Despite the struggles of top cryptocurrencies like Bitcoin and Ethereum to regain momentum, mid-cap and low-cap altcoins have been gaining attention and adding significant value to portfolios.
Similarly, top-chain tokens have experienced corrections in their portfolios, mirroring the market leader’s trend. With a bearish sentiment on the rise, the question remains: will Stacks (STX) and Alex Labs (ALEX) tokens make a comeback or continue towards multi-month lows?
Stacks Price Records Increased Price Volatility:
Following a market correction, STX price has shown negative price action, losing around 3% in the past day and 0.54% over the week. Additionally, the altcoin has dropped by 15.03% in the past month, indicating a bearish sentiment.
STX coin price has formed a triangle pattern in the 1D timeframe and has been trading within it since April. The altcoin is nearing its support trendline, with an unpredictable outcome ahead.
The RSI indicator suggests a potential bearish convergence, signaling weak price action for the altcoin. Furthermore, the SMA indicates a negative crossover, hinting at further price decline.
If the market keeps STX price above $1.675 support, bulls may regain momentum to test $2.135 resistance. On the other hand, continued bearish dominance could see STX price drop towards its support trendline.
ALEX Price Continues Trading Within A Bearish Channel Pattern:
Alex price has corrected by 10.01% in the past 24 hours, with a trading volume of $891.28K and a -18.44% change. Additionally, Alex Labs has lost 14.19% in the past week and 74.48% this year.
The altcoin has formed a descending channel pattern in its price chart, indicating a continued value decline. Alex price is close to its yearly lows, showing strong bearish sentiment in the crypto market.
The EMA 50/200-day trend downward, reflecting increasing bear power. However, the MACD displays a rising green histogram with potential bullish convergence, presenting a mixed sentiment.
If bulls regain control, ALEX price could turn bullish and aim for the 0.1500 resistance level. Conversely, bear dominance may push ALEX crypto towards new lows in the upcoming week.
