STX Technical Analysis: Growing Consolidation Within EMAs Teases A Bull Run: Is It Too Soon To Buy?

STX coin price action forms a consolidation range between the 100 and 50-day EMAs. Will the recovery help in the bullish breakout? Stacks is a layer-1 blockchain technology that is designed to enable smart contracts as well as Decentralized Applications (DApps) to Bitcoin (BTC). These smart contracts are added to Bitcoin without altering any of the characteristics that make Bitcoin so effective such as its security and stability. It is powered by Stacks token (STX) that is used to fuel an execution process for smart contracts processing transactions, and also for creating new digital assets to the Stacks 2.0 blockchain. Let us move ahead to read about Stacks technical analysis. Past Performance of STX The STX coin price action shows a growth of 10% in the past week despite the bloodbath in the crypto market. However, the growth comes after a 20% fall from $2.40 to $1.85. The coin price shows a sideways movement for the past few days, but the presence of lower price rejection is clearly visible. That is why a stronger bullish side is seen. STX/USD Daily Chart STX Technical Analysis The STX coin price hints at a morning star pattern formation in the daily chart with substantially lower price rejection. Therefore, the possibility of a price jump by the day’s end is increasing. Crucial EMAs (50, 100, and 200) maintain a sideways trend in a bullish alignment in the daily chart. Moreover, the range formation between the 100 and 50-d...