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 (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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