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- Stacks correlation with Bitcoin has seen a surge in the past few weeks and has reached 0.8
- Technical indicators of STX are favoring a consolidated move in price.It is down by 0.76% in the intraday session.
Stacks is a revolutionary cryptocurrency which is Bitcoin Layer for smart contracts. It has the security of Bitcoin and the user-friendliness of traditional applications. It uses a unique consensus mechanism called Proof of Transfer. It enables users to earn Bitcoin while securing the Stacks blockchain. Stacks smart contract platform enables developers to build Dapps on top of their forum. Stacks have brought over $300 Billion Defi on the Bitcoin platform. They have also bought NFT to the Bitcoin platform. They also leverage the power of smart contracts. Developers on the platform can build Defi protocols such as lending and borrowing. This opens up a new possibility for financial inclusion for their users. It has a total supply of 1.82 Billion of which 75% of it is circulating in the market. The correlation between STX and BTC has seen a rise and reached 0.8. It may observe a similar rally as BTC in the future.
Stacks has a market cap of $1 Billion and is ranked 50th in the cryptoverse.The volume of asset price has seen a drop of 25.5% in past 24 hours. The volume to market cap ratio of asset price suggests a consolidated trend.
STX Consolidation Continues
The weekly technical chart of Stacks suggests a struggle between the bulls and bears. On the daily chart it has been moving inside a consolidated zone. STX is trading near the value of $0.7265 with a small gain in the intraday session. The upside trend of STX can see a halt near the value of $1.Meanwhile,the support of the asset price can be seen near $0.5.It is trading above the 100 Daily Moving Average and below the 50 DMA. There can be a positive crossover in the future which can push the asset price to a new high.
The RSI of STX is near 40 suggesting its presence in the neutral zone. There is no slope in RSI hinting towards a neutral zone.
Summary
Stacks correlation with the Bitcoin is near 0.8 and may rally with the Bitcoin.STX is trading in a consolidated trend but may see a new high in future.
Technical Levels
Major Support:$0.5
Major Resistance:$1.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
