Zameer Attar
- Stacks (STX) makes a strong movement upward, resilient to its downward trend
- Stacks registered massive growth in its network activity.
- Experts predict STX to be back to its monthly high of $2.48
Stacks(STX), the Layer2 blockchain network comes to attention with a 24-hour growth of 8% and volume surge to 50%. The stacks network is an extension of the Bitcoin blockchain tp build smart contracts.
STX price in the overall picture is in a downtrend since the All time high of $3.84 on April 1. At the beginning of June, the crypto tried to break out of the bullish trend by spiking to $2.48, but couldn’t hold for long. Currently, STX changing hands at $1.72, shows strong resistance amid the overall market turbulence and makes a bullish move by trading above 10 Day SMA, but the other indicators remain bearish.
Stacks Network Activity Spike
Today price performance is a direct impact of the increased network activity on the Stack network. A recent data reveal on X, shows metrics like an increase in transaction volume(TV) to 900m USD, an increase in Active Accounts (AA), and a spike in Unique active wallets (UAW) to nearly 1.8 million. Additionally, an increase was seen in the Bitcoin Stacking rewards serves as a global catalyst.
These green periods in Stacks blockchain show strong investor sentiment and base for bulls to take the ride further.
STX on Charts looks bullish
STX/USDT 4 hr chart shows neutral to bullish signals, while all the other Indicators are in the neutral zone. The STX price is currently below all the moving averages, which indicates a weak trend.
RSI at 57 is in the neutral frame, facing increasing selling pressure after the spike, but this can also start the accumulation as the trend continues. MACD just above the signal line adds the neutral momentum of the trend, but the Average Directional Index (ADX) is at 36, which shows the digital asset is in the trend of either direction.
STX plots strong support at $1.56 and if the price falls under this level, the price could consolidate and see more corrections as there are no strong support areas.
In contrast, if the price shoots upside and breaches the $1.95, a 20% surge above $2 can be seen. If the same trend continues, STX will flip all the SMA’s and EMA’s and reach the $2.5 mark again.
