Altcoin
Altcoin Loses Momentum! Is the price of ALEX and STX ready for a 10% collapse?
Despite the main cryptocurrencies on the market such as Bitcoin, Ethereumand other tokens that consistently struggle to regain momentum, mid- and small-cap altcoins have attracted considerable attention, thus adding significant value to their respective portfolios.
Furthermore, top-chain tokens performed similarly to the market leader and saw a notable correction in their respective portfolios. With growing bearish sentiment, will Stacks (STX) and Alex Labs (ALEX) tokens return or plummet to multi-year lows?
Stacked prices experience higher price volatility:
Following the cross-border market correction, the STX Price has shown negative price action losing around 3% in valuation over the past day and 0.54% over the past week. Furthermore, the altcoin has fallen by 15.03% over the past month, indicating growing bearish sentiment.
TradingView: STX/USDT
The STX coin price has formed a triangular pattern in the 1D time frame and has continued to trade within it since the beginning of April. Furthermore, the altcoin is hovering near its support trend line and is on the verge of testing it. The outcome of which is unpredictable.
The technical indicator, RSI, shows a high possibility of bearish convergence, indicating weak price action for the altcoin in the cryptocurrency market. Furthermore, the SMA is on track to experience a negative crossover, suggesting that the price will continue to lose value.
If the market holds the Stack the price of coins above the $1.675 support level, the bulls will regain momentum and prepare to test its $2.135 resistance level in the coming time. On the contrary, if bears continue to dominate the market, STX price will plummet towards the support trend line.
ALEX price continues to trade within a bearish channel pattern:
Alex price recorded a correction of 10.01% in the last 24 hours with a trading volume of $891.28K, a change of -18.44%. Additionally, Alex Labs has lost 14.19% over the past seven days and has wiped 74.48% off its valuation this year.
TradingView: ALEX/USDT
Furthermore, the altcoin has formed a descending channel pattern in its price chart and continues to lose value. Furthermore, ALEX price is hovering near yearly lows, indicating strong bearish sentiment for the altcoin in the cryptocurrency market.
The 50/200 day EMA shows a consistent downtrend, suggesting growing bearish power in the cryptocurrency sector. However, the Moving Average Convergence Divergence (MACD) shows a rising green histogram with potential bullish convergence, highlighting mixed sentiment.
In case the bulls regain momentum, the ALEX coin price will start trading under bullish influence and prepare to test its 0.1500 resistance level. On the downside, if the bears continue to maintain control, the ALEX cryptocurrency will plummet towards its new lows over the next week.