The crypto market is currently experiencing a general price recorrection, following a strong bullish phase that saw many assets soar to new highs. Stacks (STX), one of the notable performers in recent days, is not left out of the current ebb and flow of the market, with its value experiencing a significant decline in the last few hours.
According to data from CoinMarketCap, STX is down by 10.14% in the last day, representing the biggest loss in the top 100 cryptocurrencies today. However, looking at STX’s wider price movement, the ERC-20 token’s present downturn may not present much worry to its investors.
For context, STX has jumped by 44.55% in the last seven days emerging as the second biggest weekly gainer, falling just behind meme season sensation – Pepecoin.
At the time of writing, Stacks is trading at $0.776, with a 0.96% gain in the last hour. However, additional data from CoinMarketCap shows the token’s daily trading volume is down by 26.41%, falling to a value of $235 million.
Related Reading: Bitcoin Price Hitting A Yearly High Today? What Matters Today
That said, STX remains the 40th biggest cryptocurrency in the market, boasting a massive market cap value of $1 billion.
Stacks In 2023 So Far
Stacks has been one of the major headliners of 2023, with the token recording a total percentage increase of 290% since the start of the year. Like most cryptocurrencies, Stacks began the year with a slow pace, recording little price gains in January, as its value rose from $0.21 on January 1 to $0.269 by January 31.
In mid-February, STX eventually picked up pace surging by 241% to hit a market price of $0.988 on March 2. However, this positive ascent was soon followed by a significant downtrend, causing the token’s value to plummet as low as $0.575 just one week later.
Thereafter, Stacks resumed its bullish trajectory to hit its highest market price of 2023 thus far, peaking at $1.176 on March 18. Following such price gains, the STX market showed no significant price movement before sliding into a bearish state that lasted for over two months prior to the token’s recent boost in price in the last week.
What Next For Stacks?
According to STX’s 4-hour chart, its Relative Strength Index (RSI) shows the token has just left the overbought zone indicating the current bearish trend may be more than just a price recorrection.
Related Reading: 75% Of Bitcoin Holders At Spot Rates Are Making Money: Data
Furthermore, the Moving Average Convergence Divergence (MACD) has just crossed below the signal line, also indicating that STX’s price will likely remain on the downtrend for now.
However, the price prediction site, Coincodex, is projecting a quick resurgence for STX, as they expect the token to gain by 20.74% in the next 5 days to hit a market price of $0.937.