TradeCityPro | STX Facing Key Resistance, Bears in Control

👋 Welcome to TradeCity Pro!
In this analysis, I want to review STX, one of the Bitcoin ecosystem projects, currently ranked 87th on CoinMarketCap with a $573 million market cap.

⏳ 4-Hour Timeframe
As you can see, on the 4-hour timeframe, STX is dealing with a resistance zone that it has touched several times before, and now it has reached this zone again.

✔️ After reaching this level, the volume of the red candles rejecting from this zone has been increasing, which shows the weakness of buyers and the strength of sellers at this level.

📊 If selling volume continues to increase, there is a possibility of price moving towards the support zones of 0.2906 and 0.2758.

💡 So, we can open a short position either after breaking the structure in lower timeframes or by breaking these zones 0.2906 and 0.2758.

💥 For a long position, breaking the range will be the first long trigger and the first confirmation for the coin turning bullish.

🎲 The next important resistance zones are 0.3580 and 0.4359, and breaking these levels will give us the main confirmations for a bullish trend.

🎯 On the other hand, if RSI enters the overbought zone, we can confirm the entry of bullish momentum into the market, increasing the likelihood of breaking the resistance zone.

📝 Final Thoughts

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

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