Altcoins Losing Momentum! ALEX And STX Price Poised For 10% Plunge?
The post Altcoins Losing Momentum! ALEX And STX Price Poised For 10% Plunge? appeared first on Coinpedia Fintech News
Despite the top cryptocurrencies of the market such as Bitcoin, Ethereum, and other tokens constantly struggling to regain momentum, mid-cap and low-cap altcoins have gained significant attention, resulting in them adding significant value to their respective portfolios.
Moreover, top-chain tokens have recorded a similar trend as the market leader and have recorded a notable correction in their respective portfolios. With the rising bearish sentiment will, Stacks (STX) and Alex Labs (ALEX) tokens make a comeback or plunge toward their multi-month lows?
Stacks Price Records Increased Price Volatility:
Following the cross-border market correction, the STX price has displayed a negative price action by losing approximately 3% in valuation within the past day and 0.54% over the past week. Furthermore, the altcoin has plunged 15.03% over the past month, indicating a rising bearish sentiment.
The STX coin price has formed a triangle pattern in the 1D time frame and has continued to trade within it since the start of April. Moreover, the altcoin is hovering close to its support trendline and is on the verge of testing it. The outcome of which is unpredictable.
The technical indicator, RSI, displays a high possibility of a bearish convergence, indicating a weak price action for the altcoin in the crypto market. Furthermore, the SMA is on the path of experiencing a negative crossover, suggesting the price will continue losing value.
If the market holds the Stacks coin price above the support level of $1.675, the bulls will regain momentum and prepare to test its resistance level of $2.135 in the coming time. Conversely, if the bears continue to dominate the market, the STX price will plunge toward its support trendline.
ALEX Price Continues Trading Within A Bearish Channel Pattern:
The Alex price has recorded a correction of 10.01% within the past 24 hours with a trading volume of $891.28K, a change of -18.44%. Further, Alex Labs has lost 14.19% within the past seven days and has erased 74.48% from its valuation this year.
Furthermore, the altcoin has formed a descending channel pattern in its price chart and continues to lose value. Moreover, the ALEX price is hovering close to its yearly lows, indicating a strong bearish sentiment for the altcoin in the cryptocurrency market.
The EMA 50/200-day shows a constant downtrend, suggesting a rising bear power in the crypto space. However, the Moving Average Convergence Divergence (MACD) displays a rising green histogram with a potential bullish convergence, highlighting a mixed sentiment.
In case the bulls regain momentum, the ALEX coin price will start trading under a bullish influence and prepare to test its resistance level of 0.1500. Negatively, if the bears continue to hold control, the ALEX crypto will plunge toward its new lows during the upcoming week.
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