- STX token price rose around 25% in the past 24 hours after retesting the $1 mark.
- The rising EMAs imply bullish crossovers soon.
- The pair STX/BTC is trading at 0.00003937 BTC with an intraday gain of +21.2%.
The STX coin price has seen substantial growth in the past 24 hours as the price retested the recent breakout of the $1 resistance level. The price has pumped back up from the level with an intraday jump of 22%.
The token price had made a morning star pattern with a bullish engulfing candle in the shorter timeframe resulting in the ongoing uptrend.
All the significant EMAs are below the token price representing the strong bull run, and the EMAs are moving with a positive slope that may soon generate many bullish crossovers.
Presently, the STX token price is trading at $1.33, with a +22.10% gain in market cap within the past 24 hours. In addition, the coin price has faced a boom of +3.68% in the intraday trading volume.
The rising intraday profit margin and the rising intraday trading volume projects the increasing number of buyers that may soon push the price even higher.
What Are Stacks (STX)?
Stacks is a layer-1 Blockchain solution that brings smart contracts and decentralized apps (DApps) to Bitcoin (BTC). Smart contracts can be added to Bitcoin without affecting any of its features, including security and stability.
These DApps could be built on top of one another’s apps, allowing developers to create features that are not possible with regular apps. Stacks relies on Bitcoin to be its base layer. It means that everything on the network settles using the most popular and arguably the most secure blockchains — Bitcoin.
The Stacks token (STX) powers the platform. It is used to fuel smart contracts execution, process transactions, and register new digital assets on the Stacks 2.0 blockchain.
The original name of the platform was Blockstack. However, it was renamed to Stacks in Q42020 to “separate” the ecosystem and open-source project from Blockstack PBC, which created the original protocols.
January 2021 saw the launch of Stacks 2.0’s main net.
Increasing Volumes Push STX Token Higher
STX token price moves higher after the long tail formation near the $0.57 support level. The coin price has breached all the critical EMAs and the opposition from the $1.25 supply zone.
If the price sustains above the $1.25 mark, the coin price may find it challenging to rise above the $1.5 and $1.8 resistance levels.
The 4-hour timeframe shows that the coin price is above the 200 EMA. Moreover, the 50 and 200 4-hour EMAs have given a bullish crossover signal.
The RSI (bullish) implies a growing underlying bullish momentum as the RSI line is spiked and approaches the overbought area.
The ADX shows a rising trend.
Conclusion – STX Token price has breached the $1.25 mark and may soon reach the $1.5 mark. However, Investors need to pay close attention to the volume to spot an early reversal.
Support- $0.57
Resistance-$1.5 and $1.8