The stacks coin price has been in a correction phase for over six weeks, where the altcoin dropped from a top of $1.31 to a low of $0.6702, registering a 48% fall. A downsloping trendline gave a specific direction to this downfall and assisted sellers to prolong this correction phase. However, the buyers recently found significant support at the $0.67 level allowing them to recuperate bullish momentum.
Key points:
A morning star candle in the weekly chart hints at and bullish reversal from $0.67
The recent correction phase recorded a downfall of more than 50% Fibonacci retracement project the new traders must keep a close watch
The intraday trading volume in the STX is $219 Million, indicating a 180% gain
Source- Tradingview
On May 2nd, the stacks coin price witnessed a significant inflow and gave a bullish breakout from the long coming resistance trendline. The sellers have been using this trendline to recuperate supply pressure at price rallies to maintain a seedy downfall.
However
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