๐ STX /USDT Trading Strategy: Watching for a Bounce or Breakdown
Stacks (STX) is currently trading around $0.68, down significantly from recent highs, with technical indicators signaling a short-term oversold condition but medium-term bearish momentum.
๐ Market Overview:
Daily RSI hovers near 40, suggesting weakening selling pressure.
Price is below all key moving averages (50, 100, 200-day), indicating a persistent downtrend.
Strong support lies near $0.65, with resistance near $0.72.
๐ Strategy Plan:
๐ฏ Entry Zone: $0.66 โ $0.69
โ Stop-Loss: Below $0.64 (to manage downside risk)
๐ Target Zone: $0.72 โ $0.75 (swing trade target)
๐ If price breaks below $0.64 with volume, expect potential downside continuation toward $0.60.
๐ On the upside, a clear breakout above $0.70 with volume could trigger a trend reversal attempt.
๐ก Long-term investors may consider dollar-cost averaging under $0.60, as STX remains a promising layer-2 solution building smart contracts on Bitcoin.
๐ Note: Wait for confirmation signals before entering. STX is volatile, and timing matters. Always manage your risk and never overexpose your portfolio on a single asset.
DYOR No Financial advice!
