STX price outlook: Will Stacks go back up?

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  • The price of Stack is down by 4% in the last 24 hours and it is down by -15% in the last 30 days.

  • STX is currently trading near the $0.78 level, and there is a key supply zone near the psychological $1.00 level.
  • STX price rose sharply in February and March as Ordinals hype hit the market.

value of stack (stx) Another higher low move followed on Wednesday with bitcoin (BTC) surging by double digits to reach a high of $0.82. The upside followed the crypto market’s upward reaction to the US Federal Reserve’s interest rate hike.

But as the FOMC tide cooled, STX is down 4% over the past 24 hours, trimming weekly gains to just 5% and wiping out gains from April’s major price explosion.

Will the stack go back up after the recent dump?

Stax (STX) is a digital asset that has shown a lot of volatility in price over the past few weeks. As CoinJournal highlights this articleThe main driver of Stack’s price in February was strong interest in Ordinals, a platform Bitcoin Inscription (crypto asset similar to NFT).

Stack, which brings the power of smart contracts to bitcoin, also surged in March Whales loaded on native STX,

As seen on the weekly chart below, since February 20 STX/USD is constrained between a strong support at $0.64 and a new resistance near $1.33. The coin is up 5% this week, but is in the red on the monthly charts after today’s decline, which helped erase gains made earlier in the year. STXUSD is down about 15% in the last 30 days.

Coincidentally, STX gained 122% in one week in February and 51% in seven days in mid-March. So the question is: will Stack move back up after retreating from the year-to-date high of $1.32?

The surge in bitcoin ordinals, which is on-chain data shows This week reached over 3.5 million, suggesting that interest in inscriptions is still high. Activity on the Ordinals protocol and other Layer 2s on the Bitcoin blockchain and potential increase in BTC price is likely to be a major catalyst for upside momentum. altcoin,

Below is a look at the stack value from a technical perspective.

Stack Price: Short Term Outlook for STX

For a short-term technical outlook for STX, we can look at its weekly chart, focusing on the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Fibonacci Retracement levels.

Chart showing the price movement of Stax (STX) along with key technical indicators. Source: trading viewAs shown above, the RSI indicator for STX is currently at 57. This suggests that STX is largely neutral, indicating that it is neither oversold nor overbought.

However, the MACD indicator is suggesting a possible bearish crossover. We can see that the MACD line is above the signal line but may cross below to give profits to the bears.

Meanwhile, a key resistance on the upside is likely to be the 23.6% Fibonacci retracement level, which marks the retracement of the last swing from the $3.37 high to $0.20 low. That level is currently around $0.95. The stacks also highlight the 50% and 61.8% retracement levels as key resistance areas.

If Stax (STX) price continues to decline, the first support could be near $0.45 on a long-term horizontal line. The 50-week moving average line is currently flattening out around this area, while the demand reload line at $0.20 provides a key buffer zone.

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