Rising Stacks(STX) Price Need This Breakout To Bolster Further Rally

Earlier today, the Stacks coin price witnessed a huge pump and reached $0.335. However, the prices couldn’t sustain the higher price and reversed immediately, leaving a long higher price rejection candle. Anyhow, the altcoin is currently struggling to reclaim the $0.25 resistance, indicating the selling pressure persists.

Key points: 

The coin chart shows a strong accumulation zone below $0.21
The Stacks coin would maintain its ongoing downtrend until the resistance trendline is intact
The intraday trading volume in the STX is $80 Million, indicating a 1146.05% gain

Source- Tradingview

Amidst the last week’s sell-off in the crypto market, the Stacks coin price plunged to a new 2022 low of $0.21. However, with the ongoing uncertainty in the market, this altcoin rebounded twice from the $0.21 support within a week.

Furthermore, the second bullish reversal showcased a long wick rejection at $0.21, indicating the buyers are actively accumulating at this level. Moreover, earlier today, the Stacks coin price witnessed a massive inflow, causing a 52.6% intraday jump.

Having said that, by 2:07 pm EST, the sellers had nearly evaporated the bullish gains and left the price chart with a long-wick rejection. The coin price dropped below the $0.25 resistance and currently trades at the $0.244 mark.

Thus, if the daily candle closes below the $0.25 resistance, the prices will likely prolong the ongoing consolidation for a few more trading sessions.

On a contrary note, a breakout above the $0.25 barrier will offer buyers an additional footing to pump the prices higher.

Technical indicator

Relative Strength Index: a bullish divergence in the daily-RSI slope reflected the increasing buying activity at the $0.21 support.

EMAs: the ongoing downtrend in Stacks coin has made it evident that the 20-and-50-day EMA acts as dynamic resistance and continues to assist selling in extending the price fall,

Stacks coin intraday price levels

Spot price: $0.244
Trend: Bullish
Volatility: High
Resistance level- $0.25 and $0.287
Support level- $0.212 and 0.178