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Stacks (STX) Skyrockets Over 43% And Smashes $2 Threshold, Setting Sights On New All-Time Highs

Stacks (STX) has garnered significant attention in the cryptocurrency industry as it emerges as a leading altcoin contender. With an impressive performance surpassing all top 100 tokens, except for Dymension (DYM), Stacks has witnessed a remarkable surge in the past 24 hours, catapulting its value well above the $2 mark and inching closer to its all-time high (ATH) of $2.492. 

This surge can be attributed to various factors, including its positioning as a Bitcoin layer for smart contracts, the recent surge in Bitcoin’s price, and the token’s adoption and growth rate.

Stacks Climbs The Market Cap Rankings

As outlined in the project’s white paper, Stacks serves as a Bitcoin layer for smart contracts, enabling trustless utilization of Bitcoin as an asset in smart contracts and facilitating transaction settlements on the Bitcoin blockchain. 

The recent surge in Bitcoin’s price over the past few weeks has also acted as a catalyst for Stacks’ price surge. Currently trading at $2,156, Stacks has experienced a significant recovery from its low of $1,241 during a market downturn that bottomed on January 23. 

Notably, this recovery coincided with Bitcoin’s price rebound from $38,500 to $43,000, highlighting the correlation between the two assets.

Market expert Trover.btc, known on X (formerly Twitter), has noted Stacks’ impressive ascent in the market cap rankings. From being ranked around 60, Stacks has climbed to the 34th position within a year, surpassing well-known projects. 

With the Bitcoin Layer 2 narrative gaining prominence and Layer 1 network fees reaching all-time highs, expectations are high for Stacks to enter the top 20 rankings around the halving, according to Trevor.btc. 

STX Sets All-Time High Total Value Locked 

A key metric to consider is its market capitalization (fully diluted) to gauge Stacks’ adoption and growth rate. According to Token Terminal data, Stacks’ market cap has experienced a notable surge of 187% in the past 90 days and an impressive increase of over 527% year-to-date, aligning with the token’s price surge.

Stacks

Moreover, data from on-chain analytics aggregator DefiLlama reveals that Stacks’ total value locked (TVL) has reached an all-time high of $70.41 million. 

This represents a significant increase of over 400% in just four months, highlighting the growing confidence and demand for Stacks within the decentralized finance (DeFi) ecosystem.

As the demand and interest in the protocol and its native token continue to grow, whether Stacks will surpass its previous all-time high or experience a correction remains to be seen. 

The notable correlation between STX and BTC suggests that Bitcoin’s retracement from its current two-year high could also impact the price of STX.

Stacks

However, the token has significant interest, as reflected in the highlighted metrics above. With the anticipated bull run gaining momentum leading up to the Bitcoin halving event, STX has the potential to reach even higher levels and climb the crypto rankings within the industry.

Observing how the STX price reacts in the coming days and weeks will be interesting. While uncertainties exist, the token’s current high level of interest suggests a positive outlook for its future performance.

Featured image from Shutterstock, chart from TradingView.com 

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Is Stacks The New Safe Haven? STX Soars 16% In Turbulent Market

In a stunning divergence from the recent altcoin carnage, Stacks (STX) has emerged as a beacon of green. The token has not only weathered the storm but thrived, soaring for seven consecutive weeks and etching its highest price point since March 2023.

At the time of writing, STX was trading at $1.80, down 10% in the last 24 hours, but managed to sustain a solid 16% rally in the last seven days, data from Coingecko shows.

This bullish defiance is no fluke. Stacks broke through a key resistance level, showcasing investor confidence. The lack of pullbacks underscores the sustained buying pressure, while the flash crash’s long wick transformed the once-intimidating barrier into a sturdy support floor.

STX Resilience Amid Market Volatility

Even amid the broader market correction, STX’s resilience speaks volumes about its relative strength. While this remarkable ascent undoubtedly excites, prudent skepticism remains.

The rapid climb without pullbacks might trigger a sudden correction, and concerns about potential overheating linger. Ultimately, STX’s fate remains intertwined with the overall cryptocurrency market sentiment.

Stacks has surged 694% in the past year, benefiting from the Bitcoin boom and standing out amid a recent decline in altcoins. This growth is driven by a mix of optimism around Bitcoin and Stacks serving as a prominent layer 2 solution for the cryptocurrency.

STX Price Movement Amid Anticipation Of BTC ETF Nod

Meanwhile, the potential approval of a Bitcoin ETF has generated excitement in the crypto community, benefiting projects like Stacks.

Stacks’s ability to incorporate smart contracts and decentralized applications onto the secure Bitcoin blockchain positions it well for potential developments in DeFi and NFTs within the Bitcoin ecosystem.

As a leader in the Bitcoin layer 2 space, Stacks is well-positioned to meet the rising demand for scaling solutions. This advantage allows it to attract developers and users interested in building on the security of Bitcoin.

However, the crypto market is volatile, and Stacks’s success depends on ongoing innovation and adoption, given intense competition in the layer 2 sector.

While acknowledging these challenges, Stacks’s impressive performance should be monitored by investors.

The cryptocurrency is navigating the evolving landscape of the Bitcoin resurgence, and its ability to sustain momentum and establish a lasting presence remains uncertain. Nonetheless, the current chapter of Stacks’s story is filled with exciting possibilities.

STX Technical Overview

Stacks (STX) is feeling the heat from the bulls, who are aiming to break through the $1.80 psychological barrier and potentially climb to $1.95, the upper channel limit.

This bullish sentiment finds fuel in a rising Relative Strength Index (RSI) at 66, suggesting buyer dominance, and upward-trending moving averages, hinting at favorable market conditions. If the bulls conquer $1.95, $2.0, a 14% climb from current levels, could be the next stop.

However, caution lurks beneath the optimism. Buyer exhaustion or profit-taking could trigger a correction, sending STX dipping towards $1.6 and even $1.48, the lower channel boundary. The moving averages currently act as strong support zones, potentially buffering this potential dip.

While the bulls lead the charge, keep an eye on the RSI and price action around $1.80 and $1.95. A clean break could propel STX higher, but consolidation or a dip is also a possibility.

Featured image from Shutterstock

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Social Frenzy: Stacks (STX) Hits 8-Month High, But It Unveiled An Intriguing Twist

In contrast to the majority of cryptocurrencies, which began the week on a downward trajectory, Stacks (STX) deviated from the prevailing trend and registered gains.

Stacks Network’s native token, STX, had a strong 600% increase in 2023. Stacks is a noteworthy 2019 SEC-qualified token that functions as a layer-2 Bitcoin protocol for smart contracts.

Stacks Surges: Social Buzz And Growth

Stacks has been the talk of the cryptocurrency community lately, receiving a lot of attention on social media. The altcoin’s market value has experienced a notable upswing, having reached a new eight-month high, concomitant with this rise in social volume.

STX’s price has increased by more than 30% in the last week, which has been an impressive rise. This increase in social media mentions and the price gain that followed highlight the rising attention and involvement that Stacks is getting, pointing to increased excitement and hope among investors and the cryptocurrency community as a whole.

Furthermore, in the last few hours, the Bitcoin scaling solution minted its first STX-20. The inscription caused a spike in network activity that led to a sharp rise in transactions and brief network congestion.

The upsurge coincided with the excitement surrounding Bitcoin Ordinals and BRC-20. The average transaction amount experienced a record increase earlier this month, rising from $5 to $7.

Because more users were etching non-financial data onto the Bitcoin blockchain, there was an increase in demand for block space, which contributed to the growing transaction costs.

The token’s price has been steadily rising for the past month, which has encouraged more social contact among members of the cryptocurrency community.

Meanwhile, on-chain data provider Santiment cautioned in a recent post on X (formerly Twitter) that excessive social media activity frequently leads to “fear of missing out” (FOMO) buying.

STX Price Surge Raises Red Flags

The emergence of local price peaks is usually the result of this trend, and as the initial euphoria wears off, prices frequently correct quickly. Following a spike in enthusiasm and speculative interest that drives price increases, there follows a correction phase in the market.

The Bollinger Bands (BB) indicator for STX shows a growing gap between its upper and lower bands, indicating more volatility following the recent price ascent. Since December 3rd, the Average True Range (ATR) has increased by 140% to reach 0.12, suggesting that there may be notable price swings.

Due to the spike in demand, STX’s major momentum indicators—the Money Flow Index (MFI) at 80.22 and the Relative Strength Index (RSI) at 71.56—have reached overbought levels, indicating a potential for a short-term price decrease and the probability of buyer exhaustion.

Despite an endorsement from billionaire investor Tim Draper, it seems that STX couldn’t leverage this significant support to its fullest potential.

In a recent interview with Coin Bureau, Draper designated Stacks as the foremost “showstopper” among crypto projects, highlighting it as the most impactful project he discovered this year.

As STX captures attention and climbs to new heights, the unfolding twists in its journey continue to captivate the cryptocurrency space, leaving enthusiasts eager to see what the next chapters hold for this compelling digital asset.

Featured image from Shutterstock

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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.

Stacks (STX) Price Surges While The Market Bleeds, Will It Continue Rising?

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.

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