While the broader crypto market experiences turbulent times and volatility, Stacks (STX) stands out with an impressive performance.
Stacks is a network created in 2017 as an extension of the Bitcoin blockchain, allowing developers to create and deploy smart contracts. In recent times its native token, called STX, has been exhibiting positive performance in its price movement following the popularity of Bitcoin Ordinals.
Amidst Market Turbulence, Stacks (STX) Defies the Odds, Showcasing a Resilient 11% Surge
The price of STX recorded a significant increase of 21.57% in the last 7-day trading session. At the time of writing, STX is still maintaining its bullish momentum. It shows a notable increase of 11.33%, representing its current value of $0.6300.
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According to data from CoinMarketCap, STX’s 24-hour trading volume is experiencing a massive pump of 387.11%, standing at $147 million. This increase suggests strong investor demand and positive sentiment surrounding the asset, potentially indicating a bullish trend.
A fundamental factor driving the price of Stacks (STX) is the Bitcoin-based NFTs called Ordinals that have experienced increased adoption. Based on data from Dune analytics, the launch of Ordinals has led to nearly 12,906,466 Bitcoin inscriptions on the network.
This has increased network activity, causing the price of STX to rise significantly. However, with increasing scrutiny and regulatory measures impacting various cryptocurrencies, STX became the first token approved by the SEC. This approval may have contributed to boosting its price by attracting investors.
This regulatory approval sets STX apart from other tokens and reassures investors regarding its legitimacy and regulatory compliance.
Stacks Daily Chart
Stacks (STX) price is currently above the middle band at the time of analysis. It is heading straight toward the upper band of the Bollinger Bands indicator, suggesting a strong upward momentum. This indicates potential bullishness, with the possibility of the price continuing to rise and reaching higher levels.
Also, the Moving Average Convergence Divergence (MACD) is above the signal line; the histogram bars also display strong green bars. This suggests the asset’s positive momentum is strengthening, potentially signaling further upward price movement.
The Stacks token, STX, currently trades between its significant support and resistance levels of $0.4679 and $0.6762, respectively. Based on the chart, the asset is moving straight to its primary resistance level of $0.6762. The move suggests that the buyer’s pressure has outweighed that of the sellers. If the bulls break this level successfully, the next significant resistance point is $0.8294.
General Crypto Market Performance Might Boost STX
Notably, the global crypto market cap has reached $1.07 trillion, marking a 0.44% increase in the last day. In the past 24 hours, the total crypto market volume has also surged to $29.04 billion, a significant 44.09% rise. According to CoinMarketCap data, Bitcoin’s dominance has risen to 48.45%, showing a 0.30% increase throughout the day.
These metrics suggest that the crypto market is regaining its positive move today and might also rub off on STX.
Featured image from Pixabay and chart from TradingView.com
