- The Total Value Locked for the Stacks token was advancing from the lower levels.
- The annual inflation rate of the STX token was high at press time.
Stacks (STX) has been making waves recently. The SRX price has significantly surged in both price and trading activity. This massive increase has attracted the attention of a large number of investors toward the token.
Now, the question arises of where the STX price could head with this bullish movement. Let’s find out.
STX Price Market Overview
At press time, STX crypto was ranked as the 36th largest cryptocurrency in the global market. The token was holding a market cap dominance of 0.13%. Its market capitalization stood at $2.786 Billion, with a traded volume of $135.755 Million.
Over the past 24 hours, with the increase in STX price, its market cap has increased by 4.2%. In contrast, its traded volume surged by 110%, indicating a significant rise in investor demand.
The token’s traded volume led to medium liquidity, with a volume-to-market cap ratio of 4.99%. Additionally, 1.490 billion STX tokens, or 81.98% of the total supply, were in circulation. Stacks’ total and maximum supply was set at 1.818 billion STX. This resulted in a fully diluted market cap of $3.40 Billion.
From a security perspective, according to Certik Skynet, Stacks has a global ranking of #745. This places it within the A tier for security assessment.
The token’s supply inflation resulted in 5.83%, and the price was also highly volatile. This resulted in a volatility of 7.96%. Furthermore, the price sentiment was bullish.
Derivatives Trading Activity of STX Crypto Witnessed A Rise In Trading Activity
The derivatives trading volume for the STX crypto saw a significant increase of 110%. It mirrored the surge in spot trading volume. This indicated growing interest from traders in both the derivatives and spot contracts of the token.
Additionally, open interest in Stacks rose by 27%. This reflected an increase in open positions, with a total value of $86.24 Million. This uptick in open interest suggested heightened engagement from market participants.
The liquidity data further highlighted the buyers’ dominance in the market. In the last 24 hours, long positions worth $12.85K were liquidated.
On the other hand, a much larger amount of short positions, totaling $146.15K, were liquidated. This imbalance reinforced the strength of bullish sentiment around the token.
STX Price Breaks Above Swing Highs And Continues To Surge
The STX price recently demonstrated a bullish reversal, breaking above its previous swing low. After reaching a peak of $3.8460, the price experienced a decline, forming a lower low on the chart.
This downward movement evolved into a falling wedge pattern, a technical indicator commonly linked to bullish reversals.
With strong momentum, the Stacks price successfully broke through the wedge’s resistance line. This signaled the continuation of its bullish trend. Following the breakout, the price established support at this level. It converted former resistance into a new support base.
This recent bullish activity reinforced the potential for continued upward movement in the STX price. It suggested the possibility of sustained momentum in the near term.
Stacks Crypto Technical Indicators Shows Bullish Outlook in Price
The EMAs on the daily chart of the Stacks price have traded in a golden cross. The token price further advanced and sustained above the 50-day and the 200-day EMA. This exhibited bullish momentum and buyers’ dominance in the token price.
STX/USD Chart by TradingView.com
The MACD and the signal line also advanced to the bullish trajectory. It further traded in a golden cross, and the histograms formed on the chart were bullish.
The RSI also advanced to 67.9 and broke above the 14-day SMA. This showed a strong bullish cycle in the STX price, leading it to higher levels.
The support levels for the Stacks crypto were $1.240 and $1.60. This was followed by the resistance levels of $2.40 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.
