- STX crypto price surged over 15% from the $2.06 key support level in the last two days session.
- The current price respects the trendline, which has been forming since April 1, 2024.
- An uprise of 70.46% has been observed in the trading volume of Stacks crypto during the 24-hour session.
Stacks (STX) enables smart contracts and decentralized applications (DApps) to use Bitcoin (BTC) as an asset. It is a Bitcoin layer for smart contracts that settles transactions on the Bitcoin blockchain. Through the use of its proof of transfer (PoX) consensus mechanism, Sacks enables readability from Bitcoin to gain full knowledge of the Bitcoin state. The stacks blocks are secured with Bitcoin hash power, which automatically settles on the Bitcoin layer-1 blockchain.
Stacks Crypto May 2024, Supply Changes, Valuation & Performance
STX is reflecting higher liquidity in popular exchanges such as Binance, Coinbase, Bybit, OKX, etc. Its pairs with Tether (USDT) and Bitcoin (BTC) are showing higher trading volume with a liquidity score of over 600. In the last seven days, the STX price has outperformed similar coins like Render (RNDR) and Injective (INJ).
The current market capitalization of the crypto stands at $3.55 Billion. It placed itself under the top 30 most dominant active cryptocurrencies worldwide. The maximum supply of the STX token is capped at 1.81 billion. There are 1.45 billion tokens circulating in the market, which covers 80.22% of the maximum supply.
At the time of writing, the trading volume has reached $252.74 Million in the last 24 hours, with an increment of 83.51%. Currently, it ranks 38th in terms of 24-hour trading volume among the 9,870 active cryptocurrencies.
Price To Volume & Social Dominance Analysis
The social upsurge in tweets about cryptocurrencies is vital to price growth. The social sentiments rose over 0.60% across social media platforms after Feb 3, 2024. It positively impacted the cryptocurrency’s trading volume and price. Since then, the price has been showing constant rise. However, social dominance hugely influences the volume, which currently covers 0.23% of dominance.
Technical Analysis of the Stacks (STX/USD)
The short-term bearish outlook lies below the key exponential moving averages. The 200-day EMA has become a dynamic support for the current price. STX price is moving to rebound the 50-day EMA for the continuation of the bullish trend.
STX crypto price got a strong bullish reaction from the $2.06 demand zone. The price reflected an almost 18% upsurge from that demand zone. Stacks price respects the trendline, which has been forming since April 1, 2024. If the price breaks above the $2.91 level, the price could break the $3.85 resistance level. Or, a drop to the $1.62 level can be expected after the $1.87 support level.
The relative strength index (RSI) shows a bullish divergence in the price momentum in the current phase. The RSI and SMA line had a golden crossover, indicating a shift in bullish strength.
Summary
The Stacks crypto price has been facing an opposing rally since April 1, 2024. The crypto has reflected over 6.50% decline during the monthly session. At press time, the price has reached the $2.06 key demand zone. If the price breaks above the $2.91 level, the price can be seen breaking above the $3.85 resistance level. Or, a shortfall to the $1.62 level can be expected after the $1.87 support level.
Technical Levels
- Resistance Levels: $3.29 and $3.85
- Support Levels: $1.87 and $1.33
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.