The post Stacks (STX) – Here’s where you can find the next buy opportunity after 26% fall appeared on BitcoinEthereumNews.com.
contributor Posted: December 21, 2024 Stacks tested the $1.75 support amid a 26% weekly drop Ascending channel pointed to bullish potential, with the resistance at $2.40 and target at $10 Stacks (STX) was trading at $1.71, at the time of writing, following a 11.73% decline over the last 24 hours and a 26.06% drop in just 7 days. With a circulating supply of 1.5 billion STX, the cryptocurrency had a market capitalization of $2.57 billion. Trading volume in the last 24 hours stood at $439 million, indicating substantial activity during this price drop. The recent downturn in STX‘s price seemed to be in line with a broader market decline. This downturn pushed the token towards its critical support level within a long-term ascending channel. Ascending channel indicates long-term bullish trend According to AMBCrypto’s analysis, Stacks seemed to be trading within a defined ascending channel – A sign of a broader bullish trend despite recent declines. At press time, the price was approaching the lower boundary of this channel, between $1.70 and $1.80 – A zone that has consistently acted as strong support. The upper boundary of the channel pointed to a potential target near $10, suggesting room for future price recovery if the support holds. In fact, popular analyst Ali Martinez described this phase as a possible buying opportunity, emphasizing the importance of the levels for long-term investors. Source: X Recent correction and key levels Stacks pulled back sharply from its mid-channel resistance near $4.50, falling by 27.35% during this correction. While this decline has pushed the price towards its support, such pullbacks are common in long-term uptrends and may provide accumulation opportunities. The support at $1.75 – $1.78 will be critical in determining the next move for STX. If this level holds, it could lead to a rebound, with initial…