STX’s Price Rests on a Key Technical Indicator and Support Level

• The price of Stack (STX) dropped 1.59% over the past 24 hours.
• STX’s negative daily performance pushed its price down to the crucial support level at $0.6573.
• A break below the 50-day EMA line may drag STX’s price down to $0.6199.

Stacks (STX) was able to reach a daily high of $0.6999, but has since seen its price drop 1.59% according to CoinMarketCap. As a result, the altcoin was trading at $0.6875. With this negative daily performance, STX’s price found itself in a precarious situation at press time. If the sell pressure continues, the crypto’s medium-term trend could reverse from bullish to bearish.

From a technical standpoint, the price of STX was resting on the 50-day EMA line after it dropped below the shorter 9-day and 20-day EMA lines over the past week. Bulls were attempting to keep the altcoin’s price above the the 50-day EMA line, which was evident by the wick that was present underneath today’s daily candle at press time.

Furthermore, the crypto’s price was resting on the crucial support level at $0.6573 as well. Should STX drop below this level in the next 48 hours, then it may be …

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