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STX coin price gains bullish momentum as the buying pressure increases tremendously. Soon, the coin price can hit the $3 mark.
Stacks is a layer-1 blockchain solution powered by the Stacks token STX. This token is used to fuel smart contracts execution, process transactions, and register new digital assets on Stacks 2.0.
Stacks was initially funded by a number of prominent venture capital funds, including Y Combinator and Digital Currency Group, and Winklevoss Capital. Blockstack PBC developed it with its New York headquarters.
Let us now look at the comprehensive technical analysis of Stacks cryptocurrency.
Past Performance of STX
Stacks grow higher with bullish engulfing candlesticks in the weekly chart. In the last 24 hours, the STX coin price jumped more than 20% with increased buying pressure.
Source - Tradingview
STX Technical Analysis
As of writing, STX cryptocurrency was at $2.62. The cryptocurrency has also increased 23.25% in the past 24 hours. This indicates a dramatic rise in buying pressure, supported by an increase of 650% in intraday trading volume.
The weekly chart's Pivot Points (Traditional, Quarterly) suggest that the STX coin price could face resistance at the $2.8 or $3.4 mark. However, if the trend turns bearish, the price could find support at the $2.3 or $1.7 mark.
MACD and signal lines are both above the zero line on the daily chart. The last line is also above the slow line, indicating that the bulls are in control of the trend. Moreover, the bullish histograms grow stronger. Therefore, MACD generates a buy signal.
The RSI indicator trades higher into the overbought border at 72.5% on the daily technical chart. It indicates a boom of bullishness.
As the uptrend grows more robust, the ADX indicator predicts a boom in price trend momentum.
Current Trend
According to the Stacks technical analysis, the technical overview is extremely bullish for STX crypto. Thus, one can therefore expect a bull market above the $2.75 mark.