Stacks is a Bitcoin layer for the smart contracts and enables dapps to use Bitcoin as an asset. Stacks and Bitcoin are connected through proof-of-transfer protocol. All the transactions are settled and hashed on the BTC protocol. NFTs on the Stacks protocol are created through the Clarity smart contracts. The NFT also gets the security of the BTC which makes them more valuable. Bitcoin Defi is also one of the largest untapped markets where STX is gaining strength.
Stacks has a total supply of $1.82 Billion in which 76.38% is unlocked. Meanwhile, STX token is currently down by more than 79% from its all time high and up by 154% from its all time low.
Stacks has a market cap of $1Billion and is ranked 42nd on CMC. The volume of the asset price declined by 53% in the past 24 hours. The social sentiment of the token has also observed a decline. Volume to market cap ratio of the STX suggests a consolidated trend in price.
Will STX Price Jump to $1 Soon?
Stacks has been moving in a consolidated trend on the weekly technical chart. On the daily chart, it is seeing a pullback after gaining 30% in a week. STX is currently trading near the value of $0.7338 with a slight decline in the intraday session. The upside trend of STX can see a halt near the value of $0.9. Meanwhile, the support of the asset price can be observed near $0.65. STX is trading just near the 100 DMA and above the 50 DMA. If the asset price sustains below the 100 DMA then a strong downside trend in price can be seen.
The RSI of STX is near 60 with a strong downside slope in it. The overall sentiment of the RSI is bearish in nature.
Summary
Stacks has observed a strong growth in the TVL from the past few months. STX is currently seeing a recovery in the chart and can move to a new high in the future. If Stacks price jumps above $1 Mark then a strong rally can be seen.
Technical Levels
Major Support:$0.65
Major Resistance:$0.9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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 and 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.
Source: https://www.thecoinrepublic.com/2023/06/25/stacks-price-takes-a-pause-after-gaining-30-in-a-week-time/