STX Price Pull Brings A Textbook Dip To Buy, Is It Worth Buying?
The post STX Price Pull Brings A Textbook Dip To Buy, Is It Worth Buying? appeared first on Coinpedia Fintech News
With the overall market losing momentum and crashing below crucial levels of support, the altcoins are dropping all over. Amidst such bearish noise, the STX price trend finds a ray of bullish hope, with the buyers reclaiming the 50-day EMA.
With a sudden increase in the buying spirit, Stacks prepares a reversal plot despite the sell-off popularity in the overall market. Supporting the optimistic road, our STX price prediction projects a strong possibility of Stacks giving a bull run this year.
Source – TradingView
With a 34% pullback in a fortnight, the STX price drops under $1.50 after struggling to find a closing price above $2. Due to the immense selling pressure fueled by profit booking and the growing FUD in the market, the Stacks market cap declined quickly.
However, the recent drop under the 50-day EMA triggers a desperate comeback from buyers, leading to a 4.71% overnight. Preserving the bullish momentum, the STX price shows an intraday growth of 2.73% and trades at $1.43.
As per the trend-based Fibonacci levels, the bounce back shows potential to reach the 23.60% level at $1.66. Beyond that, the breakout confirmations will be required as per a cautious approach.
Technical Indicators:
RSI Indicator: The falling trend in the daily RSI indicator approaches the oversold zone. With a bearish divergence in play, the momentum indicator suggests low chances for reversal.
Will The STX Price Reach $2?
With the STX price gaining bullish momentum at a time of market correction, reflects the underlying strength. Further, with this sudden reversal, Stacks might manage to prolong the prevailing uptrend to rechallenge the $2 mark.
However, the breakout of the overhead Fibonacci levels will be a better confirmation signal for sideline traders.
On the flip side, the breakdown of the 50-day EMA and the $1.39 mark, might result in a slide down to $1.12.
Filed under: Bitcoin - @ January 24, 2024 6:06 am