Markets
Here’s How Stacks (STX) Price Action Is Affecting Investors
The price of Stacks (STX) is returning to where it was before bearish signals took over the cryptocurrency market.
Investors see the potential the asset has and change their tone, as does the market.
Stacks of Green Candlesticks
STX price should benefit from investor optimism after a positive one in the past few days. The altcoin’s funding rate indicates that investors are still skeptical. However, this sentiment may be changing as the rate is turning positive after fluctuating from negative.
This positive change in the funding rate suggests a potential shift in market sentiment towards STX. A positive funding rate typically indicates that traders are willing to pay a premium for long positions, reflecting growing optimism.
STX funding rate. Source: Coin Glass
The Chaikin Money Flow (CMF) for STX also highlights increasing inflows. This trend suggests that more capital is entering the market, supporting the idea that investors are becoming more confident.
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As indicated by the CMF, the increasing inflows prove the willingness of investors to witness a rise in the price of STX. This increase in capital inflows is a positive sign for future STX price action.
STX Price Prediction: Next, $2
The price of STX, which is negotiation at $1.86 at the time of writing, it is up close to 8% in the past 24 hours. The altcoin is close to breaking the resistance at $2.00, which is possible if the $1.80 support is consolidated as a support floor.
The aforementioned factors point to an extended rally that could send the crypto asset beyond $2.00. This would help recover the profits lost during the recent dip.
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But if investors decide to take profits after a new rise in price, the rally may be halted. STX price may fall losing the $1.80 support, resulting in consolidation and invalidation of the bullish thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.