Stacks Price Analysis: STX’s price action has trapped the bears, but they are still acting aggressively in the demand zone
- Stacks Coin is moving into a higher zone these days, but the bulls have been rejected recently near the demand zone.
- Battery price action posted a bearish hammer candle on June 26, but that was a trap for the bears.
- Against the backdrop of the daily price chart, the price of batteries has moved above the 20-day exponential moving average.
Stacks Coin outlook favors bulls after reversing from June lows. Now, the bulls aim to push the STX price to the conceptual $1.0 level before the end of June. At the same time, the price of the altcoin indicates bullish dominance for the short-term outlook.
Stacks Coin’s price action shows formation of higher highs and higher lows over longer time frames such as the 4-hour and daily. Meanwhile, at the time of writing, the Stacks token is trading at $0.449.
Recently, Stacs price action posted a bearish hammer candle on June 26, but that was a trap for the bears. After all, the price is up almost 40% in the past two days. At the same time, the STX token hit resistance near $0.60.
The $0.57 to $0.63 area has been a demand zone for the past 45 days. On the other hand, the recent low of $0.30 acted as an important defensive zone for the bulls. Nonetheless, the price of batteries has moved above the 20-day exponential moving average in terms of the daily price chart.
Meanwhile, Stacks Coin’s market cap has fallen 10% in the past 24 hours, sleeping $600 million according to CMC. The price of the stack pair with bitcoin is down 8.9% at 0.00002155 satoshis amid the dumps.
Price Action Displayed Bearish Hammer Candle
The RSI indicator is showing a high-low after a dip in the oversold zone. Referring to the daily price chart, the RSI peak is now moving above the half line (50 points) after 45 days.
Additionally, the ADX indicator continues to decline and shows a weak uptrend for Stacks Coin.
During the bullish move, the demand zone has been a significant bullish barrier for the past 45 days. Meanwhile, bulls need to consolidate Stack Token to break this bullish barrier as soon as possible.
Resistance level – $0.50 and $1.0
Support level – $0.30 and $0.20
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