The price of Stacks (STX) has been on a correction wave, with a 24-hour drop of 1.96% to $0.9267 reported by CoinMarketCap. STX also weakened against Bitcoin (BTC) and Ethereum (ETH) by ¬1.53% and 0.81% respectively in the same period.

STX recently registered a daily high of $1.01 before retracing down to its 24-hour low at $0.9102 at press time. This price is currently trading within an ascending price channel, following a low of $0.7898 last Saturday which the altcoin’s price rebounded off of and broke above the 9-day and 20-day EMA lines.

Should STX’s price successfully flip the resistance level at $0.9956 into support, it will likely make a move for $1.1722 in the days that follow. On the other hand, if STX does not manage to stay over the marked resistance and EMA lines, it will likely be pulled down to its nearest support of $0.7898.

The daily RSI indicator initially indicates that STX may have reached a peak, suggesting the possibility of a bearish retrace to the previously mentioned resistance level in the following days. But regardless of the prevailing market sentiment, STX investors should always be aware of the risks assets face when dealing with the ever-fluctuating cryptocurrency markets.



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