- The Stacks crypto price advanced by over 550% in just one year.
- The trading volume of STX has consistently declined over time.
Stacks is a Bitcoin layer for smart contracts and dApps, powered by the STX token and the Clarity language. It uses Proof-of-Transfer to reward miners and secure the network. Stacks enables users to leverage Bitcoin’s value and security for various use cases. Stacks was created by Blockstack PBC.
The current market cap dominance of the Stacks crypto is 0.12% followed by an advance of 2.02% in the last 24 hours. The current market cap of the crypto is $2.093B.
The trading volume of the Stacks rather has declined by 28.3% in the last 24 hours resulting in a traded volume of $126.06M. Also, the current ranking of traded volume of the crypto is 53rd as per CoinMarketCap.
Moreover, the volume/market cap of the ratio of 6.02%, and the circulating supply of the crypto is 78.65% of its max supply of 1.818B STX. Also, the circulating supply of the Stacks is 1.429B STX and a fully diluted market cap of $2.659B.
Stacks Crypto Derivatives Analysis
With the highest trade count of 586.99K in futures, the STX crypto has witnessed a decline of 47.78% in its derivatives trading volume. Despite this, the open interest has advanced by 3.15% resulting in $87.84M.
The Stacks also witnessed higher long liquidation of $110.15K against the short liquidation of $58.55K. Also, the long/short ratio of the crypto is 0.9604.
STX Crypto Technical Analysis
The STX crypto price broke out above the symmetrical triangle a few days ago and also has hit the target as per the chart pattern. Despite this, the next crucial level for the Stacks crypto is $1.17. If the price is at the following level and forms a bullish chart pattern, we might get to see a continuation in the uptrend of the crypto.
STX/USD Chart by TradingView
The STX crypto price is trading above the median line and the Bollinger Band’s value is advancing to higher levels. This behavior of the indicator represents bullishness in the crypto price and the buying sentiment present in the market.
The RSI is also following a bullish cycle, trading at a level of 59.49 and the 14-day SMA is trading above the RSI level. Therefore, unless the RSI continues to sustain above the level of 50, the momentum of the crypto might continue to advance to higher levels.
Conclusion
The STX crypto has shown a strong performance in the past year, breaking out of a symmetrical triangle and hitting its target. The price is now testing a key resistance level, which could lead to further upside if broken. The indicators are bullish, suggesting that the trend is intact.
Technical Levels
Support Levels: $0.4300 and $1.150
Resistance levels:$1.7400 and $2.480
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
