- 1
Stacks benefited due to Ordinals new protocol that allows NFT to be stored on a Bitcoin blockchain - 2
STX crypto price shot up 196% in 2 weeks and forming bullish reversal pattern - 3
STX price broke out of 200 day EMA and prepares for golden EMA crossover
Bitcoin based Non Fungible Token (NFT) are those NFTs which are stored in the Bitcoin Blockchain to bring more security, transparency and traceability. Recently, Stacks prices shot up due to a hype around Ordinals, a newly launched Bitcoin based NFT project which is considered to be digital artifacts due to their permanence and immutability on the distributed ledger.
Stacks a layer 2 blockchain that leverages the security of the Bitcoin blockchain to settle transactions will play an important role in Ordinals NFT which could lead to further gains in the STX coin prices.
Currently, STX/USDT is trading at $0.8456 with an intraday gains of 14.61% and the 24-hour volume to market cap ratio at 0.6173
Stacks price to reach $1.000 due to Bitcoin based NFT?
Stacks (STX) crypto price has shown a wild up move of 196% in just 2 weeks and continuing the upward momentum by forming higher high candles which shows that the investors are betting on the future of Bitcoin based NFT by creating aggressive long positions in the STX.
From the past couple of months STX prices seems to be spending time in the narrow range consolidation and bears kept on selling from the higher levels to maintain its dominance but recently due to Ordinals NFT concept STX prices have triggered a positive sentiment and buyers seems to be trying their best to push the price above the $1.000 mark. Meanwhile, the bulls have also managed to break out of the 200 day EMA which indicates that the positional trend has reversed in the favor of bulls and buyers seem to be also preparing for the golden EMA crossover. On the higher side, if prices continue the momentum at the same speed then $1.000 will act as an immediate hurdle level followed by the next hurdle will be at $1.2000 level.
Stacks (STX) has witnessed a massive spike in the buying volume and the technical indicators like MACD had generated a positive crossover indicating the bullishness to continue for the coming months whereas the RSI at 87 denotes overbought zones and might see minor sell off from the higher levels. However, If any short term correction triggers form the higher levels then $0.6000 will act as an important support for the bulls.
Summary
Stacks (STX) crypto prices shot up 196% due to the recent hype circulating in the market about the Ordinals Bitcoin based NFT which has grabbed the attention of worldwide crypto investors and Long term investors seems to turning high bullish for the future outlook of the STX which will play a important role in leveraging the security of the Bitcoin blockchain to settle transaction.
Technical levels
Resistance levels : $1.0000 and $1.2000
Support levels : $0.6000 and $0.4000
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.
Source: https://www.thecoinrepublic.com/2023/02/23/stacks-stx-price-surged-196-what-is-bitcoin-based-nft/