Here’s How STX Could Break The $2 Mark Again

STX price has experienced a positive trend since Tim Draper made favorable comments about it. Draper, a well-known venture capitalist, stated that applications developed on Bitcoin will perform as well as Microsoft applications did during the internet boom.

Since Draper’s statement, Stacks has become one of the top-performing crypto coins. On the monthly chart, the price of Stacks crypto has risen by more than 60%. Additionally, multiple signals suggest that STX will continue to increase in value over the next few weeks.

The Stacks network has grown rapidly, and the total value locked (TVL) in the DeFi project recently exceeded $55 Million. Furthermore, the Bitcoin network halving will occur in less than three months. 

Technical Analysis of STX Price 

Stacks (STX) has demonstrated remarkable growth as a digital currency in the year 2024 with a surge of 501.2% in its price. Furthermore, the daily chart pattern shows that the token has pulled back till its 50-day EMA at $1.398 

The STX price has been fluctuating between $1.05, its lowest value in a month, and $2.05, its highest value. It is worth noting that 50% of the last 30 days have been positive for STX. 

Stacks technical indicators show that the RSI is below the 50 average at 46, a sign of bearish momentum. Based on the current technical analysis, the STX price may test its immediate resistance level of $1.7182 shortly.

Indicators and actions

Conclusion 

Stacks (STX) has seen a positive trend since Tim Draper’s favorable comments, with its price rising over 60%. The Stacks network has grown rapidly, with a total value locked exceeding $55 Million. The token is currently trading in a neutral zone.

Technical Levels

• Support Levels: $1.38 and $1.17
• Resistance Levels: $1.71 and $2.03

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 in stocks, cryptos or related indexes 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.