Due to increased uncertainty over the outcome of the 2024 U.S. elections, the cryptocurrency market experienced a significant correction this week. Subsequently, the Stacks price saw a substantial pullback, highlighting enhanced bearish sentiment.
As the decentralized finance market struggles to regain momentum, is now a good time to add Stacks cryptocurrency tokens to your portfolio? Read our in-depth study to explore potential short-term price targets for Stacks (STX) tokens.
Does the STX coin price suggest a bullish reversal?
Amid rising price uncertainty, the Stacks cryptocurrency price has seen a strong bearish pullback in recent days. Notably, it has dropped 19.36% over the past week and 15.76% over the past 30 days. With a market cap of $2.273 billion, Stacks is currently ranked 34th.
The Relative Strength Index (RSI) has successfully retested its oversold range on the 1D timeframe. This indicates that buying pressure for altcoins in the cryptocurrency market exceeds selling pressure.
However, the SMA indicator consistently poses resistance to the Stacks price chart. This indicates a mixed sentiment for altcoin prices this week.
Will the STX price quickly retest $2?
If bullish sentiment reemerges, it could lead to the Stacks price retesting its resistance level of $1.675 in the near future. Maintaining prices above this level may lay the groundwork for a move toward the resistance level of $2.135 this month.
Conversely, intensified bearish action could pull the STX coin price toward the key support level of $1.230.
