- Stacks crypto price has witnessed higher long liquidations in the last few days.
- The volatility of the STX crypto price is very high.
Stacks is the native token of the Stacks blockchain, layered atop Bitcoin, enabling dApp creation and asset tokenization. Utilizing the Clarity smart contract language, STX facilitates secure contracts. Proof-of-Transfer (PoX) consensus rewards miners with Bitcoin and STX. Blockstack PBC developed Stacks in 2013, managing its network, protocol, and ecosystem tools.
In the last 1 year, the price of the STX crypto has advanced by 238% while looking at the last 24 hours, the crypto has witnessed a decline of 4.38% in its market cap. This further results in a market cap of $3.663 Billion.
Stacks is the 28th largest cryptocurrency in the global cryptocurrency market and has a market cap dominance of 0.16%. The trading volume of the crypto further has declined by 26% over the last 24 hours.
The value of the traded volume for the Stacks in the last 24 hours is $79.567M. This further results in a volume/market cap ratio of 2.18% which indicates very low liquidity in the crypto as compared to the market cap.
The crypto has 80% of its maximum supply in circulation resulting in 1.454B STX. Also, the total supply and the maximum supply for the crypto are same resulting in 1.818 Billion STX. This further results in a fully diluted market cap of $4.584 Billion.
Stacks has a high supply inflation of 5.81% and the sentiment of the crypto is bullish. The fear and greed index for the crypto is at 67 indicating greed followed by a high volatility of 13.3% in the trading price of the crypto.
Stacks Crypto Derivatives Analysis
Huge long liquidation in the Stacks crypto is shown the profit booking by the buyers in the crypto. The long liquidation recorded in the last 24 hours is worth $302.73K. Also, the short liquidation for the crypto is $4.51K which further shows buyers pessimism.
The open interest of the Stacks has declined by 4.02% in the last 24 hours following which the trading volume has also witnessed a decline of 20.02%. This further results in a traded value of $152.3M for derivatives volume.
Price Volatility Vs Weighted Sentiment
The weighted and the price volatility are declining which indicates a decrease in the trading activity and market interest. This further shows the possibility of consolidation in the price of the crypto.
STX Crypto Technical Analysis
The STX crypto price is trading inside an expanding wedge pattern and the price of the crypto further consistently advancing over time. The price hit the lower band of the pattern a few days ago. The price further has again started to decline to lower levels leading to the formation of lower highs.
The following behavior of the STX crypto price shows high probability of breakdown in the price below the wedge pattern in future.
STX/USD Chart by TradingView
The price of the Stacks crypto has declined below the 20-day and the 50-day EMA and the following EMAs are trading in a bearish cross. The price of the crypto might further continue to decline to the 200-day EMA.
The STX crypto price has overlap the MACD and the signal line while both the metrics are trading below the median level. This further shows weakness in the price of the crypto.
The RSI has declined from the overbought zones to the level of 42.05. momentum is bearish since the RSI has declined below the middle level.
Summary
With lower highs observed in Stacks (STX) crypto, a breakdown below the expanding wedge pattern is likely. Both weighted sentiment and price volatility are declining, indicating decreased trading activity and potential consolidation. Price has dipped below key EMAs, with MACD showing weakness. RSI suggests a bearish momentum.
Technical Levels:
- Support Levels: $1.240 and $2.090
- Resistance Levels: $3.310 and $3.80
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.