The cryptocurrency Stacks (STX) has witnessed intense selling and buying pressure in the recent days, resulting in the asset's price volatility and tumbling down nearly -6.47% within the last 24 hours. The token hit an all-time high of $1.30 on March 20, 2023, but since then it has dropped below the $1 mark and is currently flying slightly above $0.7276. Consequently, traders are trying to identify potential buying opportunities.

The overall market structure of STX is bearish, with the bears and bulls facing off in a fierce battle. Moreover, the token is trading between the 50-day and 200-day Simple Moving Average, hinting at a neutral market position or a consolidation phase.

The 4-hour chart also shows that the bears are increasing in number and selling pressure is weakening the momentum of the bulls. To make matters worse, the token's 24-hour trading volume is 56.76% down, with the total market cap at $1 billion.

The Moving Average Convergence Divergence (MACD) is another indicator which supports the bearish narrative. The MACD line is found below the signal line, and the histogram is steadily increasing below the zero line, indicating that the bearish momentum is gaining strength. This is amplified by the Relative Strength Index (RSI) showing an indecisive market with a value at 41.

Ultimately, STX faces significant downward pressure, which could continue for some time, creating a possible opportunity for traders to short. The asset has identified primary support and resistance levels at $0.6666 and $0.8275 respectively. If the token's price rises above this resistance level, it may explore next resistance levels at $1.0212 and $1.3103. Conversely, if selling pressure continues, these important support levels will be $0.5220 & $0.2684.



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