STX continues to show a downward trend, remaining below key exponential moving averages (EMAs) with immediate support at $0.74 and a deeper support zone around $0.55–$0.57. The current price of STX is around $0.861, up by nearly 8% in the past day.
The recent rebound in STX’s price could potentially set the stage for a recovery. The 20 EMA at $0.92 is a crucial level to watch as a daily close above this could signal a short-term shift in momentum. However, the long-term trend remains bearish as STX is well below the 200 EMA.
In terms of support and resistance levels, the $0.74 mark will be important to gauge STX’s trajectory. If the broader market sentiment weakens further due to recent events like the Bybit hack, STX may find support in the $0.55–$0.57 range.
The daily chart shows a descending channel from the recent highs, indicating a potential rebound if the price sustains above this channel. However, a more convincing reversal would require STX to break above key moving averages and establish higher lows. The Relative Strength Index (RSI) is currently below 40, suggesting that sellers still have the upper hand, but a move above 50 could indicate bullish momentum.
Traders should watch for the price to close above $0.92 as an early sign of bullish momentum returning. Reclaiming the $1.14–$1.20 range, which includes the 50 EMA and a major horizontal zone, would be a stronger indication of the downtrend weakening.
In a bearish market, rallies into key EMA or horizontal resistance zones often attract sellers. It’s important to pay attention to volume and whether the price can hold above reclaimed levels for a sustained rebound.
Overall, STX’s price movements will be key to watch in the coming days to determine if a recovery is on the horizon. Stay tuned for further updates on STX’s price action in the cryptocurrency market.