Over the past few months, the price of stacks has demonstrated strong performance and has generated satisfactory returns for long-term investors. At present, however, the price is undergoing a short-term correction and retracing downwards.
Over the course of six weeks, the price of Stacks coin has undergone a correction phase, resulting in a decline from a high of $1.31 to a low of $0.6702, marking a significant drop of 45%.
The downward trend was reinforced by a trendline sloping downwards, which provided a clear direction for the descent and enabled sellers to prolong the correction phase. Nevertheless, buyers have recently discovered substantial support at the $0.67 level, enabling them to regain bullish momentum.
On May 2nd, Stacks coin experienced a notable surge in price, resulting in a bullish breakout from a long-standing resistance trendline. Sellers had been utilising this trendline to apply supply pressure at price rallies and maintain a swift descent.
Looking at the positive side, there is a key resistance level at $0.7500 that the coin is currently facing. Beyond that, the next obstacle to overcome is at $0.7800. However, the most significant challenge ahead is at the $0.8000 level. If the coin manages to break through this level, it could potentially gather bullish momentum and make its way towards the $0.8300 resistance level. In case the upward trend continues, further gains may propel the price towards the $0.8500 level.
If STX is unable to breach the resistance level of $0.7500, there is a chance that a corrective move to the downside may occur. In such an event, the first level of support can be found at $0.7000. However, if the price continues to decline, the crucial support level is situated at $0.6800, followed by the subsequent substantial support level at $0.6600. If the price drops further below this level, it may test the critical support level ranging from $0.6200 to $0.6000.
The market capitalization of this STX is $1,009,707,133. The 24-hour trading volume of the coin is around $68,835,835.
KEY LEVELS :
RESISTANCE LEVEL : $0.7600-$0.8000
SUPPORT LEVEL : $0.6900-$0.6600
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.