STX Technical Analysis: Quick Reversal Traps STX Buyers Under $0.60

STX prices experience a prolonged downtrend under the influence of a highly bearish resistance trendline. Will the downfall breach $0.50 again? Key technical points: STX prices struggle to surpass the $0.61 mark. RSI values exit the oversold territory. The 24-hour trading volume of Stacks is $23.50 Million, indicating a 95% rise. Past Performance of STX As mentioned in our previous analysis, STX prices break under the crucial support level of $0.80, resulting in a downfall to the psychological mark of $0.50. The correction started after the sharp increase in selling pressure at the resistance trendline. However, the recent recovery in the market after the LUNA incident brings a relief rally in Stacks market value. Source-Tradingview STX Technical Analysis The relief rally in the STX prices came with a falling trend in trading volume, reflecting an overall fall in buying pressure. Thus, the sellers at $0.60 quickly overtook the relief rally and brought an 8% fall. Over the last few months, the increased selling pressure has aligned the SMAs in a descending formation reflecting a solid underlying bearishness. The falling trend after the alignment increases the number of dynamic resistances buyers must overcome for a prolonged uptrend. Following a dramatic reversal from the oversold zone, the RSI slope exceeds its 14-day SMA but fails to sustain the uptrend resulting in a fall. Additionally, the DI lines of the DMI indicator repr...