Stacks Price Erases All Its Gains! STX Price To Experience A Correction Of 15% Soon?

The post Stacks Price Erases All Its Gains! STX Price To Experience A Correction Of 15% Soon? appeared first on Coinpedia Fintech News

After recording a positive jump of over 15% over the past day, the Stacks coin price has recorded a correction of over 13% within the last 24 hours, making it one of the top losers of the day in the crypto industry. 

The Stacks price traded in a closed range between $0.9749 and $1.1411 for over a week, following which the market gained momentum and the price broke out of the range. The STX coin price experienced a minor pullback at the resistance level of $1.2972.

However, the bulls held the price strong, resulting in the price experiencing a jump of over 31% in its valuation. After this, the price traded sideways in a closed range between $1.2972 as its support and $1.4890 as its resistance level for a while.

TradingView: STX/USDT

The STX bulls attempted to break out of the range but faced rejection at the resistance level of $1.7472, resulting in the price experiencing a pullback in its value. Following this, the price continued to trade sideways for a while.

After multiple attempts, the Stacks bulls gained enough momentum to hold the price above its resistance level of $1.4980. Later the resistance level acted as a support level for the coin with its new resistance level at $1.7472, where the price traded sideways for about a week.

Recently, the price regained momentum and jumped over 27%. The rally was, however, short-lived as the price faced rejection at $2.0336, following which the price faced a correction of roughly 13%, resulting in the price raising all its gains from the recent price pump.

Positively, the Cross EMA 50-day acts as a dynamic support to the price chart, indicating a high possibility of a positive trend reversal in the coming time.

Will STX Price Regain Value?

The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating massive ongoing selling pressure for the coin. Moreover, the averages show a constant fall in the chart, suggesting a bear power in the space.

If the bulls hold the price above the support level of $1.7472, the STX price will regain momentum and prepare to test its resistance level of $1.890 soon. Further, if the market holds the price at that level, the Stacks price will rise and prepare to test its upper resistance level of $2.0336 by the week ahead.

Conversely, if the bears overpowered the bulls, the STX price will continue falling and prepare to test its support level of $1.4980. Moreover, if a trend reversal occurs, the crypto coin will plunge and prepare to test its lower support level of $1.2972 in the coming time.