Can StormX Crypto (STMX) Head For A Recovery Or Crash Again?

• 1 The RSI line and 14 day line surged from the oversold region, reflecting improved sentiment. 
• 2 StromX crypto crashed by nearly 56% over the last three months and dropped by over 98% from its all time high. 

StormX crypto was stabilizing after a sharp crash. As Bitcoin extended its journey below the $60K level, it sparked panic among the investors about a market crash. 

Due to the panic in the broader market, many altcoins were looming below their annual lows. Stormx crypto crashed nearly 38% a month and was tried to stabilize near its August 2023 lows.

At press time, the crypto was trading near $0.0047 with a moderate bearishness of 1% intraday. With a market capitalization of $48.73 Million it ranks 442nd in the cryptoverse. It had fallen over 98% from its all time high still 688% from its All time low.

StormX Crypto: Price DAA divergence Improves!

StormX stands at the forefront of global crypto-based platforms, extending its reach across international markets. It operates as a mobile application and browser plugin, offering users the opportunity to earn cryptocurrency as a cashback on online shopping activities.

Moreover, the recent sessions have observed a significant development in the price DAA divergence indicator. As per the data obtained by an on-chain analytics website app.santiment.net, the bearish divergence between the StormX price and daily active addresses have dropped.

The decreasing bearish divergence points to an improved sentiment which could trigger a recovery in the crypto. The improving price DAA (daily active address) divergence indicator points to increased user activity in the crypto. 

StormX Crypto Technical Analysis

StormX price is below all the 20, 50 and 200 day EMAs, showing that a bearish trend prevails in the short term as well as long term.

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Currently, the daily chart highlights a consolidation, which if broken, it may indicate a bearish continuation and STMX may slide towards the older demand zone of $0.0036. 

Conversely, if the price surpasses the recent hurdle of $0.0050 on the higher side, the bulls may look for a recovery to the 50 day EMA at $0.0060. Moreover, if the RSI line recovers from the oversold zone, it would indicate a swift short term recovery.

StormX crypto was looking for stability after a 38% crash in a month. Bitcoin dropped below $60K, triggering panic among investors. It was trading at $0.0047, with a market cap of $48.73 million. A decrease in bearish divergence between price and daily active addresses suggests improving sentiment, potentially signaling a recovery. 

StormX crypto was hovering below key EMAs, indicating a bearish trend. Now, if it stops consolidating, it may fall towards the next support of $0.0036. whereas, surpassing $0.0050 could lead to a rebound towards the 50-day EMA at $0.0060.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.