- Stacks tested $1.75 support amid a 26% weekly decline.
- The rising channel indicated bullish potential with resistance at $2.40 and a price target of $10.
Stack (STX) I was in the middle of a deal At the time of writing, it is selling for $1.71 after falling 11.73% in the last 24 hours and 26.06% in just 7 days. The circulating supply of STX is 1.5 billion, giving the cryptocurrency a market capitalization of $2.57 billion.
Trading volume over the last 24 hours was $439 million, indicating significant activity during the price decline..
The recent decline in STX’s stock price appears to be consistent with the expanding market decline. This downturn pushed the token towards a critical support level within its long-term upward channel.
A rising channel indicates a long-term bullish trend.
According to AMBCrypto’s analysis, Stacks appeared to be trading within a defined upward channel. This is a sign of a broader bullish trend despite the recent decline. At press time, prices were approaching the lower boundary of this channel, between $1.70 and $1.80. This area has continued to act as a strong support line.
The upper boundary of the channel points to a potential target near $10, suggesting there is room for price recovery in the future if support holds.
In fact, popular analyst Ali Martinez said: explanation This phase is considered a possible buying opportunity and highlights the importance of the level for long-term investors.
Recent Modifications and Major Levels
The stack retreated sharply from the mid-channel resistance near $4.50, falling 27.35% during this correction. This pullback pushed the price towards support, but pullbacks are common in long-term uptrends and can provide accumulation opportunities.
Support at $1.75 – $1.78 is very important in determining STX’s next move. If this level holds, the initial resistance target is $2.40 – $2.50, with resistance likely to lead to a stronger bounce around $2.80 – $3.00.
However, a break below $1.75 could trigger further declines, with the next major support levels at $1.50 and $1.40.
Momentum indicators indicate mixed trends.
Awesome Oscillator (AO) was showing red bars at press time. This indicates bearish momentum. However, a decreasing histogram indicates that selling pressure may be easing. A bullish reversal would require a break above the green bar of AO and the lower resistance level.
Traders should closely monitor the $1.75 area for signs of a bounce or further breakdown. A sustained break above this level could push the price into the $2.00-$2.40 range in the near term.
Outlook and Key Indicators to Watch
As STX approaches support, investors are watching key levels to determine the next trend. Immediate support is at $1.75, while major resistance areas are $2.40 and $2.80. A breakout of the lower limit of the rising channel may result in a downside target of $1.50 or less.
This correction, while steep, fits the stack’s larger growth pattern and suggests recovery is possible if support levels hold.