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- 1 Stacks TVL has surged in the past few weeks and reached $39.7 Million.
- 2 Technical indicators of STX favor a downside trend in price.
- 3 STX token is up by 4% in the BTC pair.
Stacks is a Bitcoin Layer for smart contracts and Dapps. Bitcoin as a base layer and has its own consensus model. It uses the Proof of Transfer (PoX) mechanism, which uses BTC to mine STX. It was founded by Muneeb in 2017 to enable developers to build Dapps that can run on top of Bitcoin. The protocol bridges the gap between the traditional financial system and Defi. It has brought over $300 Billion in assets to the Bitcoin economy.
The transaction on the Stacks is hashed and settled on the Bitcoin chain. Meanwhile, it is secured by the hash power of Bitcoin. There are a lot of Dapps being built on the Stacks network. The NFTs on the network have also been seeing a surge over the past few months. The TVL of STX is nearly $36 Million, which has increased in the past few days.
Stacks has a market cap of $973 Million and is ranked 45th in the crypto-verse. The volume of the asset price has seen a surge of 191% in the intraday session. The V\M ratio of STX suggests a consolidated trend in price.
Will STX Rebound From $0.5 To a New High?
The weekly technical chart of Stacks hints towards a consolidated trend in price. On the daily chart, it is consolidating near a crucial support zone. It is trading near the value of $0.7 with a gain of 2% in the intraday session. Meanwhile, the resistance of Stacks can be seen near the value of $1.
The support of the asset price can be seen near $0.55. The correlation between the STX and BTC has grown in the past few days. It is trading below the 50 and near the 100 Daily Moving Averages. There can be a negative crossover in the future, pushing the asset price to a new low.
The RSI of STX is near 44, hinting at its presence in the neutral zone. There is no slope in the indicator suggesting a consolidated trend in price.
Summary
Stacks TVL has surged in the past few weeks and has remained near $36 Million. STX is currently consolidating but can hit a new high in the future.
Technical Levels
Major Support:$0.55
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
