Stacks (STX) Registers 11% Gains As Broader Market Suffers Volatility

While the broader crypto market experiences turbulent times and volatility, Stacks (STX) stands out with an impressive performance. Stacks is a network created in 2017 as an extension of the Bitcoin blockchain, allowing developers to create and deploy smart contracts. In recent times its native token, called STX, has been exhibiting positive performance in its price movement following the popularity of Bitcoin Ordinals.  Amidst Market Turbulence, Stacks (STX) Defies the Odds, Showcasing a Resilient 11% Surge The price of STX recorded a significant increase of 21.57% in the last 7-day trading session. At the time of writing, STX is still maintaining its bullish momentum. It shows a notable increase of 11.33%, representing its current value of $0.6300. Related Reading: Best Crypto Narrative For This Summer? Everything About LSDfi According to data from CoinMarketCap, STX’s 24-hour trading volume is experiencing a massive pump of 387.11%, standing at $147 million. This increase suggests strong investor demand and positive sentiment surrounding the asset, potentially indicating a bullish trend. A fundamental factor driving the price of Stacks (STX) is the Bitcoin-based NFTs called Ordinals that have experienced increased adoption. Based on data from Dune analytics, the launch of Ordinals has led to nearly 12,906,466 Bitcoin inscriptions on the network.  This has increased network activity, causing the price of STX to rise significantly. However, with increasing scrutiny and regulatory measures impacting various cryptocurrencies, STX became the first token approved by the SEC.  This approval may have contributed to boosting its price by attracting investors. This regulatory approval sets STX apart from other tokens and reassures investors regarding its legitimacy and regulatory compliance. Stacks Daily Chart Stacks (STX) price is currently above the middle band at the time of analysis. It is heading straight toward the upper band of the Bollinger Bands indicator, suggesting a strong upward momentum. This indicates potential bullishness, with the possibility of the price continuing to rise and reaching higher levels. Also, the Moving Average Convergence Divergence (MACD) is above the signal line; the histogram bars also display strong green bars. This suggests the asset’s positive momentum is strengthening, potentially signaling further upward price movement. Related Reading: Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push The Stacks token, STX, currently trades between its significant support and resistance levels of $0.4679 and $0.6762, respectively. Based on the chart, the asset is moving straight to its primary resistance level of $0.6762. The move suggests that the buyer’s pressure has outweighed that of the sellers. If the bulls break this level successfully, the next significant resistance point is $0.8294. General Crypto Market Performance Might Boost STX Notably, the global crypto market cap has reached $1.07 trillion, marking a 0.44% increase in the last day. In the past 24 hours, the total crypto market volume has also surged to $29.04 billion, a significant 44.09% rise. According to CoinMarketCap data, Bitcoin’s dominance has risen to 48.45%, showing a 0.30% increase throughout the day. These metrics suggest that the crypto market is regaining its positive move today and might also rub off on STX. Featured image from Pixabay and chart from TradingView.com

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Stacks (STX) Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes

Stacks (STX), a cryptocurrency facilitating smart contracts on the Bitcoin blockchain, has defied broader market turbulence to emerge as a standout performer. Over the past week, STX price skyrocketed over 60%, reaching a nine-day high of $2.15 and flirting with its all-time peak of $2.45. This impressive rally has propelled Stacks into the top 25 cryptocurrencies by market cap, leaving many wondering: what’s driving the surge? Related Reading: Bitcoin Hits $52,000-Plus, Explodes Over 21% For 2024 Details Stacks (STX) Climbs Over 60% On Back Of Bitcoin Ascent Several factors appear to be fueling Stacks’ ascent. Firstly, its unique ability to bring smart contract functionality to Bitcoin resonates with investors seeking advanced applications on the world’s oldest blockchain. Unlike Ethereum, Bitcoin inherently lacks support for smart contracts, limiting its DeFi and NFT capabilities. Source: Coingecko Stacks bridges this gap by anchoring itself to Bitcoin while offering smart contract features. This innovative approach has garnered significant attention, particularly as Bitcoin itself enjoys a recent price appreciation, reaching more than $52,000 at the time of writing. The correlation between Stacks and Bitcoin is undeniable. Both assets saw pronounced recoveries in February’s second week, with STX mirroring Bitcoin’s climb from $38,500 to $50,000. This intertwined fate highlights the influence of Bitcoin’s broader sentiment on Stacks’ price action. STXUSDT trading at $2.69 the 24-hour chart: TradingView.com STX Gets Boost On Soaring TVL Beyond price movements, another bullish indicator emerges from Stacks’ DeFi ecosystem. According to DefiLlama, the total value locked (TVL) within Stacks’ DeFi protocols has surged over 50% in the last three weeks, reaching $70.21 million. This growth signifies rising investor confidence and active capital commitment within the Stacks DeFi landscape. Technical analysis further amplifies the optimistic outlook. Analysts predict a potential continuation of the rally, with price targets ranging from $2.475 to $2.82. This bullish forecast hinges on STX breaching the recent swing high resistance of $2.06, a decisive technical milestone achieved earlier this week. Stacks Total Value Locked. Source: Defillama .@Stacks has gone from around #60 ranked coin market cap to #34 in a year, passing many household names in the same Expect it to enter top 20 around the halving as Bitcoin L2 narratives start dominating the discourse and L1 network fees reach new all-time-highs As we go into trevor.btc b/acc (@TO) February 12, 2024 However, it’s crucial to acknowledge the inherent volatility of the cryptocurrency market. Recent US inflation data triggered a sell-off across the entire market, reminding investors of the unpredictable nature of this asset class. While Stacks managed to recover rapidly, the episode underscores the importance of responsible investment practices and thorough risk assessment. Related Reading: Are We Headed For Another $69K? Bitcoin Price Surges As Greed Dominates Crypto Market Despite the risks, Stacks’ unique value proposition and recent momentum cannot be ignored. Its ability to connect the smart contract functionality of Ethereum with the security and immutability of Bitcoin positions it as a potentially disruptive force in the blockchain space. Featured image from Pexels, chart from TradingView

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Stacks Activating Nakamoto Upgrade In 8 Days, Will STX Break $2?

Stacks Network, the Bitcoin layer-2, is one of the largest DeFi protocols on the world’s most secure platform. DeFiLlama says the platform manages over $109 million worth of assets. It continues to expand and improve as decentralized financial services find traction. Stacks Network Activating Nakamoto On October 29 Over five years after launching, the network [...]

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Stacks Price Prediction for Today, January 31 STX Technical Analysis

The Stacks price prediction shows that STX is showing signs of consolidation and potential bullish momentum, if the price successfully breaks to the upside, it [...]

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Stacks (STX) Tallies Over 6% In Last Week, What’s Pushing It?

Stacks, the layer-1 protocol that enables smart contracts on Bitcoin, have demonstrated incredible resilience amid bearish market trends. Stacks’ STX token price has increased by over 6% over the past week and joined top-gaining coins today with a nearly 0.53% price gain, while the broader crypto market plunged by 1.63% in the last day. STX’s price moves have left investors wondering if it will soon conquer the $0.7 level, as its seven-day price range is between $0.532995 and $0.669564. Stacks (STX) Bucking Bearish Trends Amid Heightened Regulatory Uncertainty  According to CoinGecko data, STX rebounded yesterday from a two-day price decline after the total crypto market cap witnessed a 1.6% increase. The token saw a massive 11% price decline on Tuesday, June 6, before regaining momentum with an 8.9% price increase on June 7. Related Reading: Less Than 100 XRP Needed To Become A Millionaire? New Research Suggests As a DeFi-enabling protocol, Stacks (STX) is among the tokens prospering in the heat of the SEC’s lawsuit against Binance and Coinbase. After the US regulator pronounced several digital tokens, including SOL, ADA, BNB, MATIC, and ATOM, as securities, DeFi protocols witnessed increased trading volume. The same goes for STX, and according to CoinMarketCap data, STX saw a 0.65% increase in market cap over the past 24 hours. The crypto market cap turned red after news of the two lawsuits broke out in the crypto ecosystem. Although STX went with the flow, dropping 0.3% and 11% on June 5 and 6, it soon recovered momentum. The token’s timely recovery could be why it retained most of its 7-day and 14-day gains. Data shows that STX’s 14-day price increase is 11.9%, while Bitcoin only recorded a 0.5% increase in the last two weeks. STX Price Outlook Volatility is high across various assets in the crypto market, while sentiment is down as fear and uncertainty grip investors due to heightened enforcement actions. The Fear& Greed Index has been neutral over the past month, but technical analysis suggests a bullish outlook for STX. At press time, STX price has exceeded the 10, 20, and 30-day Exponential and Simple Moving Averages, suggesting a strong buy signal. However, the momentum is a little bearish, as the token has to conquer the 50 and 100-day Simple Moving Averages to break above the $0.7 mark. Related Reading: Polkadot Metrics Surge With Project Launches – Good News For DOT Price? The bull Bear Power is currently neutral at 0.0655. Therefore, the bulls must overpower the bears before the STX price can rally with bullish momentum in the coming days. Also, STX is trading at $0.65, gearing up to touch $0.7. That could be possible if the bulls conquer the bears in the coming days. Featured image from Pixabay and chart from TradingView.com

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Stacks (STX) Price Defies Bears, Surges While The Market Bleeds

Stacks (STX) is on an uptrend today, gaining over 12% in the last 24 hours. Although the general crypto market is volatile, STX shows positive moves on the price chart.  STX increased progressively in 2023 despite some price pullbacks due to price volatility. It traded at $0.213 on January 1, 2023, and moved to the $0.3 price range on February 3. It increased to $0.6439 by February 19 and hit $0.9 on February 27 for the first time in 2023. STX reached $1.1762 on March 17 after some price fluctuations. However, the bears were still active in the market, forcing a retreat back to the $0.7 price in April and early May. However, its price action is still positive.  Stacks (STX) Price Analysis STX is in the green today, forming a higher high on the price chart as the bulls seek to reclaim the earlier gains. The $0.6786 support acted as a price pivot as it approached its closest resistance level of $0.8238. Also, STX is trading above its 200-day Simple Moving Average (SMA), a bullish sentiment in the long term.  Related Reading: Top 5 Cryptos To Watch This Week Amid US Banking Crisis However, STX is still below its 50-day SMA since its decline on April 13, 2023. This is a bearish sentiment in the short term that shows the bears are still active in the market. Also, the Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows a negative value. It is also a bearish sentiment. However, the MACD’s histogram bars show a green bar forming, which indicates a positive trend reversal ahead.  STX’s Relative Strength Index (RSI) is 51.59 in the neutral zone. Note that the indicator is moving upwards, signifying the possibility of an uptrend. Although it is too optimistic to expect the asset to return to the $1 price level, it is still a long-term possibility. Expect a break above the $0.8238 resistance in the coming days if the bulls sustain the current rally.  Binance Announces Support For STX Network Upgrade The apex global crypto exchange, Binance, declared support for the STX network upgrade and hard fork. The upgrade and hard fork will occur at the Bitcoin block height of 787,651. Consequently, STX deposits and withdrawals will be suspended at the Bitcoin block height of 787,645. Related Reading: AVAX Smart Contracts Hit 6-Month High – What This Means For Its Price Binance stated that STX trading would not be affected by the network upgrade and hard fork. Additionally, it will not result in the creation of new tokens. The exchange hopes to reopen deposits and withdrawals once the network is stable, promising to alert its users when this happens.  This upgrade is likely a result of a bug noticed on the network. Subsequently, the developers will likely incorporate more security features into the Stacks Bitcoin layer. Featured image from Pixabay and chart from Tradingview

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