish momentum.
On the other hand, a support zone between $0.594 and $0.648 can act as a protective barrier against a sustained corrective pullback, mitigating the risk of a sharp decline.
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