Stacks (STX) Turns North Above the 1.750 Price Level

Price action in the Stacks market has rebounded through the $2.00 mark. This occurred when headwinds seemed to have lost control while trying to bring the market below the 1.500 mark. As of the time of writing, the price of this token has increased by 4.44%. Let’s see if more increases can still be observed in this market.

STX Statistics:
Current Stacks Value: $2.219
Stacks Market Cap: $3,284,719,282
STX Circulating Supply: 1,462,751,963
Stacks Total Supply: 1,818,000,000
STX CoinMarketCap Rank: 34

Key Price Levels:
Resistance: $2.500, $3.000, and $3.500
Support: $2.00, $1.500, and $1.000

Stacks Faces Rejection at the 50 Fibonacci Retracement Level

Today’s trading has sent price action in the STX market rising through the 50% Fibonacci Retracement level. However, the corresponding price candle for the current session indicates that upside forces are already facing opposition. Meanwhile, this token trades above most of Exponential Moving Average (EMA) lines.

Also, the Stochastic Relative Strength Index (SRSI) lines are still pointed upward, with the leading lines already at the 80 mark of the indicator. Technically, this suggests that upside forces may still shake off headwinds, and prices may continue upward, thereby maintaining the relevance of crypto signals with higher targets.

Headwinds in the Stacks Market Appear Overwhelmed

While the effect of headwinds in the Stacks 4-hour market can be seen, the overall price movement suggests that downward forces are still overwhelmed. Price action in this market timeframe has risen past all the EMA lines. Meanwhile, the last price candle here is a spinning top price candle, indicating that market forces are in a standoff at this point.

The last price candle here can be seen standing at the 2.200 mark. Additionally, the SRSI lines can be seen converging roughly at the 100 mark. Weighing technical indications, one might say upside forces have higher chances of maintaining dominance as the market may continue towards the $2.500 mark.

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