Stacks (STX), one of 2023’s most profitable cryptocurrencies, appears to be experiencing some market troubles. According to data from CoinMarketCap, the altcoin has lost 14.3% of its value in the last 24 hours, making it one of the biggest daily losers in the top 50 cryptocurrencies.

The current downtrend in the STX market can be considered as “unexpected,” following the token’s impressive start to the week that saw its price soar by 71.4% to trade above the $1 mark. In addition to its price action, STX’s daily trading volume is also down to the tune of 19.6%.

However, compared to its overall price movement, the present loss by the STX token is quite insignificant, thus, causing no panic among investors. For context, Stacks has gained by 46.9% in the last seven days and a staggering 201.8% in the last 30 days. 

Moreover, there is a high level of interest surrounding the Stacks network due to its upcoming hard fork upgrade slated for later this month. At the time of writing, STX is trading at a market price of $0.9132, with its market cap set at $1.247 billion.

Meanwhile, STX’s maximum market supply remains at 1.818 billion, of which 1.366 billion tokens are in circulation. 

Stacks Hard Fork Draws Nearer

Last month, Stacks announced its plans to activate a hard fork on its network on March 20, 2023, naming the upgrade Stacks 2.1. Ever since, there has been much excitement around the Stacks network, especially as the upgrade launch date approaches.

Just earlier today, Binance, the world’s biggest cryptocurrency trading platform, announced its support for the Stacks hard fork plans stating that the network upgrade will not affect STX trading on its platform.  

Just like any update, Stacks 2.1 is expected to bring some exciting new features to the Stacks blockchain. According to the development team, the hard fork is intended to strengthen the connection between Stacks and its underlying platform – Bitcoin. 

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Some notable features accompanying the Stacks 2.1 release include decentralized mining pools, improved network bridges, and new clarity functions for parsing and validating data. In addition, the Stacks hard fork will enable the compatibility of all Stacks-native assets – including NFTs – with Bitcoin wallets. 

Stacks (STX) Price Prediction 2023

Following Stacks’ stunning performance in 2023 so far, there is a lot of interest in the token’s possible price trajectory. According to the team at the popular prediction firm, WalletInvestor, Stacks is expected to regain form very soon, hitting a price of $1.254 in the next 14 days. 

However, their price predictions also indicate that STX could be an unfavorable long-term investment, as they forecast the altcoin will experience a 93.5% loss within the next year. 

That said, it goes without saying that these price predictions are not guaranteed. All investors are reminded to conduct their personal research as well as consult financial market experts before engaging the market. 

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The STX price is currently trading at $0.7269 while seeing a change of -48% in 24-hour trading volume.

The STX price is observing a decline of -2.90% in the last 24 hours.

The price of STX is currently trading on a bull trend above the major key EMA’s. Previously after the breakout, the price started trading on an uptrend; taking consistent support from the 50 EMA.

Recently near mid-April, the price made one more attempt to take support from 50 EMA to continue its bullish trend. Though the price abruptly changed its trend after taking resistance from $1.0500 and breaking its nearest support 50 EMA. At present the price is consolidating above the 100 EMA.

The STX price will require fierce buyer support to sustain the bull trend. If it gains the investor’s support it can gain 40 to 80% of its value back.

STX price Taking a Reversal From The 100 EMA on (Daily Timeframe)

Near mid-February, the STX price started trading within a narrow convergence giving small movements. After giving a bullish golden crossover above the 200 EMA it made an extremely bullish rally of more than 80%.

At present the price is providing indications of making a similar move if the investors support the price.

Technical Analysis ( 1 Day Timeframe )

The price of STX is taking support from the 100 MA and EMA. This is an extremely bullish indication as the price is gaining support from both the Exponential Moving average and Simple Moving average.

As of now, the STX price is making a higher high and higher low pattern consolidating near the demand zone on the daily timeframe. Alternatively, the 20 EMA is indicating a bullish crossover.

The STX price is currently taking support from the 100 MA and EMA. The current support levels for the STX price are around $0.7000 and its major support level is at $0.6000. The resistance point for the price of STX is near $1.000 and its major resistance is at $1.200.

The RSI line is taking a divergence from the price action. The value of the RSI line as of now is 40.37 points, while the 14 SMA is providing support at 56.21 points.

Conclusion

Presently the price action is indicating at it may take a bullish reversal. If the price takes support from the current level, it can make a bullish rally of 40%. While its nearest support is 14% below the current price level at $0.6000. The price is offering a good risk and reward ratio for interested buyers.

Technical levels –

Support – $0.7000 and $0.6000

Resistance – $1.000 and $1.200

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On March 20, 2023, Stacks (STX) hit an all-time high of $1.30. But the price declined below the $1 mark on March 25 as the bears increased momentum. The asset has remained under the mark from March until May 5.

The 4-hour time frame chart today indicates that the STX token is trading on a downtrend movement due to high selling pressure. The token is also in a long-term downtrend, with the bears increasing its selling pressure forming lower highs and higher lows.

Will The Bulls Dethrone The Bears From The Market?

The overall structure of the STX market is bearish, with the bears battling with the bulls to take full control. The 4-hour chart shows that the STACK token is trading at $0.7276, with a decrease of -6.47% within the last 24 hours.

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STX’s 24-hour trading volume is down by 56.76%, with a total market cap of $1 billion. This also shows that STX is not experiencing many activities at the moment.

Despite the increased selling momentum resulting from the investor’s sentiment, the bulls are attempting to regain control by taking advantage of the support level at $0.67.

Stacks (STX) Price Analysis

Currently, STX is trading within the range of the 200-day simple moving average and the 50-day simple moving average, suggesting a neutral market position or consolidation phase.

Consequently, traders and investors may use the 50-day and 200-day SMAs as reliable support and resistance levels while trading. 

Notably, a breach above the 50-day SMA may signal a potential short-term uptrend, presenting a buying opportunity for traders. The fact that STX lacks an obvious trend, either upward or downward, suggests that the price is stable.

Currently, the RSI level of STX is 41, which shows that the STX market is heading towards the neutral zone, and there’s indecision. The Moving Average Convergence Divergence (MACD) line is below the signal line, which suggests a potential sell opportunity. 

Moreover, the histogram, which measures the distance between the MACD line and the signal line, is below the zero line, indicating that the security is trading below its long-term trend. 

Additionally, the histogram is increasing, implying that the bearish momentum is gaining strength. This situation suggests that STX is facing downward pressure, which could continue for some time, allowing traders to short the token.

STX trades between the $0.6666 and $0.8275 primary support and resistance levels. Stack’s first important resistance level is $0.8275. If the price rises above this level, the next significant resistance levels are $1.0212 and 1.3103.

Conversely, with high selling pressure, the price of STX may fall below its important support levels of $0.5220 & $0.2684.

#stx #Binance #crypto2023 #BTC #Altcoin