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<p><a href="https://coinmarketcap.com/currencies/stacks/" target="_blank" rel="noopener noreferrer nofollow">Stack (STX</a>), a platform for scaling and building on top of Bitcoin, has experienced a modest price surge in comparison to the overall cryptocurrencies. STX gained 7.16% in the last 24 hours. The token is currently trading at $2.38, with a 24-hour low of $2.20 and a high of $2.45.</p>
<h2 class="wp-block-heading" id="defi-tvl-reaches-all-time-high-on-stacks">DeFi TVL Reaches All-Time High on Stacks</h2>
<p>One of the key factors contributing to the recent price appreciation of STX is the all-time high in STX-denominated total value locked (TVL) in decentralized finance (DeFi) applications on the leading Bitcoin L2 platform, as reported by DefiLlama.</p>
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   <p lang="en" dir="ltr">Our friends at <a href="https://twitter.com/DefiLlama?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DefiLlama</a> report an All Time High in STX denominated TVL in the Decentralized Finance apps on the leading Bitcoin L2 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9e1.png" alt="🧡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/TZSfDBSoV4" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/TZSfDBSoV4</a></p>— stacks.btc (@Stacks) <a href="https://twitter.com/Stacks/status/1798504833374163435?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 5, 2024</a>
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<h2 class="wp-block-heading" id="whales-drive-massive-buying-pressure">Whales Drive Massive Buying Pressure</h2>
<p>Analyst <a href="https://x.com/apebayc/status/1798389685036912665" target="_blank" rel="noopener noreferrer nofollow">Sakemate</a> has observed buying pressure for STX on major exchanges like Coinbase and Binance. According to the analyst, whales have been “eating the order book with constant bids,” leading to a supply shock as there is not enough STX available on exchanges to meet the surging demand.</p>
<p>This intense buying activity suggests that large investors are bullish on the future prospects of Stacks and its native token.</p>
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<h2 class="wp-block-heading" id="technical-indicators-point-to-bullish-breakout">Technical Indicators Point to Bullish Breakout</h2>
<p><a href="https://x.com/cryptojack/status/1798576866103640272" target="_blank" rel="noopener noreferrer nofollow">CryptoJack</a>, another prominent analyst, has identified a bullish breakout on the STX daily chart, with the price breaking above a key resistance trendline. The analyst is taking a long position on Stacks, setting a target price of $3.8.</p>
<p>A detailed technical analysis provided by altFINS further supports the bullish sentiment surrounding STX. The analysis highlights a bullish breakout from a falling wedge pattern, which could signal the resumption of an uptrend. STX is currently approaching the near-term target of $2.50, representing a potential 20% gain.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-1024x576.png" alt="" class="wp-image-504479" srcset="https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-1024x576.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-300x169.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-767x431.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-1536x864.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-2048x1151.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-267x150.png 267w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-623x350.png 623w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216-788x443.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-216.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>altFINS suggests two potential entry points for traders looking to capitalize on the current STX price action:</p>
<ol>
 <li>Wait for the price to break above $2.50 to confirm the continuation of the uptrend, with a potential 20% upside to $3.00.</li>
 <li>Look for a pullback near the $2.00 support level for another swing trade entry, with a potential 25% upside back to $2.50.</li>
</ol>
<h2 class="wp-block-heading" id="stx-trend-and-momentum-analysis">STX Trend and Momentum Analysis</h2>
<p>The technical analysis reveals that STX is currently in an uptrend on the short-term timeframe, while the medium-term and long-term trends are classified as “Strong Down” and “Down,” respectively. The RSI-14 (Relative Strength Index) levels indicate that STX is neither overbought nor oversold at the moment, providing room for further price appreciation.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-1024x573.png" alt="" class="wp-image-504487" srcset="https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-1536x859.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-2048x1145.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-626x350.png 626w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217-788x440.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-217.png 1940w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p>
<p>The nearest support zone for STX is identified at $2.00, followed by $1.30. On the upside, the nearest resistance zone is located at $2.50, with the next resistance level at $3.50.</p>
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<p>The post <a href="https://captainaltcoin.com/heres-why-stacks-stx-price-is-pumping/" rel="noopener noreferrer nofollow">Here’s Why Stacks (STX) Price Is Pumping</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Here’s Why Stacks (STX) Price Is Pumping

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