STX Technical Analysis: Bearish Trendline Delays Breakout Rally

STX price shows a consolidation rally struggling to continue due to the high supply pressure near the resistance trendline. Key technical points: The STX market value decreased by 4.29% today at press time. The price action shows a consolidation range challenging the resistance trendline. The 24-hour trading volume of Stacks is $10.10 Million, indicating a drop of 60%. Past Performance of STX As we see in the STX/USD price chart, the downfall starting from April depreciated the STX prices by 67% resulting in a bottom formation at the psychological mark of $0.50. The abrupt ending of the downfall due to the consolidation in May brings a challenge to the resistance trendline. Source- Tradingview STX Technical Analysis The sideways trend in STX price ranging between $0.50 and $0.61 levels shows a failed double bottom pattern as the resistance trendline knocks out the bullish reversal. Moreover, the higher price rejection in the previous daily candles warns of a downtrend continuation below the $0.50 mark. The falling trend in the crucial daily EMAs maintains a bearish alignment showcasing a solid bearish trend in action. However, the trendline breakout can result in a rally retesting the 50-day EMA which can provide another breakout entry. The RSI slope shows a diagonal rally with increasing bullish influence with the support of the 14-day SMA showing a bullish divergence in the price action. However, the slope struggling to surp...