STX Technical Analysis: Triangle Traps the Bullish Momentum: Is It Too Early to Enter?

STX coin price remains trapped within a symmetrical triangle despite a rise in buying pressure. Will the bulls break above the pattern? Stacks introduces a brand-new programing language for smart contracts, referred to as Clarity. It was designed to be secure and simple to create by virtue of its clear syntax. The language that is based on smart contracts is also utilized for blockchains like Algorand (ALGO). Stacks, a layer-1 blockchain technology, is designed to enable smart contracts as well as DApps into Bitcoin. The smart contracts are added to Bitcoin without altering any of the characteristics that make Bitcoin so effective, such as its security and stability. Let us move ahead to read about Stacks technical analysis. Past Performance of STX STX coin price shows an amazing bullish growth from the support trendline of the symmetrical triangle resulting in a 12% jump in the last 24 hours. However, the higher price rejection brings it back within the triangle pattern. Currently, the price action forms a bearish candle near the resistance trendline. STX/USD Daily Chart STX Technical Analysis The recently generated resistance trendline in the STX coin price shows the presence of a solid supply area. However, the recently made bullish engulfing candle shows a rise of buying pressure. The recent jump in Stack token price drives it higher than all the crucial EMAs (50, 100, and 200) in the daily chart. Moreover, the 100-day EMA...