Stacks Price Analysis: STX is Once again Approaching the $1.0-Mark after the Sharp Rise

• Stacks coin has been consolidating in the narrow range for the past 3-days, after the sharp move of 33%.
• STX investors barely keep the coin price above the 20-day moving average on the daily price chart.
• The STX/BTC pair price is trading slightly bearish by 1.3% at 0.00003058 Satoshis.

Since the Wide Consolidation Range breakthrough, Stacks Coin has been under panic selling for a lot longer (RedZone). Finally, on March 10, bulls reversed the virtual asset’s downtrend by breaking the sloping trendline and raising the coin’s price by 33% in a single day. However, bulls were unable to keep the price higher, resulting in the coin consolidating into a narrow horizontal range.

Stacks Coin has been consolidating above the $1.20 level for the past several days and it seems like a short-term support area. Meanwhile, STX is trading at $1.25, which is slightly lower by 2.2% (as per the Tradingview live data). The digital asset has immediate resistance at the $1.30-mark, which the bulls need to hold above it. Furthermore, the stacks coin with the bitcoin pair is trading at 0.00003058 satoshis, which is slightly negative by 1.3%.

The 20-day moving average is below the current price of STX and the remaining 50,100 and 200 MAs are well above the STX coin on the daily price chart. However, STX lost 24% of its trading volume last night. Furthermore, the volume to market capitalization ratio is 0.02396.

A sharp rally over $1.0 is expected to please buyers

The Stacks Coin RSI is staying above the half-line (50-point) and it is showing a double top formation in the context of the daily price chart. The RSI is also moving into confusing territory.

The Average Directional Index (ADX) is moving upwards and it is at 27-mark at the time of writing, suggesting the strength in the momentum for Stacks coin. 

Conclusion 

According to the ADX indicator, Stacks Coin is about to give a solid move up or down. The bears have an immediate support area at $1.0, so buyers have a place to push the coin price higher.

Resistance level- $2.0 and $3.0

Support level- $1.0 and $0.80

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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