1 Stacks price (STX) surged 1.79% on the past day and is currently trading at $0.60. 2 Stacks (STX) derivatives data states that a total of $18K Open Intrest contracts have been created over the past 24 hours. STX is a Bitcoin Layer for smart contracts and dApps. It lets them use...
- 1 Stacks price (STX) surged 1.79% on the past day and is currently trading at $0.60.
- 2 Stacks (STX) derivatives data states that a total of $18K Open Intrest contracts have been created over the past 24 hours.
STX is a Bitcoin Layer for smart contracts and dApps. It lets them use BTC as an asset and settle on the Bitcoin blockchain. Bitcoin is the biggest, most valuable, and most secure decentralized asset. The Stacks layer taps into $500B in BTC capital with Bitcoin L1 as settlement for dApps.
The Stacks price is currently trading at $0.60 with an incline of 1.49% in the past 24 hours. According to coinmarketcap data, STX cryptocurrency holds a total market cap of $84.46 Million and ranks 49th in the crypto market. It has received $28.4 Million in volume in the past 24 hours, 59.61% more than the last day. It has over 1.39 Billion circulating supply. The volume to market cap ratio of STX coin is 3.37% indicating low volatility in the market.
Stacks Price Prediction Using Price Action Strategy
Stacks price prediction reveals that the coin made a significant surge of nearly 260% in February 2023, thus changing its character from Downtrend to Uptrend. Thereafter, the price entered a correction phase and declined by forming lower highs and lower lows, thus forming a falling wedge pattern.
Recently, the price took a rebound from the demand zone and made a breakout of the falling wedge pattern. Thereafter, the price takes a pullback forming a falling wedge pattern again.
If the price breaks into the rising wedge pattern, it may surge to break above the previous swing high. However, more buyers must accumulate at the lower levels and increase prices.
Indicator Analysis
As per the EMA analysis, STX price has made a breakout of all the EMAs. currently, the price is taking a pullback but failed to sustain above the 200 EMA, indicating a lack of buyers in the market at the current level.
At the time of publishing, the RSI value of the Stacks coin is 40.83, and that of the SMA line is 42.63. RSI is declining slowly by suffering rejections from the SMA line, which shows the short-term bearish sentiment in the market.
MACD lines are showing a bearish crossover. Also, histogram bars are forming below the mean line, but the height is decreasing. Overall, the indicator shows a mixed reaction to the market sentiment.
Conclusion
Stacks coin price prediction concludes that the price surged nearly 260%, thus changing its trend to Uptrend. Thereafter the price entered the correction phase and formed a falling wedge pattern.
Recently, the price made a breakout of the falling wedge pattern and tried to sustain above the 200 EMA but lacked the support of buyers at the current level. Now, if the price breaks above the wedge with a substantial volume. It may indicate towards the end of the correction, and the price may surge higher.
Technical Levels
- Support Level: The support levels of STX at $0.48 and $0.27
- Resistance level: The resistance levels of STX at $1.01 and $1.29
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.