Will $STX See Some Upside After That 8% Drop?
Stacks $STX just took a hit — down 8% in the last 24h to $0.345 earlier today, dragging 7-day performance down -15%. Bears were in control due to capital outflows from the Perp market.
But look at what's happening NOW — STX is already bouncing. Trading at $0.3584 +1.30%, 24H High $0.3638 / Low $0.3351 with $1.22M turnover. So that $0.3351 low got bought up fast.
On the 1D chart, the move is still massive — from $0.1177 on Aug 11 to $0.4606 top in October. That's almost 4x. This 8% drop is just a pullback inside a big uptrend, not a reversal yet.
RSI6 is at 32.99 — that's getting oversold on short term. RSI12 45.34 and RSI24 53.89 are still holding above 45. This tells me selling might be exhausted near-term.
My take:
The fall was driven by perp outflows, but spot investors across venues are still maintaining positions — no panic spot selling. If $0.3351 low holds, we could see a rebound toward $0.38 - $0.40. But if we lose $0.3351 again with volume, $0.2891 is the next support.
I'm not shorting into RSI6 32.99. Waiting for a 1D close above $0.3638 to consider long for $0.40+ retest.
Are you buying this STX dip or waiting for $0.33 to break?
#STX #EarningsSeason #NEAROpensVoteToCutAnnualIssuanceTo1.6% #CFTCSeeksCommentOnRetailDigitalAssetFramework #EliceReboundsToDailyLimit
Stacks $STX just took a hit — down 8% in the last 24h to $0.345 earlier today, dragging 7-day performance down -15%. Bears were in control due to capital outflows from the Perp market.
But look at what's happening NOW — STX is already bouncing. Trading at $0.3584 +1.30%, 24H High $0.3638 / Low $0.3351 with $1.22M turnover. So that $0.3351 low got bought up fast.
On the 1D chart, the move is still massive — from $0.1177 on Aug 11 to $0.4606 top in October. That's almost 4x. This 8% drop is just a pullback inside a big uptrend, not a reversal yet.
RSI6 is at 32.99 — that's getting oversold on short term. RSI12 45.34 and RSI24 53.89 are still holding above 45. This tells me selling might be exhausted near-term.
My take:
The fall was driven by perp outflows, but spot investors across venues are still maintaining positions — no panic spot selling. If $0.3351 low holds, we could see a rebound toward $0.38 - $0.40. But if we lose $0.3351 again with volume, $0.2891 is the next support.
I'm not shorting into RSI6 32.99. Waiting for a 1D close above $0.3638 to consider long for $0.40+ retest.
Are you buying this STX dip or waiting for $0.33 to break?
#STX #EarningsSeason #NEAROpensVoteToCutAnnualIssuanceTo1.6% #CFTCSeeksCommentOnRetailDigitalAssetFramework #EliceReboundsToDailyLimit