Stacks (STX) Sustains Above the $1.500 Mark

A sharp downward correction occurred in the Stacks daily market over the past nine sessions. However, the market rebounded off the technical price level of $1.500. Despite the rebound, price action was unable to rise considerably upward afterward. Let’s see what may become of this market shortly.

Stacks Statistics:
Current STX Protocol Value: $1.660
STX Market Cap: $2,419,441,673
Stacks Circulating Supply: 1,468,160,714
STX Total Supply: 1,818,000,000
Stacks CoinMarketCap Rank: 38

Key Price Levels:
Resistance: $2.000, $2.500, and $3.000
Support: $1.500, $1.000, and $0.500

Stacks Market Sees the Most Significant Price Increase in Recent Sessions

While price movement in the STX daily market appears to lack considerable volatility, today’s trading activity has seen the most conspicuous price increase in recent sessions. However, even with the seen increase, price action can be seen below the intercalating lines of the Exponential Moving Average (EMA).

Nevertheless, with the price increase seen in the ongoing session, the market continues to close in on the resistance at the 61.80 Fibonacci Retracement level. Likewise, the bars of the Moving Average Convergence Divergence (MACD) indicator reveals that downward forces are losing momentum to upside ones. Consequently, this hints that the market may further approach the 61.80 Fibonacci Retracement level as a resistance.

STX Market Shows Bullish Prospects While Under Pressure

It can be seen that price activity in the Stacks 4-hour market hints at the possibility of price action gaining more momentum shortly. In this market time frame, we can see that price action has started hugging the 20-day EMA lines from below. Meanwhile, the last price candle appears green despite its tiny size.

At the same time, MACD indicator lines are still rising upwards from below the equilibrium level. The indicator bars also appear solid green. This suggests that the upside forces propelling the market are still capable of pushing the market further upwards. Therefore, traders can still use crypto signals focusing on the $1.800 mark.

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