STX Technical Analysis: Bullish Failure Puts $0.45 Level In Danger

The STX price action shows a bullish failure to exceed the psychological mark of $0.50, teasing a drop below the crucial horizontal level at $0.45. Key Technical Points: The Stacks price has dropped by 10% in the last week. The price action shows the downtrend taking support at the $0.45 level. With a market cap of $5.98 billion, the intraday trading volume of Stacks has decreased by 6.12% to reach $151 million. Past Performance of STX The STX prices broke above the $0.45 mark, resulting in a price jump to the overhead resistance at $0.50. However, the increased selling pressure at the psychological map of $0.50 resulted in a 10% drop last week. The downtrend comes as a retest of the bullish breakout and might result in a post-retest reversal shortly. Source – Tradingview STX Technical Analysis The STX price action displays a streak of bearish candles over the last four days, and the long wick of the daily candle warns of a price drop. Hence traders can find short-term selling opportunities once the price closes below the $0.45 support level. The daily RSI slope maintains a downtrend as it drops below the halfway line reflecting an increase in the underlying bearishness. Moreover, the MACD indicator reflects the bearish trend in histograms gaining momentum as the fast and slow lines begin bearish alignment. Hence the technical indicators project a high likelihood of a downtrend continuation. In summary, the STX Technical Analy...