Home
News
- The possibility of Hosting BTC NFT on Stacks has pushed it to a momentarily high but many are concerned regarding blockchain activity
- Technical indicators of STX are favoring a consolidated trend in price. It has seen a fall of 0.18% in BTC pair
Stacks is a cryptocurrency which offers a unique approach to decentralized computing. It is a Bitcoin layer for Smart Contracts. Rather than creating a separate blockchain, Stacks operates as a layer-2 protocol. This allows Stacks to leverage the security and stability of Bitcoin while enabling developers to build decentralized applications (dApps) with smart contracts. Stacks enables users to own their data and control their digital identities, without relying on centralized intermediaries. Additionally, Stacks offers a flexible programming language (Clarity) that simplifies smart contract development and makes it easier to build secure, auditable dApps. Stacks has gained significant attention in the crypto community due to its unique approach and its focus on user empowerment. Stacks became one of the first Blockchain to enable a way for minting Bitcoin Ordinals. Meanwhile various analysts are concerned about the blockchain activity on STX
Stacks is currently ranked 51st in the cryptoverse and has a market cap of $1.01 Billion. Volume of the asset price has seen a slight decline in the intraday session.Volume to market.Volume to market cap ratio of STX suggests a consolidated trend in price.
Where Will Be The Halt For STX Price?
Stacks has been in a strong upside momentum and has 3X gains within a few weeks. It is currently observing a bearish pattern. On the daily chart it is trading near the value of $0.74 with a gain of 0.24%. It has formed a bearish engulfing pattern which can push the asset price to a new low in the near future. Resistance of the STX can be seen near $1.Meanwhile the support of the asset price can be seen near $0.5.It is currently trading above the 50 and 100 Daily Moving Average. They both can act as a support for the asset price in the near future.
RSI of the asset price is near suggesting its presence in the oversold zone.There is a weak positive slope suggesting an upside momentum in price.
Conclusion
Stacks has seen new highs as it is one of the first blockchain to enable mining Bitcoin ordinals.It has reached a peak of $1 few days before. Various analysts are expecting reversal in trend in the near future.
Technical Levels
Major Support: $0.5
Major Resistance: $1
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
