Stacks (STX) was able to reach a daily high of $0.6999, but CoinMarketCap data shows that its value has since dropped by 1.59%. As a result, the alternative currency was trading at $0.6875. At the time of publication, STX’s value was in jeopardy as a result of its poor daily performance. The medium-term development of the cryptocurrency may change from bullish to bearish if the promotional pressure persists.
Technically, the value of STX had fallen below the shorter 9-day and 20-day EMA lines throughout the previous week and was now sitting on the 50-day EMA line. The wick that was active beneath today’s daily candle at the time of publication indicated that bulls were attempting to keep the altcoin’s value above the 50-day EMA line.
Additionally, at $0.6573, the cryptocurrency’s value was resting on the crucial support level. If STX falls below this level within the next 48 hours, it may be vulnerable to falling to the next major support level at $0.6199.
However, if STX is able to close today’s trading session above the positive development line and print a new lower low, it might result in the upward price movement that has been occurring over the past few weeks continuing. In this case, STX might attempt to ascend in the ensuing week to the next major resistance level of $0.7542.
The 9, 20, and 50 EMA lines on the altcoin’s daily chart are important for traders and merchants to watch because the technical indicators have been encroaching on one another. In the next days, if the 9-day EMA line crosses below the 20-day EMA, a bearish flag will likely be raised, signaling that STX has started to move in a short-term bearish direction.
The cryptocurrency’s recent upward trend may come to an end if both the 9 and 20 EMA lines on STX’s daily chart pass below the 50-day EMA line in the upcoming days. Should this happen, the cryptocurrency’s development would undoubtedly turn bearish, perhaps sending its value all the way down to $0.5733 during the upcoming several weeks.