Stacks Price Prediction: Will STX See A Rebound From 50 DMA?

• Stacks co founder has urged crypto community to fund the Senator warren’s opponent
• Technical indicators of STX are favoring a consolidated trend in price.It has seen a drop of 1.84% in BTC pair

Stacks aims to bring smart contracts and decentralized applications to the Bitcoin chain. Stacks gives a way to developers to create applications with the security of Bitcoin network while also interacting with Bitcoin. Stacks has its own consensus model called Proof Of transfer which allows STX miners to earn the token by locking up BTC. Stacks uses Bitcoin security and stability to create a more robust network while giving a chance to Bitcoin holders to earn more income. Stacks users have full control over their data and can choose which apps and services can access it. Stacks popularity has also seen a huge increase with the surge of ordinals. Recently Stacks co founder has urged crypto community to fund senators warrens opponent for her anti crypto stance.

Stacks has a market cap of $1.25 Billion and is ranked 45th in the cryptoverse. Volume of the STX has seen a fall of over 18% in the intraday session.Volume to market cap ratio of STX suggests a consolidated momentum in price

Is A Bearish Momentum Lurking Over STX Price?

Source: TradingView

The weekly technical chart of Stacks suggests a weak downside trend in price. It has been in a consolidated mode for a long time.STX is currently trading near the value of $0.91. Stacks has currently 483.73 Million staked with over 75.28% supply circulating in the market. The upside momentum of STX can see a halt near the value of $1.Meanwhile a support in the asset price can be seen near $0.75. STX is currently showing signs of bearish trends. It is trading above the 50 and 100 Daily Moving Average. STX price can take the support near the 50 DMA. If it breaks below it a downside trend can be observed in the future.

RSI of the asset price is near 49 with a downside slope.The overall sentiment of the RSI is bearish.

Conclusion

Stacks has gained strong popularity with the Ordinals. Meanwhile STX cofounder has urged people to support Senator Warren opponents. STX is currently consolidating but can see a new high soon.

Technical Levels

Major Support: $0.75

Major Resistance: $1

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source