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Stacks cryptocurrency is experiencing a bullish trend and is moving upward by forming a higher highs structure; trading above key moving averages, showcasing bullishness.
Stacks (STX), a cryptocurrency that enables smart contracts on the Bitcoin blockchain, surged by over 90% in the past month, reaching a high of $3.3920.
The recent surge in the price of STX has led to an upsurge in the adoption, growth rate, and positioning of Stacks token as a Bitcoin layer for smart contracts. Stacks cryptocurrency value has increased by roughly 15.20% over the past week, and this upward trend has been sustained over the past month with an overall increase of around 90.61%.
At the time of this writing, Stacks crypto was trading at $2.9433, with a minor intraday rise of 1.56%, suggesting a slight bearish mood. The trading volume was $266.02 Million, and the market cap was $4.23 Billion. Analysts have given a strong buy recommendation for this cryptocurrency.
Over the past three months, the cryptocurrency STX has experienced a significant increase of approximately 283.18%. Looking at the past six months, the increase was 540.11%. STX has performed exceptionally well this year, with an impressive year-to-date increase of about 95.55%.
Stacks crypto soared by about 283.18% in the last three months, and by about 540.11% in the last six months. The cryptocurrency has shown stellar performance this year, with a remarkable year-to-date increase of about 95.55%.
Technical Analysis of StacksCrypto Price in 1-D Timeframe
Stacks crypto has been on a steady uptrend for the past three months, increasing by 287.70%. Currently, STX crypto is trying to stay this level after a mild correction.
If it can sustain at this level, the price of Stacks could go up and reach its first and second goals of $4.10 and $5.05 respectively. However, if the STX price fails to stay at this level and drops, it may touch the closest support levels of $2.80 and $1.500.
At the time of writing, Stacks crypto (USD: STX) is trading above the 50 and 200-Day SMAs (Simple moving averages), which are backing the price trend. The current value of RSI is 70.17 points. The 14 SMA is above the middle line at 74.70 points, showing that the Stacks crypto is bullish.
The MACD line at 0.2933 and the signal line at 0.2795 are above the zero line. A bullish crossover is seen in the MACD indicator which indicates more bullishness for the STX crypto price.
Summary
Stacks (USD: STX) technical oscillators and indicators support the bullish trend. The MACD, RSI, and EMAs are showing positive signs and suggest that the positive trend may persist in the STX crypto price.
Technical Levels
Support Levels: $2.00 and $1.600
Resistance Levels: $4.00 and $5.00
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 liable for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.