STX Crypto Faces Sustained Bearish Pressure Near Key Support

The $STX crypto has shown varied movements over the recent trading sessions, with closing prices indicating a mild downward trend. Currently, the crypto’s closing prices have hovered around the $1.63 to $1.645 range. This positioning near the support level at $1.635 suggests a crucial test for the Stacks price.

Examining the Exponential Moving Averages (EMAs), both the 9 and 20 EMAs display bearish behavior, with the 9 EMA at $1.665 and the 20 EMA at $1.696. The declining EMAs are a sign of sustained bearish pressure, making it difficult for the price to push above the resistance levels at $1.69 and $1.719. If the price fails to break through these EMAs, it might experience further downward pressure.

The Moving Average Convergence Divergence (MACD) indicator is another vital tool in this analysis. Currently, the MACD line is below the signal line, but the histogram is showing a gradual decrease in negative values. This could suggest a potential bullish divergence forming, indicating a possible upward correction if the bearish momentum weakens. Traders should watch closely for a crossover of the MACD above the signal line for a clearer bullish signal.

Meanwhile, the Relative Strength Index (RSI) values hovering around 39-40 indicate that the #STX crypto is currently in the oversold territory. This level of RSI typically suggests that the selling pressure might be overextended and a potential rebound could be imminent. However, without a decisive bullish signal, traders should remain cautious.

For potential movements, if the #Stacks price manages to hold above the support level at $1.635 and gathers bullish momentum, a move towards the resistance at $1.69 and potentially $1.719 could be anticipated. However, failure to hold this support could see the price testing the lower support at $1.6.  #TrendingInvestments #altcoins
The full analysis and trade strategy were originally posted on ecoinimist.com.