STX coin price continued to drag gains and has reached the 200 day EMA mark. However, the concern is the slippage below the round mark of $2.
This price action revealed the selling pressure from the top and buyers have yet to regain momentum. Meanwhile, the coin hovers near the make or break zone of $2 and sharp volatile moves are displayed.
At press time, STX traded at $1.99 with an intraday drop of 4.10%, reflecting neutrality on the charts. It has a monthly return ratio of -12.90% and 156.29% yearly.
The pair of STX/BTC is at 0.0000297 BTC, and the market cap is $2.91 Billion. Analysts are neutral and suggest that the STX price may face a volatile move ahead.
Will Stacks (STX) Gain Pace Amidst Downtrend?
For weeks, STX coin traded in a downtrend and lost over 40% of gains last month. In addition, the coin slipped below its key moving averages, signifying bearishness.
Going forward, the sellers have an edge and showed their dominance. A break and close below the $2 mark would validate the further down move ahead. Conversely, if the bearish wave ends, and the coin succeeds to cross the $2.50 mark, it would trigger short covering and may rebound ahead.
Source: Santiment
Moreover, the trading volume signifies sharp decline and no significant volume buying was seen. The intraday volume dropped over 53.27% to $46.04 Million.
Ranked at 39, STX coin has a total supply of 1.82 Billion and the market cap has dropped over 2.38% to $2.91 Billion.
The Relative Strength Index (RSI) curve stayed in the oversold region and shows a negative divergence, revealing the downtrend on the charts.
Stacks (STX) Reveal Sharp Volatile Moves
Following the price drop, the STX coin displayed intense volatility and the bull army looked trapped. Investors have looked in fear and unwindied their long positions, resulting in the follow on decline over the past few weeks.
This week, price volatility witnessed a spike over 33% and then declined over 18%, representing massive fluctuations.
Source: Santiment
Meanwhile, the sentiments looked negative and are favoring the bear army and the value stayed below the midline representing the downtrend.
Futures Data Represent Price Decline
Following the downtrend, the sellers have dominated the battle and buyers have persisted in unwinding their long positions.
Source: coinglass
The open interest (OI) data revealed a decline over 5.46% to $80.55 Million in the last 24 hrs, conveying the underperformance of the coin.
The immediate support levels for STX is $1.85 and $1.70 whereas the key upside hurdle is around $2.10, followed by $2.20.
Conclusion
The Stacks (STX) coin displayed follow on selling pressure and witnessed underperformance on the charts. Meanwhile, the coin has reached the demand zone and may attain a bounce soon.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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